JPMorgan Chase is the largest bank in the United States by total assets

JPMorgan Chase holds roughly $3.7 trillion in total assets as of 2024, making it the largest bank in the country by a significant margin. The bank operates under the JPMorgan Chase name and owns several subsidiary brands you may recognize: Chase (the consumer and commercial banking division), JPMorgan (investment banking and wealth management), and several others. Size alone does not determine whether a bank is right for you—what matters is whether their account types, fees, and branch or digital access fit your needs.

The "big four" banks in the US are JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. These four control a large share of consumer deposits and have the most branches nationwide. However, thousands of smaller banks and credit unions also offer checking and savings accounts, often with lower fees or higher interest rates. The largest bank is not always the best choice for your money.

Key Takeaways

  • JPMorgan Chase is the largest US bank by assets, but size does not mean the best rates or lowest fees for your account type.
  • The four largest banks (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) have extensive branch networks but often charge monthly maintenance fees on basic accounts.
  • Smaller regional banks and credit unions may offer higher savings rates, lower checking fees, or better customer service for your situation.
  • Your choice should depend on whether you need physical branches, what fees apply to your account, and what interest rates are offered on deposits.

How bank size affects your account and access

A large bank's size brings real advantages: more ATMs, more branches, mobile apps with more features, and the ability to move money across the country instantly. If you travel frequently, live in multiple states, or need to deposit checks at a physical location, a large bank's network matters. JPMorgan Chase has roughly 4,700 branches and over 15,000 ATMs in the US, so you can usually find a location nearby.

Size also means stability. Large banks are heavily regulated by the Federal Reserve and the Office of the Comptroller of the Currency. Your deposits are insured up to $250,000 per account type by the Federal Deposit Insurance Corporation (FDIC), whether you bank at JPMorgan Chase or a small local bank. The FDIC insurance is the same; the bank's size does not change your protection.

The downside of size is that large banks often charge higher fees and offer lower interest rates on savings accounts. A major bank's checking account may carry a $12 to $15 monthly maintenance fee unless you meet a minimum balance or set up direct deposit. A smaller bank or online bank may charge no monthly fee and offer a savings rate two or three times higher. Larger does not mean cheaper.

What the other large banks offer

Bank of America, the second-largest by assets, operates roughly 3,600 branches and has a similar fee structure to JPMorgan Chase. Wells Fargo, the third-largest, has about 4,200 branches but has faced regulatory restrictions in recent years due to past compliance issues; those restrictions do not affect account safety, but they have limited some of Wells Fargo's services. Citigroup, the fourth-largest, has fewer US branches (around 2,000) and focuses more on wealth management and business banking than consumer accounts.

All four of these banks offer checking, savings, money market, and certificate of deposit (CD) accounts. All are FDIC-insured. All charge monthly fees on basic accounts unless you meet balance or direct-deposit requirements. If you already have an account at one of these banks, switching to another large bank will likely mean similar fees and rates—the real difference comes from moving to a smaller bank, credit union, or online-only bank.

When a smaller bank or credit union makes more sense

If you do not need a large physical branch network, a regional bank or credit union may save you money. Credit unions are member-owned, not-for-profit institutions; they often charge lower fees and pay higher interest on savings because they do not need to generate profit for shareholders. You must be a member to open an account, but membership is often free or costs a small one-time fee.

Online banks (like Ally, Marcus, or Discover) have no physical branches but offer checking and savings accounts with no monthly fees and interest rates significantly higher than large banks. The tradeoff is that you cannot deposit cash or checks in person; you deposit checks by photograph through the app or by mail. If you rarely use cash and do most banking online, an online bank can be cheaper and pay more interest.

A hybrid approach is common: use a large bank for checking (because you need the branch network or ATM access) and a smaller bank or online bank for savings (because the interest rate is higher). You can transfer money between banks in one to three business days, so keeping accounts at multiple institutions is practical.

How to compare banks beyond size

When choosing a bank, look at these specifics: monthly maintenance fees, minimum balance requirements, overdraft fees, ATM fees if you use out-of-network ATMs, and the interest rate on savings accounts. A bank's size tells you about its branch network and stability, but not about whether it is a good deal for you.

Use a bank comparison tool or visit each bank's website to see current rates and fees. Rates change frequently, especially for savings accounts and CDs. A bank that offers a high rate this month may lower it next month. Check the current rate before you open an account, not the rate advertised six months ago.

If you have a mortgage, auto loan, or investment account at a large bank, ask whether bundling your checking account there reduces fees. Some banks waive monthly fees if you have multiple products with them. That discount might make a large bank's higher fees worth it for your situation.

FDIC insurance is the same regardless of bank size

One concern people have is whether their money is safer at a large bank. It is not. The FDIC insures deposits up to $250,000 per depositor, per bank, per account type. A $50,000 savings account at JPMorgan Chase is insured the same way as a $50,000 savings account at a small regional bank. If the bank fails, the FDIC pays you back.

The FDIC has a specific definition of "account type": a single account in your name is one type, a joint account is another, a retirement account (IRA) is another, and so on. If you have $200,000 in a checking account and $100,000 in a savings account at the same bank, both are fully insured because they are different account types. If you have $300,000 in a single checking account, only $250,000 is insured.

Large banks fail rarely because they are heavily regulated and have more capital to absorb losses. Small banks fail more often, but when they do, your insured deposits are protected the same way. Size affects the likelihood of failure, not the protection you receive if it happens.

Frequently Asked Questions

Does banking at the largest bank mean my money is safer?

No. The FDIC insures deposits up to $250,000 per account type at any bank, large or small. Large banks fail less often because they are more heavily regulated and have more capital, but if a bank fails, your insured deposits are protected equally. Size does not change your protection.

Can I use a large bank's ATM if I bank somewhere else?

Yes, but you may pay a fee. Most banks charge $2 to $3 per out-of-network ATM withdrawal. Some banks reimburse out-of-network fees if you meet certain requirements (like direct deposit). Check your bank's ATM policy before you open an account, especially if you travel or live far from branches.

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

A credit union is member-owned and not-for-profit; a bank is for-profit and owned by shareholders. Credit unions often charge lower fees and pay higher interest rates because they do not need to generate profit. You must be a member to open an account, but membership is usually free or very cheap.

Should I move my account from a large bank to save money?

Only if the fees or interest rates are significantly better elsewhere. If you use your bank's branches or ATMs frequently, switching may not be worth the hassle. If you rarely visit a branch and want higher savings rates, an online bank or credit union may save you money. Compare your current fees and rates to other banks before deciding.

Can I have accounts at multiple banks?

Yes. Many people keep a checking account at a large bank for access and a savings account at an online bank for higher interest rates. You can transfer money between banks in one to three business days. Having accounts at multiple banks is practical and common.