The Largest Banks in the U.S. (2024) (2024)

When referring to the rankings of the largest banks in the United States, the order is based on the total assets each bank manages. In the table below, we include the number of customers, branches and ATMs in each bank’s network to give context to the size and accessibility of each financial institution.

Below are the largest 10 banks by assets in the U.S., as reported by the Federal Reserve on Sept. 30, 2023.

#1 Chase Bank

Over 1,200 institutions have come together since 1799 to create what Chase is now. Headquartered on Park Avenue in New York City, Chase holds the most assets of all banking institutions. It offers numerous checking and savings accounts, investment accounts, business accounts and various types of credit cards.

Advantages Over Other Options

  • It offers plenty of account options, allowing you to do all your financial management in one place.
  • With branch locations in 48 states, it has a retail presence in more states than any other bank on this list.
  • It’s great for families, with several free account options for children and college students.

#2 Bank of America

The number two spot is held by Bank of America, another bank that’s been in business for hundreds of years. Charlotte, N.C., is currently home to the BofA headquarters and the bank has branch locations in 37 states. As a banking, investment and business platform, Bank of America offers personal and business checking and savings accounts, credit cards, investment banking and various loans.

Advantages Over Other Options

  • If offers a tiered Preferred RewardsⓇ member program with various benefits and pricing discounts available for each customer tier level.
  • Merrill (previously Merill Lynch) is the investment and wealth management division of BofA, and provides bank customers easy access to a network of more than 15,000 financial advisors.
  • Financial education resources are readily available on the bank’s website along with helpful online savings programs and budget tracking tools.

#3 Wells Fargo

Headquartered in San Francisco and founded by Henry Wells and William G. Fargo in 1852, Wells Fargo originally began as a way to move money around the country. Today, the company has scaled to be the fourth-largest bank in the U.S. and has a broad selection of financial products.

Advantages Over Other Options

  • The bank has more than 4,500 branches — the largest retail presence on this list.
  • It offers many ways to DIY invest, or take advantage of a financial advisor network.
  • It has a wide selection of personal banking accounts, loans and credit cards, which make the bank a good option for customers who want to manage all of their financial products under one roof.

#4 Citibank

Citigroup, which is the parent company of Citibank, is the fourth-largest bank in the country based on assets. Citibank is a global company with headquarters in New York City. Its branch locations are limited when compared to other large banks on this list, but the bank has strong mobile and online banking platforms. Citibank offers banking, lending, investing, wealth management and credit cards to its members.

Advantages Over Other Options

  • It has an expansive global presence, with operations in more than 150 countries.
  • Citibank CD yields are typically more competitive than other large, brick-and-mortar banks.
  • Citibank checking account customers have access to a fee-free ATM network with more than 60,000 locations in the U.S.

#5 U.S. Bank

In 1863, President Lincoln signed the National Bank Charter No. 24 into law, allowing U.S. Bancorp’s predecessor to open its doors for the first time. Currently located in Minneapolis, Minnesota, U.S. Bancorp (the parent company of U.S. Bank) offers a range of products including bank accounts, loans, wealth management and business accounts.

Advantages Over Other Options

  • It has a robust footprint in the Midwest and West with over 2,000 branch locations.
  • It offers low or no-fee checking account options that include perks like the Smart RewardsⓇ benefit program and the opportunity to earn interest

#6 PNC Bank

PNC began in 1852 as Pittsburgh National Bank. Still headquartered in Pittsburgh, PNC offers traditional options such as checking accounts, savings, investments, credit cards and borrowing options. PNC goes a step further, offering specialty accounts like accessible banking options for customers with disabilities, student accounts and military-focused accounts.

Advantages Over Other Options

  • Its virtual wallet earns interest on combined checking and savings accounts.
  • It has built-in budgeting tools with banking accounts.
  • It offers multiple sign-up bonus options.

#7 Goldman Sachs Bank

Goldman Sachs is a well-known investment firm that also offers Marcus, a savings account offshoot. Marcus by Goldman Sachs didn’t open until 2016 when Goldman Sachs decided to enter the high-yield savings account game. Marcus is entirely online, but Goldman Sachs has its headquarters in New York City.

Advantages Over Other Options

  • It offers a huge range of investment options for both business and consumer banking.
  • It has a competitive high-yield savings account and CD rates.

#8 Truist Bank

Truist formed in 2019 when SunTrust and BB&T merged, creating the eighth-largest bank in the U.S. Now, Truist’s headquarters is in Charlotte, N.C., and the bank offers personal banking, business banking and commercial banking for large businesses.

Advantages Over Other Options

  • The bank has a strong presence in the South, Mid-Atlantic and Midwest with over 2,000 retail locations.
  • Its checking account comes with perks like no overdraft fees, low or no monthly fees, free personal checks and a negative balance buffer.

#9 Capital One

Capital One has a shorter history than other institutions on this list, as it opened in 1994 and quickly moved to its current headquarters in McLean, Virginia. Started by Richard Fairbanks, Capital One has made a name for itself in the credit space as well as the banking sphere. The only space where Capital One doesn’t venture is investment management.

Advantages Over Other Options

  • It offers an advanced, easy-to-use mobile app.
  • It has a large catalog of no-fee credit cards.

#10 TD Bank

Although the TD Group’s headquarters are in Cherry Hill, New Jersey, the bank got its start in Canada. The company was founded in 1855 in Toronto by millers and merchants. It wasn’t until 1919 that TD opened its New York City location. The TD Group offers the usual savings and checking accounts, mortgage and other loan options, credit cards and investing options.

Advantages Over Other Options

  • It focuses on cross-border banking between the U.S. and Canada.
  • Its TD MySpend app helps track your spending and saving.

The largest banks in the country can be excellent choices for banking, but that doesn’t mean they’re the right option for every customer. Here’s a look at the pros and cons of going with a big bank.

Pros

Choosing a large bank for your financial needs can have its advantages. Here are some of the pros of choosing one of the largest American banks:

  • Reputable name: Big-name banks offer a level of trust that newer banks can’t provide. Large banks have usually been in business for decades and have more credibility.
  • Global banking: Many names on our list offer global branches and have networks worldwide, which can be important to some customers.
  • Access to financial products: Larger banks often offer a suite of other financial products besides just bank accounts. You’ll typically find credit cards, investment accounts, CDs, loans and more at bigger banks.
  • Many in-person banking options: Most large banks have a vast network of branches, allowing you to bank in-person when needed. This network also allows you to travel or move and still maintain the same level of involvement with your bank.
  • Strong online presence: Big banks often invest more in easy-to-use online banking platforms. Mobile apps can make banking from your phone just as easy as banking in person.

Cons

While choosing large banks can be a good choice for some, there can be downsides to these bigger institutions as well. Here are some cons to banking with larger banks:

  • Lacks personal relationship: While big banks offer many branches, you might not get the same community feeling that you do with credit unions and smaller banks.
  • Potentially higher fees: Big banks have a lot to maintain, meaning the fees may get passed onto you. Most banks offer a way to waive monthly account fees, but not everyone can meet the no-fee requirements.
  • Lower yields: Big banks often offer lower APYs on CDs and checking and saving accounts than credit unions and online banks.

*Data accurate as of April 05, 2024.

Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.

The Largest Banks in the U.S. (2024) (2024)

FAQs

What is the largest bank in the US? ›

Chase is the largest bank in the country, holding over $3.38 trillion in assets. Bank of America is the second-largest bank with over $2.45 trillion in assets. Wells Fargo is the third-largest bank, holding over $1.7 trillion in assets.

What are the top 50 banks in the US? ›

List of largest banks in the United States
RankBank nameHeadquarters location
1JPMorgan ChaseNew York City
2Bank of AmericaCharlotte, North Carolina
3CitigroupNew York City
4Wells FargoSan Francisco, California
82 more rows

What is the outlook for banks in 2024? ›

The U.S. banking industry has found greater stability following bank failures in March and April 2023, and we expect most banks to perform well and build capital in 2024.

Is US Bank the 5th largest bank? ›

The five largest banks in the U.S., according to domestic assets, are Chase, Bank of America, Wells Fargo Bank, Citibank and U.S. Bank.

What is the strongest bank in the United States? ›

JPMorgan Chase is the top largest bank in the US, with a balance sheet total of $3.31 trillion.

What is the largest bank in the US by deposits? ›

Jpmorgan Chase Bank

What is the #1 bank in America? ›

The Bankrate promise
RANKBANK NAMEPREVIOUS RANK
1JPMorgan Chase1
2Bank of America2
3Wells Fargo4
4Citigroup3
11 more rows
Apr 2, 2024

What banks are most at risk? ›

These Banks Are the Most Vulnerable
  • First Republic Bank (FRC) . Above average liquidity risk and high capital risk.
  • Huntington Bancshares (HBAN) . Above average capital risk.
  • KeyCorp (KEY) . Above average capital risk.
  • Comerica (CMA) . ...
  • Truist Financial (TFC) . ...
  • Cullen/Frost Bankers (CFR) . ...
  • Zions Bancorporation (ZION) .
Mar 16, 2023

Where is the richest bank in America? ›

New York-based JPMorgan Chase Bank tops the Federal Reserve's list of largest banks by consolidated assets owned at $3.40 trillion, of which $2.65 trillion represents assets owned domestically.

What are the risks of banks in 2024? ›

As we move into 2024, experts predict we are on track to remain in a challenging environment for financial markets. Continuing high inflation, escalating lending costs, tightened margins, increased regulation, and cybersecurity threats all remain relevant factors in the current risk landscape.

What is the credit risk in 2024? ›

We expect additional credit deterioration in 2024, largely at the lower end of the ratings scale, where close to 40% of credits are at risk of downgrades.

Will bank interest rates go up in 2024? ›

According to the Summary of Economic Projections, the Fed may implement at least three 25-basis point interest rate cuts in 2024—bringing the federal funds rate closer to 4.60%. Once this happens, it won't be surprising to see banks following suit and decreasing their savings account rates.

Who owns most of the U.S. Bank? ›

Vanguard is the largest U.S. Bancorp shareholder, with 8.77% ownership while Blackrock owns 7.30%. Their total institutional holdings are valued at $5.15 billion and $4.29 billion, respectively. Meanwhile, here are the other institutional investors with more than 2% ownership of U.S. Bancorp. State Street Corp.

Which is the best bank in the world? ›

ICBC. According to the Forbes Global 2000, the Industrial and Commercial Bank of China (ICBC) is the largest company in the world ranked by assets (US$6.12tn).

What are the 10 largest banks in the USA? ›

The nation's biggest banks include both traditional retail banks and investment banks. While Chase, Bank of America, Wells Fargo and Citi stand out as big banks, U.S. Bank, PNC Bank, Goldman Sachs, Truist Bank, Capital One and TD Bank round out the 10 largest banks in the U.S.

What are the three largest US banks? ›

The 15 Biggest Banks in the US
RankingBank NameAssets
1JPMorgan Chase$3.40 trillion
2Bank of America$2.54 trillion
3Wells Fargo$1.73 trillion
4Citibank$1.68 trillion
11 more rows

What are the three largest banks in America? ›

The Bankrate promise
RANKBANK NAMETOTAL ASSETS
1JPMorgan Chase$3.40 trillion
2Bank of America$2.54 trillion
3Wells Fargo$1.73 trillion
4Citigroup$1.68 trillion
11 more rows
Apr 2, 2024

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