The Big Three and the Banks That Follow Them

The largest banks in the United States are JPMorgan Chase, Bank of America, and Wells Fargo. These three hold more assets than any others in the country. After them come Citigroup, U.S. Bancorp, Truist Financial, PNC Financial Services, and Goldman Sachs. Size here means total assets — the money and property the bank holds on behalf of customers and from its own operations.

JPMorgan Chase is the largest by a significant margin. It operates Chase bank branches in most states, along with investment and wealth management divisions. Bank of America and Wells Fargo each operate thousands of branches nationwide. These three banks together serve roughly one in three Americans with a checking or savings account.

The ranking of "largest" can shift slightly depending on whether you measure by assets, by number of branches, or by customer accounts. The three names above stay at the top by any measure. The banks that follow vary in size depending on the metric, but all operate across multiple states and serve millions of customers.

Key Takeaways

  • JPMorgan Chase, Bank of America, and Wells Fargo are the three largest banks in the US by total assets and number of branches.
  • These three banks together serve roughly one in three Americans with a checking or savings account.
  • Citigroup, U.S. Bancorp, Truist, PNC, and Goldman Sachs round out the top eight largest banks by assets.
  • A bank's size does not determine whether it is the right choice for you — smaller regional banks and credit unions often offer better rates and lower fees.

Why Bank Size Matters — and When It Doesn't

Large banks have advantages: more branches and ATMs, more online tools, and the ability to offer a wider range of products like investment accounts and mortgages under one roof. If you travel frequently or move often, a large national bank with branches everywhere can be convenient.

Size also comes with trade-offs. Large banks often charge higher fees for overdrafts, minimum balances, and monthly maintenance. Their customer service lines can have long wait times. Interest rates on savings accounts tend to be lower at big banks than at smaller competitors. If you keep a small balance or rarely use services beyond basic checking and savings, you may pay more at a large bank than elsewhere.

Regional banks and credit unions — which are smaller and often limited to one state or region — frequently offer lower fees, higher savings rates, and more personalized service. The choice between a large bank and a smaller one depends on what you actually use, not on which bank is biggest.

What These Banks Own Beyond Their Main Brand

The largest banks own many subsidiary brands that operate under different names. JPMorgan Chase owns Chase (the main brand), but also operates investment divisions and wealth management services. Bank of America owns Merrill Lynch, a major investment firm. Wells Fargo operates under its own name but also owns investment and wealth management divisions.

These subsidiaries exist partly for historical reasons — large banks acquire smaller banks and investment firms over time — and partly by design. A bank may keep a subsidiary's name because it has brand recognition in a particular market or serves a specific customer type. When you open an account at one of these subsidiaries, you are banking with one of the largest institutions in the country, even if the name on the building does not say JPMorgan Chase or Bank of America.

How Large Banks Make Money

Large banks earn money in several ways. The most visible to customers is the difference between what they pay you on savings (interest) and what they charge borrowers (interest on loans). A bank might pay you 0.01% on a savings account while charging a borrower 6% on a personal loan — the difference is profit.

Banks also earn money from fees: overdraft fees, monthly maintenance fees, wire transfer fees, and ATM fees. Large banks generate billions in fee income annually. They also earn from investment services, wealth management, and trading their own accounts. For customers, this means large banks have many ways to make money from your account, which is why comparing fee structures matters.

Regional and Community Banks as an Alternative

Not every bank needs to be one of the eight largest. Thousands of regional banks, community banks, and credit unions operate across the United States. A regional bank might serve a single state or a few neighboring states. A community bank might serve a single city or county. Credit unions are member-owned and typically serve people who work in a specific industry or live in a specific area.

These smaller institutions often offer better rates on savings accounts and lower fees on checking accounts. They may also be more willing to work with you if you have a thin credit history or an unusual financial situation. The trade-off is fewer branches and ATMs, and fewer products under one roof — you might need to go elsewhere for investment services or a mortgage.

The FDIC (Federal Deposit Insurance Corporation) insures deposits up to $250,000 at any bank it regulates, whether that bank is JPMorgan Chase or a small community bank. Your money is equally protected either way. The choice between a large bank and a smaller one is about convenience, fees, and service, not safety.

How to Find the Right Bank for Your Situation

Start by listing what you actually use: Do you need a branch nearby, or do you bank entirely online? Do you write checks, or do you use your debit card and transfers? Do you need a mortgage or investment services, or just a place to keep money safe? Do you have a large balance, or a small one?

Once you know what you need, compare fees and rates. Large banks publish their fee schedules online. So do regional banks and credit unions. Look at overdraft fees, monthly maintenance fees, minimum balance requirements, and interest rates on savings. A bank that charges $35 per overdraft and pays 0.01% on savings may cost you more than a smaller bank that charges $10 per overdraft and pays 0.50% on savings — even if the big bank has more branches.

If you have a relationship with a credit union through your employer or a community organization, ask what they offer. Credit unions often have lower fees and higher rates than large banks, and membership is sometimes free or very cheap.

Frequently Asked Questions

Is my money safer at a large bank than a small one?

No. The FDIC insures deposits up to $250,000 at any bank it regulates, regardless of size. Your money is equally protected at JPMorgan Chase and at a small community bank. The only exception is if a bank is not FDIC-insured, which is rare — you can check a bank's FDIC status on the FDIC website.

Do I need to bank with one of the largest banks?

No. Thousands of smaller banks and credit unions offer checking and savings accounts. Many offer better rates and lower fees than the largest banks. Choose based on what you need — convenience, fees, rates, and service — not on bank size.

What happens if a large bank fails?

The FDIC steps in and protects your deposits up to $250,000. The FDIC either arranges for another bank to take over your account or pays you directly. Large banks are also subject to more regulatory oversight than smaller banks, which makes failure less likely.

Can I move my account from a large bank to a smaller one?

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

Why do large banks charge higher fees if they are so big?

Large banks have higher operating costs — more branches, more employees, more technology infrastructure. They also have more customers, which means they can afford to serve some customers at a loss if those customers bring in money through other services. But they also charge high fees because they can — many customers stay with large banks for convenience even if fees are high.