JPMorgan Chase is the largest bank by assets in the United States
JPMorgan Chase holds more total assets than any other bank in America — roughly $3.7 trillion as of 2024, though this figure changes with market conditions and acquisitions. The bank operates under the JPMorgan Chase name and owns several subsidiary brands you may recognize: Chase (the consumer and commercial banking division), JPMorgan (investment banking and wealth management), and various other financial services under the same corporate umbrella.
Size in banking is measured by total assets — the sum of everything the bank owns and controls, including customer deposits, loans it has made, securities it holds, and physical property. A larger asset base generally means the bank has more money to lend, more branches and ATMs, and more resources to invest in technology and customer service. However, size does not automatically mean better service or lower fees for you as an account holder.
The next four largest banks by assets are Bank of America, Wells Fargo, Citigroup, and Goldman Sachs, though their rankings shift slightly depending on market performance and how assets are measured. These five institutions control a significant portion of the banking system in the United States, which is why regulators monitor them closely.
Key Takeaways
- JPMorgan Chase is the largest U.S. bank by total assets, with roughly $3.7 trillion under management as of 2024.
- Bank size is measured by total assets, not by number of customers or branches, and reflects the total value of everything the bank owns and controls.
- The five largest banks (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs) control a substantial share of U.S. banking assets.
- A bank's size does not determine whether it offers the best rates, lowest fees, or best customer service for your specific situation.
Why bank size matters to regulators but not always to you
The Federal Reserve and the Office of the Comptroller of the Currency (OCC) pay close attention to the largest banks because their stability affects the entire financial system. When a very large bank fails, it can trigger problems for other institutions and for the broader economy. This is why the largest banks face stricter capital requirements, stress tests, and oversight than smaller regional or community banks.
For your personal checking or savings account, however, the bank's total size matters less than its specific offerings. A large bank may have more ATM locations and branches, which is useful if you travel frequently or prefer in-person banking. But a smaller regional bank or credit union might offer better interest rates on savings accounts, lower monthly fees, or more personalized service. The biggest bank is not automatically the best bank for your needs.
What you actually get from banking at a large institution
The largest banks typically offer extensive branch networks — JPMorgan Chase operates thousands of branches across the United States — and nationwide ATM access, often through shared networks. They invest heavily in mobile banking apps and online platforms, which means their digital tools tend to be sophisticated and frequently updated. Large banks also tend to offer a wider range of products under one roof: checking accounts, savings accounts, credit cards, mortgages, investment services, and business banking.
This convenience comes with trade-offs. Large banks often charge monthly maintenance fees on checking accounts unless you meet minimum balance requirements or set up direct deposit. Their customer service may route you through automated systems before you reach a person. Interest rates on savings accounts at the largest banks are frequently lower than rates offered by online banks or credit unions, because the large banks do not need to compete aggressively for deposits — they already have plenty.
How the largest banks compare on fees and rates
JPMorgan Chase's Chase brand offers several checking account options. The basic Chase Total Checking account charges a $12 monthly service fee, waived if you maintain a $500 minimum balance or set up direct deposit. Their high-yield savings accounts offer rates that vary but are typically lower than what online banks offer, because Chase does not need to attract deposits through competitive rates.
Bank of America charges $12 per month for its basic checking account, with the same waiver options. Wells Fargo charges $10 monthly for its basic checking account. These fees are standard across the largest banks because they operate on similar business models and have similar cost structures. If you want to avoid monthly fees entirely, you will likely need to look at online banks, credit unions, or smaller regional institutions that compete on fee structure rather than branch count.
Interest rates on savings accounts at the largest banks typically range from 0.01% to 0.05% annually, depending on the account type and current market conditions. Online banks and some credit unions offer rates between 4% and 5% on high-yield savings accounts, a significant difference if you keep a substantial balance. The gap exists because large banks can afford to offer lower rates — their customers stay for convenience and brand recognition, not for competitive returns.
Regional and community banks as an alternative
If you want to avoid the fee structure and lower rates of the largest banks, regional banks and community banks are worth considering. A regional bank might operate in 10 to 20 states, while a community bank serves a specific city or county. These institutions often offer lower or no monthly fees, higher savings rates, and more personalized service because they compete directly for customers rather than relying on brand recognition and convenience.
The trade-off is branch and ATM access. A community bank may have only a handful of locations, which is fine if you do most of your banking online but inconvenient if you need frequent in-person service. You can check the FDIC's bank search tool to find banks in your area and compare their offerings. Credit unions operate on a membership model and often offer competitive rates and lower fees, though you must meet membership criteria (such as working for a specific employer or living in a specific area) to join.
How deposits are protected regardless of bank size
The Federal Deposit Insurance Corporation (FDIC) insures deposits at all member banks up to $250,000 per depositor, per bank, per account type. This protection applies whether you bank at JPMorgan Chase or a small community bank. If the bank fails, the FDIC steps in and ensures you get your money back up to the limit. This means the size of the bank does not affect the safety of your deposits — a large bank is not safer than a small one in terms of deposit protection.
Credit unions are insured by the National Credit Union Administration (NCUA) under the same $250,000 limit. The insurance is separate from FDIC insurance, so if you have accounts at both a bank and a credit union, each is insured independently up to $250,000.
Frequently Asked Questions
Is JPMorgan Chase the safest bank in America?
JPMorgan Chase is one of the most heavily regulated and monitored banks because of its size, but size does not equal safety for your deposits. All FDIC-insured banks, regardless of size, protect your deposits up to $250,000. A small community bank is just as safe as JPMorgan Chase in terms of deposit protection.
Do I get better customer service at a big bank or a small bank?
This varies by institution and by what you need. Large banks have more resources for technology and online support but may route you through automated systems. Small banks and credit unions often provide more personalized service but may have fewer channels to reach them. The best approach is to read recent customer reviews for the specific bank you are considering.
Why do the biggest banks charge monthly fees if they have so much money?
Large banks charge fees because they can — customers stay for convenience and brand recognition rather than competitive pricing. They also use fees to offset the cost of maintaining thousands of branches and ATMs. Online banks and credit unions, which have lower overhead, can afford to waive fees and offer higher rates.
Can I move my account from a big bank to a smaller one easily?
Yes. You can open an account at a new bank and request an ACH transfer of your balance, or straightforward withdraw your money and deposit it at the new bank. Update your direct deposit and automatic payments with the new account number. The process typically takes a few business days.
What if I want to keep my big bank account but also use a smaller bank?
Many people maintain accounts at multiple banks for different purposes — a large bank for convenience and a credit union or online bank for savings. There is no rule against this, and it can be a good way to take advantage of different fee structures and interest rates.