The largest banks in America by size

The biggest banks in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. These four institutions hold more assets than any others in the country. Each one operates thousands of branches across all 50 states and serves millions of customers through checking accounts, savings accounts, loans, and investment services.

Size here means total assets — the money and property the bank owns or controls. JPMorgan Chase is the largest by this measure, followed by Bank of America. The ranking can shift slightly from year to year, but these four have held the top positions for many years. After these four come regional banks like U.S. Bancorp, PNC Financial Services, and Truist Financial, which are still very large but operate in fewer states or serve fewer customers.

Understanding which banks are largest matters because size affects what services they offer, how many branches you can visit, and what happens if something goes wrong with your account. Larger banks tend to have more technology and more options, but smaller banks sometimes offer more personal service.

Key Takeaways

  • JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup are the four largest banks in America by total assets.
  • These banks operate thousands of branches nationwide and offer checking, savings, loans, and investment products to millions of people.
  • Bank size affects branch availability, technology features, and customer service options, but does not determine whether your money is safe.
  • All deposits at banks insured by the FDIC are protected up to $250,000 per account type, regardless of the bank's size.

What JPMorgan Chase does

JPMorgan Chase is the largest bank in America. It operates under several brand names, including Chase Bank, which is the consumer-facing branch you see in most neighborhoods. The bank offers checking and savings accounts, credit cards, mortgages, auto loans, and investment services through its Chase division.

JPMorgan Chase also owns other financial companies. It runs J.P. Morgan Wealth Management, which handles investments for wealthy clients, and it operates a large commercial banking division that lends to businesses. The bank has branches in all 50 states and thousands of ATMs on its own network.

What Bank of America does

Bank of America is the second-largest bank in the country. Like JPMorgan Chase, it operates a large retail banking division with thousands of branches where you can open a checking account, get a mortgage, or explore for a credit card. Bank of America also owns Merrill Lynch, a major investment and wealth management company.

Bank of America serves both individual customers and large businesses. It has a significant presence on the East Coast and West Coast, though it operates nationwide. The bank is known for its mobile banking app and for offering accounts with no monthly fees if you meet certain conditions, such as maintaining a minimum balance or setting up direct deposit.

What Wells Fargo does

Wells Fargo is the third-largest bank by assets. It operates retail branches across the country and offers checking accounts, savings accounts, mortgages, auto loans, and credit cards to individual customers. Wells Fargo also serves businesses through its commercial banking division.

Wells Fargo has faced significant regulatory scrutiny in recent years due to past practices, but it remains one of the four largest banks. The bank operates thousands of branches and has a large network of ATMs. Like the other major banks, it offers online and mobile banking alongside in-person services.

What Citigroup does

Citigroup is the fourth-largest bank in America. It operates Citibank, which offers checking and savings accounts, credit cards, mortgages, and personal loans to consumers. Citigroup also has a major investment banking and wealth management division that serves corporations and wealthy individuals.

Citibank has a smaller branch network than JPMorgan Chase or Bank of America, with a stronger presence in major cities than in rural areas. However, Citigroup's investment and commercial banking operations are among the largest in the world. The bank is known for its credit card products and for serving customers internationally.

How to choose between big banks and smaller banks

The four largest banks offer convenience through branch and ATM networks, established technology platforms, and a wide range of products under one roof. If you travel frequently or live in multiple states, a large bank's nationwide presence may matter to you. Large banks also tend to have more robust mobile apps and online tools.

Smaller regional banks and community banks sometimes offer lower fees, more personal relationships with staff, and faster decision-making on loans. They may also be more willing to work with customers who have limited credit history or non-traditional income. The trade-off is usually fewer branches and less advanced technology.

Your choice depends on what matters most to you: convenience and features, or personal service and potentially lower costs. You can also use multiple banks — many people keep a checking account at a large bank for its ATM network and a savings account at a smaller bank for its higher interest rates.

How bank size affects your money's safety

A bank's size does not determine whether your deposits are safe. All banks that accept deposits must be insured by the Federal Deposit Insurance Corporation (FDIC), a government agency. FDIC insurance protects your money up to $250,000 per account type at each bank, whether the bank is the largest in the country or a small community bank.

This means if a bank fails, the FDIC steps in and returns your money to you, up to the limit. The FDIC has protected depositors since 1933, and no depositor has lost money on FDIC-insured deposits during that time. Large banks are actually subject to more regulatory oversight than smaller banks, but that oversight is meant to protect the financial system as a whole, not to make deposits safer.

Frequently Asked Questions

Is my money safer at a big bank than a small bank?

No. All FDIC-insured banks protect your deposits equally up to $250,000 per account type. Size does not affect deposit safety. Large banks face more regulatory scrutiny, but that protects the financial system, not individual accounts.

Do the big four banks have branches everywhere?

JPMorgan Chase and Bank of America have the most extensive branch networks and operate in all 50 states. Wells Fargo and Citigroup also operate nationwide but with fewer branches in some rural areas. Check each bank's website to see if there is a branch near you.

What is the difference between a big bank and a credit union?

Banks are for-profit companies owned by shareholders. Credit unions are member-owned cooperatives, usually smaller and more local. Credit unions are insured by the NCUA, not the FDIC, but offer the same $250,000 protection. Credit unions often have lower fees but fewer branches.

Can I switch from one big bank to another?

Yes. You can open an account at a new bank and transfer your direct deposits and automatic payments. Many banks offer tools to help you move money between accounts. You can keep your old account open while you test the new one, then close it once you are settled.

Do big banks offer better interest rates than small banks?

Usually the opposite. Large banks typically offer lower interest rates on savings accounts because they have many customers and do not need to compete as hard for deposits. Smaller banks and online banks often offer higher rates. Compare rates across multiple banks before opening an account.