The ten largest banks by assets in the United States
The largest banks in America, measured by total assets, are JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, U.S. Bancorp, PNC Financial Services, Goldman Sachs, Morgan Stanley, American Express, and Capital One. These ten institutions hold the majority of banking assets in the country and operate thousands of branches nationwide. The rankings shift slightly year to year based on market conditions and acquisitions, but these ten have remained at the top for the past decade.
JPMorgan Chase is the largest by a significant margin, with over $3.7 trillion in assets. Bank of America follows with roughly $3.0 trillion. The gap between the top two and the rest is substantial—Wells Fargo, the third-largest, holds around $1.9 trillion. Size matters because larger banks can offer more products, have more branches, and typically have lower fees for certain services, but they also process millions of transactions daily and customer service can be harder to reach.
Key Takeaways
- JPMorgan Chase, Bank of America, and Wells Fargo are the three largest banks in America by total assets, each holding over $1.8 trillion.
- The top ten banks control the majority of deposits and lending in the United States, making them systemically important to the financial system.
- Larger banks offer more branches, more products, and often lower fees, but smaller regional banks may offer better customer service and personalized attention.
- Most of these banks offer checking, savings, credit cards, mortgages, investment services, and business banking under one roof.
What these banks do and who they serve
The largest banks operate across multiple business lines. They take deposits from individuals and businesses through checking and savings accounts. They lend money through mortgages, auto loans, personal loans, and business lines of credit. They manage investment accounts, retirement funds, and wealth management services for high-net-worth clients. They also trade securities, underwrite bonds, and provide advisory services to corporations and governments.
JPMorgan Chase, for example, operates a consumer banking division (Chase Bank), an investment banking division (JPMorgan), and an asset management division (J.P. Morgan Asset Management). Bank of America similarly runs Merrill Lynch for wealth management and investment services. This structure means a single institution can serve a retiree with a savings account, a small business owner with a line of credit, and a Fortune 500 company raising capital in the bond market—all on the same day.
How many branches and ATMs these banks operate
Branch counts vary widely. Bank of America operates roughly 4,300 branches and 16,000 ATMs across the United States. JPMorgan Chase runs approximately 4,800 branches and 16,000 ATMs. Wells Fargo has around 4,700 branches. These numbers have declined over the past decade as more customers move to online banking, but the largest banks still maintain extensive physical networks in most cities and towns.
Smaller regional banks and credit unions often have fewer branches but may offer more personalized service. If you need to deposit cash, speak to a person, or handle a complex transaction in person, branch availability matters. If you primarily bank online and use ATMs, branch count is less relevant to your choice.
The difference between big banks and regional or community banks
Regional banks like PNC Financial Services, U.S. Bancorp, and Truist operate hundreds of branches across multiple states but not nationwide. Community banks operate in a single state or region and may have only a handful of branches. Credit unions are member-owned cooperatives that typically serve people who work in a specific industry or live in a specific area.
Big banks offer convenience, brand recognition, and access to complex financial products. They can move money internationally, underwrite large loans, and manage sophisticated investment portfolios. Regional and community banks often offer better interest rates on savings accounts, lower fees on checking accounts, and more attentive customer service. The trade-off is that they may not offer investment banking, wealth management for very large portfolios, or as many digital tools.
How bank size affects fees and interest rates
Larger banks typically charge higher fees for overdrafts, wire transfers, and account maintenance, but they often waive fees if you maintain a minimum balance or set up direct deposit. They also tend to pay lower interest rates on savings accounts because they have abundant deposits and don't need to compete aggressively for consumer savings. A large bank might pay 0.01% on a savings account while a smaller online bank pays 4.5%.
Conversely, large banks often offer lower rates on mortgages and auto loans because they have the scale to absorb risk and can borrow money cheaply. A mortgage rate at JPMorgan Chase might be 0.25% lower than at a small regional bank. The net effect depends on what you're doing—if you're borrowing, size works in your favor; if you're saving, it works against you.
How to find which bank is right for your situation
Start by listing what you actually need: a place to deposit paychecks, a mortgage, a credit card, investment services, or business banking. If you need only basic checking and savings, a smaller bank or online bank will likely offer better rates and lower fees. If you need a mortgage, investment management, and business banking all in one place, a large bank's convenience may justify higher fees.
Check the current interest rates on savings accounts and money market accounts at several banks—rates change monthly and vary widely. Look up the overdraft fee, wire transfer fee, and monthly maintenance fee. If you travel or move frequently, check branch and ATM availability in the places you go. Read recent customer reviews on independent sites, not the bank's own website. Call the customer service line with a question and time how long you wait—this tells you something real about how they treat customers.
Why bank size matters during financial crises
The largest banks are considered "systemically important," meaning their failure could damage the entire financial system. This is why they face stricter regulation, more frequent audits, and higher capital requirements than smaller banks. During the 2008 financial crisis, the government provided emergency loans and guarantees to the largest banks because letting them fail would have frozen credit markets nationwide.
This regulatory scrutiny is a form of protection for depositors—the largest banks are less likely to fail because they are watched more closely. However, it also means they operate under tighter constraints and may be slower to innovate. Smaller banks have fewer regulations but less protection if something goes wrong, though deposits up to $250,000 per account are insured by the Federal Deposit Insurance Corporation (FDIC) at any bank.
Frequently Asked Questions
Is my money safer at a big bank than a small bank?
Deposits up to $250,000 per account are insured by the FDIC at any bank, large or small. The largest banks face stricter regulation and more frequent audits, which reduces the risk of failure, but the FDIC insurance is the same. Your money is equally protected either way.
Do I need to bank with one of the top ten banks?
No. Thousands of regional banks, community banks, and credit unions offer competitive rates and good service. The largest banks offer convenience and breadth of services, but they are not necessary for basic banking. Choose based on what you need and what rates and fees you find.
Can I move my accounts from one bank to another easily?
Yes. Most banks offer a service to transfer your direct deposits and automatic payments when you open a new account. You can also do it yourself by updating your employer's payroll system and notifying companies that auto-pay from your account. The process usually takes one to two weeks.
What happens to my money if a bank fails?
The FDIC takes over the bank and transfers your deposits to another bank or pays you directly, up to $250,000 per account. This process usually happens over a weekend, and you keep access to your money. Amounts over $250,000 are not protected, which is why some people split large balances across multiple banks.
Are online banks safer than brick-and-mortar banks?
Online banks are FDIC-insured the same way as traditional banks, so your deposits are equally protected. The main difference is that you cannot walk into a branch to deposit cash or speak to someone in person. Online banks typically offer better interest rates because they have lower overhead costs.