The ten largest banks by assets

The largest banks in the United States are ranked by total assets—the money and investments they hold. As of 2024, the top ten are JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, U.S. Bancorp, PNC Financial Services, Goldman Sachs, Morgan Stanley, TD Group (U.S.), and Capital One. These ten control roughly half of all banking assets in the country.

JPMorgan Chase has held the number-one position for years, with assets exceeding $3.7 trillion. Bank of America comes second with roughly $3.4 trillion. The gap between the largest banks and the next tier is substantial—the tenth-largest bank has assets under $1 trillion. This concentration means that decisions made by a handful of institutions affect credit availability, interest rates, and financial stability across the entire economy.

Asset size does not always mean the best service for you. A large bank may offer more branches and products, but smaller regional banks and credit unions often provide better rates on savings accounts and lower fees on checking accounts. The biggest banks are also more likely to have complex fee structures and longer hold times for customer service.

Key Takeaways

  • JPMorgan Chase, Bank of America, and Wells Fargo are the three largest U.S. banks by total assets, each holding over $1.7 trillion.
  • The top ten banks control roughly half of all banking assets in the country, giving them significant influence over credit and lending.
  • Larger banks offer more branches and products but often charge higher fees and have longer customer service wait times than smaller institutions.
  • Regional banks and credit unions may offer better rates on savings and checking accounts despite having fewer locations.
  • A bank's size does not determine whether it is the right choice for your financial needs—compare fees, rates, and service options before opening an account.

What these banks do and who they serve

The largest banks offer retail banking (checking and savings accounts for individuals), commercial banking (loans and services for businesses), and investment banking (underwriting stocks and bonds, mergers and acquisitions information). JPMorgan Chase and Bank of America operate thousands of branches nationwide and serve millions of retail customers alongside major corporations and institutional investors.

Wells Fargo and Citigroup also serve retail customers but have faced regulatory scrutiny and customer trust issues in recent years. Wells Fargo had a major scandal involving fake accounts opened without customer consent. Citigroup has dealt with operational failures and compliance problems. Both continue to operate large branch networks, but some customers have moved accounts to competitors.

U.S. Bancorp, PNC Financial Services, and TD Group (U.S.) are regional powerhouses with strong presences in specific parts of the country. U.S. Bancorp dominates the upper Midwest and West. PNC is largest in the Northeast and Mid-Atlantic. TD Group operates primarily in the Northeast and Midwest. These banks serve both retail and commercial customers but with less global reach than JPMorgan or Bank of America.

Goldman Sachs, Morgan Stanley, and Capital One operate differently. Goldman Sachs and Morgan Stanley are investment banks first—they focus on trading, underwriting, and wealth management for high-net-worth clients and institutions. Capital One is primarily a credit card and auto loan lender, not a full-service retail bank. None of these three operate traditional branch networks for everyday banking.

How deposit insurance protects your money at large banks

All of these banks are members of the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). The FDIC insures deposits up to $250,000 per depositor, per bank, per account ownership category. This means if a bank fails, the FDIC will reimburse you for deposits up to that limit.

The $250,000 limit applies per bank, not per account. If you have $200,000 in a checking account and $100,000 in a savings account at the same bank, only $250,000 is insured. However, if you have $250,000 at JPMorgan Chase and $250,000 at Bank of America, both amounts are fully insured because they are at different banks.

Joint accounts, retirement accounts, and trust accounts have separate insurance limits. A joint account is insured up to $250,000 per co-owner, so a joint account with two owners is insured up to $500,000. An Individual Retirement Account (IRA) at the same bank is insured separately up to $250,000. These distinctions matter if you hold large sums of money.

Fees and interest rates at the largest banks

The biggest banks typically charge higher monthly maintenance fees on checking accounts than smaller banks or credit unions. Many waive these fees if you maintain a minimum balance (often $1,500 to $2,500) or set up direct deposit. Overdraft fees at large banks range from $25 to $35 per incident, and some banks charge multiple overdraft fees in a single day.

Interest rates on savings accounts at the largest banks are usually lower than rates at online banks or credit unions. As of 2024, a savings account at JPMorgan Chase or Bank of America might earn 0.01% to 0.05% annual percentage yield (APY), while online banks and some credit unions offer 4% to 5% APY on savings accounts. The difference compounds significantly over time, especially on larger balances.

Credit card interest rates and terms vary by card and creditworthiness, but large banks offer a wider range of card products than smaller institutions. They also tend to have more aggressive marketing and rewards programs. However, annual percentage rates (APRs) on credit cards are typically 18% to 25% across all banks, regardless of size.

Mergers and consolidation in U.S. banking

The list of largest banks has remained relatively stable for the past decade, but consolidation continues. In 2023, First Republic Bank failed and was acquired by JPMorgan Chase. In 2008, during the financial crisis, Bank of America acquired Merrill Lynch and Countrywide Financial. Wells Fargo acquired Wachovia. These mergers created the mega-banks that dominate today.

Regulators have become more cautious about approving large mergers since the 2008 crisis. The Federal Reserve and Department of Justice review proposed mergers to may support they do not reduce competition or create systemic risk. A merger between two of the top ten banks would face significant regulatory hurdles and is unlikely to be approved.

When a bank is acquired, customer accounts typically transfer to the acquiring bank. Your deposits remain insured, but you may see changes to fees, interest rates, branch locations, and online banking platforms. If you dislike the changes, you have the right to move your account to another bank.

Alternatives to the largest banks

Regional banks operate in specific geographic areas and often offer better customer service and lower fees than national mega-banks. Examples include Truist Financial (Southeast), Huntington Bancshares (Midwest and Mid-Atlantic), and Comerica (Texas and California). These banks are still large by most measures but smaller than the top ten.

Credit unions are member-owned financial cooperatives that often offer lower fees, better interest rates on savings, and lower rates on loans than large banks. You must be a member to use a credit union, and membership is usually tied to your employer, location, or profession. The National Credit Union Administration (NCUA) insures credit union deposits the same way the FDIC insures bank deposits.

Online banks have no physical branches but offer competitive interest rates on savings accounts and low or no monthly fees. Examples include Ally Bank, Marcus by Goldman Sachs, and Discover Bank. Online banks are FDIC-insured and work well for people who do not need in-person banking services. However, they cannot provide services like notarization, cashier's checks, or safe deposit boxes.

Why bank size matters for your financial decisions

A large bank's size affects what you pay, what you earn, and how quickly you get help. Large banks have more resources for fraud prevention and cybersecurity, which is a genuine advantage. They also offer more products and services under one roof. However, they prioritize high-balance customers and institutional clients, which means retail customers often receive less attention.

If you keep a small balance, use basic checking and savings, and do not need investment services, a regional bank or credit union will likely cost you less and pay you more interest. If you need investment banking, wealth management, or international services, one of the largest banks may be necessary. If you travel frequently or need access to many branches, a national bank is more convenient.

The best bank for you depends on your specific needs, not on which bank is largest. Compare fees, interest rates, branch locations, and customer service ratings before deciding. You can also use multiple banks—a large bank for checking and a credit union for savings, for example—to take advantage of each institution's strengths.

Frequently Asked Questions

Is my money safe at the biggest banks?

Yes, deposits at the largest banks are insured by the FDIC up to $250,000 per account. The largest banks are also subject to strict federal regulation and stress testing to may support they remain solvent. However, FDIC insurance protects you even if a bank fails, so safety is not a reason to choose a smaller bank.

Do the biggest banks offer the best interest rates?

No. The largest banks typically offer lower interest rates on savings accounts than online banks and credit unions. As of 2024, savings rates at major banks are often below 0.1% APY, while online banks and credit unions offer 4% to 5% APY. If you want to earn interest on savings, compare rates across institutions before choosing.

Can I switch banks if I am unhappy with my current one?

Yes. You can open an account at another bank and transfer your direct deposit and automatic payments. Most banks offer tools to help you move accounts. There is no penalty for closing an account, though some banks require a minimum balance to avoid fees. Plan the switch during a pay period so you do not miss a paycheck.

What happens to my account if my bank is acquired?

Your account transfers to the acquiring bank, and your deposits remain FDIC-insured. You may see changes to fees, interest rates, and online banking platforms. If you dislike the changes, you have the right to move your account to another bank without penalty.

Why do the biggest banks charge more fees than smaller banks?

Large banks have higher operating costs and serve millions of customers with varying account balances. They prioritize customers with large balances and business accounts, which subsidize lower fees for those customers. Smaller banks and credit unions have lower overhead and can afford to charge less, especially if they focus on a specific community or membership group.