If you want to handle all of your banking in one location, it can be easier to put your money in one of the major banks because you’ll typically have better access to branch services, a huge ATM network, and a variety of products and services.
Largest Banks In The US – List of Largest Banks In The US
We looked at the domestic asset sizes of organizations that provide services to both consumers and small companies to identify the biggest banks in the United States. Instead of investment banks, the list covers retail banks for consumer banking. Among other things, a bank’s assets consist of the sum of its credit card, mortgage, and loan accounts. While some of these banks have tens of thousands of locations, others operate mostly — or entirely — online. These banks are all covered by the Federal Deposit Insurance Corp.
Here is a list of the top 10 largest banks in the US.
JP Morgan Chase $2.57 trillion
The biggest bank in the nation, JPMorgan Chase, provides a wide range of services and goods. It offers one of the biggest selections of credit cards in the market as well as mortgages, and vehicle loans. Additionally, its website can compete with banks that solely operate online. In the 2022 J.D. Power U.S. National Banking Satisfaction Study, Chase came in second place.
Bank of America $2.31 trillion
Bank of America provides access to a huge network of free ATMs and branch locations, similar to many other national banks. The banking experience is completed by well-designed mobile and online banking solutions.
But more fees and subpar savings returns come along with convenient access and a good digital experience.
Wells Fargo $1.69 trillion
Megabank Wells Fargo provides a wide range of financial products together with a vast network of branches and ATMs. Simple bank accounts don’t have monthly fees, but savings rates are typically modest. The interest rates on your qualified accounts may increase if your total balance is big enough, but they will still be below the national average.
Citibank
You may expect numerous benefits from a large, national bank, such as a broad selection of product offerings and a sizable network of ATMs, from Citibank. However, it has fewer locations than some of its rivals, including Wells Fargo and Bank of America, and not all regions offer its most inexpensive savings account.
Best for: Clients who reside in a region that qualifies for Citi’s high-yield savings account and who want access to a vast network of free ATMs and a wide array of banking products.
US Bank $573 billion
It is no secret that large banks occasionally impose exorbitant fees and provide negative interest rates. The fifth-largest bank in the nation by assets, U.S. Bank, is no exception. However, this organization excels in making thousands of physical branches and ATMs easily accessible. Please be aware that certain accounts may not be available in your area due to geographic restrictions.
Ideal for: Customers that do not need the best rates, don’t need unfettered access to thousands of ATMs, and are unlikely to overdraw their accounts.
PNC Bank $533 billion
According to assets, PNC Bank is the sixth-largest bank in the nation. In 2021, PNC absorbed all former BBVA and Simple clients through a series of acquisitions. The Virtual Wallet account from PNC combines checking, long-term savings, and short-term planning. An excellent set of online financial management tools are included with the trio of products, which are titled Spend, Reserve, and Growth, respectively. However, short-term savings have a poor return rate, and keeping a checking account free of monthly fees requires work.
Truist Bank $532 billion
In 2019, BB&T and SunTrust, two banks, merged to establish Truist. Truist Bank is currently one of the ten biggest banks in the United States. Although Truist offers a solid checking account, its savings rates tend to be below average.
Due to the number of complaints following the merger, NerdWallet reduced Truist’s overall rating by 0.5 stars. There have been reports of consumer problems, such as lengthy wait times for customer service representatives and missing or unavailable cash. In an email, a Truist spokesperson stated that the bank keeps track of these issues and implements changes to address them.
Goldman Sachs $438 billion
This bank is a wonderful option if all you want to do is raise your savings. However, it doesn’t provide checking accounts and also has a dearth of key amenities found in most other online banks, like mobile check deposits and a network of free ATMs.
Customers who wish to earn attractive savings rates don’t mind conducting their banking online, and have a second bank account for checking are the best candidates.
TD Bank $405 billion
You can get simple accounts with average features at TD Bank, a physical bank with a significant presence in the Eastern United States. However, TD does offer two exceptional benefits: extended branch hours and free ATMs in both Canada and the United States. Convenience Checking, which has an easily avoidable monthly charge and a respectable sign-up bonus when you satisfy specific criteria, maybe the account that appeals to you the most.
Customers from the east coast who would benefit from TD’s numerous locations and accommodating hours would store some more money in their checking and savings accounts without worrying about maximizing interest.
Capital One $388 billion
With one of the best blends of online bank benefits, including no checking or savings fees, a competitive savings rate, and high CD rates, Capital One stands out. It provides top-notch banking services, has excellent customer assistance, and has no overdraft fees.
Best for: Customers that desire good rates on free checking and savings accounts, are prone to overdrafts and want an online-focused bank.
Citizens Bank $227 billion
With a network of free ATMs and branches, Citizens Bank is a significant regional bank with operations in the Midwest, Northeast, and Florida. Most of its CD rates and savings rates are low, but overdraft fees are substantial. But if you reside in one of the dozen states covered by the bank, it may be a simple and affordable option for basic checking and savings.
Fifth Third Bank $205 billion
Ohio-based Fifth Third Bank has a sizable branch network that extends over 11 states in the Midwest, South, and Southeast. Overdraft fees, however, can build up rapidly and are pricey.
Best for: People who don’t anticipate overdrawing their account or needing high-interest rates, who want to avoid monthly fees, and who have access to a broad network of ATMs.
First Republic Bank $198 billion
One of the biggest banks in the country is First Republic Bank. Fees are high, as one might anticipate from a traditional huge bank. Although several are located on the East Coast (and a few more in Washington, Oregon, and Wyoming), branches are primarily found in California. Please be aware that certain accounts may not be available in your area due to geographic restrictions.
Key Bank $185 billion
With more than 1,000 branches throughout 15 states, KeyBank takes a convenient, no-frills approach to banking. Although the overdraft costs at the Cleveland-based bank are not as high as those at some other banks, they can be incurred repeatedly, and returns on savings accounts are poor. Additionally, the interest rates on certificates of deposit are minimal.
Ally Bank $176 billion
Ally Bank solely operates online, so it can pass along the cost savings to consumers in the form of high-interest rates and low fees. For instance, there are no overdraft fees at the bank. For those who don’t need access to a branch for their banking, it also offers handy customer service options.
