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Top 20 Big Banks in America (2024)

As of Feb. 2024, big banks in America include JPMorgan Chase, Bank of America, Wells Fargo, Citibank and US Bank.
20-big-banks-in-america

Top 20 Big Banks in America

Large banks offer a diverse range of financial products along with many in-person branches, numerous ATM locations and security. Here are the top big banks in America as of February 2024.
Bank
Total Assets
Branches
JPMorgan Chase
$3.3 trillion
4,900+
Bank of America
$2.5 trillion
$1.7 trillion
4,400+
Citibank
$1.6 trillion
$553 billion
2,400+
Goldman Sachs Bank
Truist Bank
$535 billion
2,000+
Capital One
TD Bank
$366 billion
Bank of New York Mellon
State Street
$293 billion
BMO Bank
$293 billion
1,000+
Citizens Bank
$221 billion
1,000+
Fifth Third Bank
$213 billion
1,100+
First Citizens Bank
$213 billion
550+
Morgan Stanley
$209 billion
0
M&T Bank
207 billion
990+
Huntington Bank
$188 billion
1,000+
Ally Bank
$186 billion
0

Where Did We Get This Data?

The Federal Reserve periodically updates a list of U.S.-based commercial banks with more than $300 million in assets. This list was last updated February 16, 2024.

Merger and acquisitions along with investments among banks prompt the Federal Reserve to update a list of important institutions several times a year.

5 Benefits of Big Banks in America

Big banks in America can be known for excessive fees, however, they offer several advantages to customers:

  1. Convenience. Big banks have extensive branch networks and ATM locations, allowing easy access to your money and making deposits or withdrawals a breeze. They often have longer operating hours and may even boast ATMs abroad for international travelers.

  2. Wide Range of Services. Unlike smaller banks, big banks typically offer a one-stop shop for all your financial needs. This could include checking and savings accounts, second chance banking, credit cards, mortgages, signature loans, auto loans, investment products, and wealth management services.

  3. Advanced Technology. Big banks tend to be on the cutting edge of financial technology. They invest heavily in user-friendly online and mobile banking platforms, allowing you to manage your finances from anywhere at any time.

  4. Financial Stability. Due to their size and diversified holdings, big banks are generally considered more stable than smaller institutions. This can provide peace of mind knowing your deposits are secure, especially since they are typically FDIC-insured for up to $250,000.

  5. Competitive Rates. Big banks often have the resources to offer competitive interest rates on loans and deposits, which can save you money in the long run. They may also have special programs or discounts for students, seniors, or members of the military.

5 Drawbacks of Big Banks in America

There's no doubt big banks in America are convenient and often come with many options for customers, but there can be several downsides:

  1. Higher Fees. Big banks are notorious for charging various fees, including monthly maintenance charges, overdraft penalties, ATM fees, and foreign transaction fees. These can significantly eat away at your savings, especially if it's not a high-yield savings account or if you don't maintain a minimum balance requirement.

  2. Less Personalized Service. With a vast customer base, big banks often prioritize efficiency over personalized attention. You may find it challenging to get to know a banker who understands your specific financial goals and needs.

  3. Focus on Profitability. Big banks are publicly traded companies with a responsibility to generate profits for shareholders. This can sometimes lead to a focus on selling high-margin products or services that may not be in your best financial interest.

  4. Limited Loan Options. While big banks offer a wide range of products, they may not always cater to specific needs, particularly for small businesses or individuals with lower credit scores. For example, Bank of America is a big bank that doesn't offer personal loans to their customers. You might find better loan terms with smaller lenders or credit unions.

  5. Systemic Risk. The sheer size of some big banks can pose a risk to the entire financial system. The “too-big-to-fail” mentality can lead to risky behavior or government bailouts in the event of a crisis, potentially impacting the broader economy.

Online Banks Are Worth Considering

While the top 20 big banks in America hold a disproportionate share of the country’s total bank deposits, they’re not the only financial institutions deposit your money.

There are thousands of smaller community banks, credit unions and online-only banks that are worth considering too. In fact, customers at online banks often get access to high-yield savings and high-interest checking accounts that just aren't available at the largest banks in America.

Online banks can offer higher savings rates than brick-and-mortar banks for a couple of key reasons: Lower Overhead Costs:

  • Less Real Estate: Online banks don't need to pay for the expenses of maintaining physical branches, including rent, utilities, and staff for those locations. This frees up a significant amount of money they can allocate towards offering more attractive interest rates on savings accounts.

  • Smaller Staff: Since most transactions happen online, online banks generally require a smaller workforce compared to traditional banks. This translates to lower personnel costs, again allowing them to offer more competitive rates.

By operating entirely online, online banks streamline their processes, reduce administrative burdens, and invest heavily the best mobile banking app, user-friendly platforms, allowing them to operate with a smaller staff.

Best online savings rates

The national savings rate is 0.47% APY. This online bank pays way more.

CIT Bank

Platinum Savings
5.05% APY
/Month
Minimum $5,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Upgrade

PREMIER SAVINGS
5.21% APY
/Month
Minimum $1,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Quontic Bank

HIGH-YIELD SAVINGS
4.50% APY
/Month
Minimum $100 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured
Disclaimer: Our goal is to provide the most relevant and current information. However, the information is for informational purposes only and is not intended to be personal financial advice.

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