The United States is home to a number of large banks that offer a wide range of financial products and services to consumers and businesses. These banks, which include JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs, are among the largest and most well-known financial institutions in the world.
Banking with a large bank can offer a number of benefits, including security and convenience. Large banks are typically well-regulated and have a strong track record of financial stability, which can provide peace of mind for customers. In addition, these banks often offer online and mobile banking platforms that allow customers to access their accounts and conduct financial transactions from anywhere, at any time.
Another benefit of banking with a large bank is that they may offer promotions and special offers to new customers. For example, a bank may offer a cash bonus for opening a new checking or savings account or a discounted interest rate on a mortgage or personal loan. These promotions can be a great way for consumers to save money and take advantage of special offers.
Are you ready to learn more about the 25 largest banks in the U.S. in 2023? Let’s get started!
How Banks are Measured
There are several ways you can measure the size of a bank, including the following:
- Assets: Banks measured by the number of assets they hold mirror an individual’s net worth. Typical assets include real estate, investments, loans, cash, etc.
- Deposits: The largest banks have vast sums of money deposited by account holders.
- Market capitalization: Banks can also be measured by the value of stock shares, which correlate to both assets and deposits.
- Revenue: As banks grow in size, so does their revenue. The largest banks have a high value of revenue as they do more and more business.
- Physical footprint: This measurement includes branches, employees, and customers.
The banks on our list below are measured with all of these factors in mind. Read on to see which banks make the list of the 25 largest banks in the United States. You might even see your bank listed!
25 of the Largest Banks in the U.S.
Not all of the largest banks in the United States are as well known as others. If you’re not familiar with some of the banks in the list below, you might research them to see if you can get better rates or perks than your current bank.
1. Fifth Third Bank
Despite being a bit hard to say, Fifth Third Bank is one of the largest banks in the nation. Headquartered in Ohio with nearly $400 billion in holdings, Fifth Third Bank is actually a subsidiary of Fifth Third Bancorp, which was founded in 1909. There are only a handful or two states in which you can bank with Fifth Third, but the financial institution continues to grow as the years go by.
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2. Ally Financial
Did you know that Ally Financial was founded by General Motors as the General Motors Acceptance Corporation (GMAC)? Now partners with Ally Bank, this financial institution is one of the best online banks out there. Ally offers low fees on personal loans and high interest rates on savings accounts.
3. Bank of America
Based out of North Carolina, Bank of America is one of the biggest national banks in America. With assets and deposits numbering in the several trillions of dollars, Bank of America stands to offer new customers a wide range of financial products and BofA promotions, from over 4,000 physical locations. BofA, as it’s commonly referred to, also offers excellent customer service and the security measures you need for peace of mind.
4. Bank of New York Mellon
When Mellon Financial Corporation and The Bank of New York merged, the Bank of New York Mellon, or BNY Mellon, was formed. This bank is headquartered in New York City and offers mainly investment banking opportunities. At the same time, it holds over $650 billion in assets and deposits, cementing its status as one of the largest banks in the United States.
5. BMO Harris Bank
There are over 12,000 American people employed by BMO Harris Bank, which has been in the business since 1882. BMO Harris works with its customers at 500 physical locations and through 40,000 ATMs across the nation. As is becoming the norm with financial institutions, BMO Harris puts a strong emphasis on digital tools and support for their customers.
6. Capital One
Opening a Capital One account means you’re part of a larger family that spans the entire United States, with over 700 locations and thousands of ATMs. Notably, Capital One is known for being one of the more technical banks you’ll come across, which lends itself to a favorable mobile banking experience that offers Capital One promotions often.
7. Charles Schwab
One of the best banks for business checking, Charles Schwab calls California home. This bank only holds just over 350 physical locations in the United States but serves international customers abroad as well. Though it does offer many basic banking services such as checking accounts and credit cards, it’s often most known for its high-yield savings account and investment accounts.
You’ve probably seen the “Citi” logo as you go about your daily life. CitiGroup encompasses Citicorp, the holding company overseeing Citibank. Citibank offers consumers a wide range of financial services, promotions, and products in over 150 locations worldwide. Within the United States, there are just under 1,000 physical locations you can visit to open a new Citibank account. You may be eligible to earn up to $2,000 if you qualify for a Citi ® Citi Priority account.
9. Citizens Financial Group
Founded in 1828, Citizens Financial Group does most of its banking business under the name Citizens Bank. Traditional financial offerings such as personal loans, credit cards, checking accounts, and refinancing are available from Citizens Bank. However, you’ll have to live on the east coast to take advantage of this bank, which mainly serves New York, Delaware, Ohio, New Jersey, Pennsylvania, and Michigan.
10. First Republic Bank
If you’re looking for a large bank that gives back to the community, look no further than First Republic Bank. This particular financial institution supports both art and educational programs by offering its customers unique benefits. These include concierge banking and tickets to many concerts and events.
11. Goldman Sachs
Though typically associated with investment banking and wealthy clients, Goldman Sachs does offer a wide range of products and services to choose from. Standard services such as credit cards, checking and savings accounts, and retirement accounts all fall under the Marcus by Goldman Sachs arm, which was founded in 2016.
12. HSBC North America
Technically, HSBC is a UK-based bank with locations in America. The foreign company has been doing business in the U.S. for several years now and has its headquarters in New York City. Though it commands over $300 billion in assets and deposits, HSBC is rumored to close its American doors in the near future.
13. Huntington National Bank
Based out of Ohio, similar to KeyBank, Huntington National Bank claims over 150 years of history as a well-respected financial institution. This bank serves locals in Ohio, Michigan, Kentucky, West Virginia, Pennsylvania, and Indiana but has just under 1,000 physical branches across these states.
14. JPMorgan Chase
If you had to name a handful of banks off the top of your head, you might have included JPMorgan Chase, or even just Chase, on your list. This particular bank owns several trillion dollars worth of assets and is headquartered in New York City. JPMorgan Chase is one of the few banks to incorporate cryptocurrency-friendly infrastructures, poising it at the cutting edge of financial developments. There are several Chase Bank promotions you can take advantage of if you are new to JPMorgan Chase, depending on your financial situation.
With a healthy 1,000 or so physical branches and enough ATMs to serve most states alone, KeyBank continues to make a name for itself as one of the largest banks in the nation. Like some of the other banks on our list, KeyBank focuses on those communities that may be underserved. Based out of Cleveland, Ohio, KeyBank holds over $250 billion in total assets and deposits.
16. Morgan Stanley
Based out of New York City, Morgan Stanley houses many distinct divisions, including investment banking, commercial banking, and wealth management. In addition to these financial products, you can also take advantage of the security and expertise Morgan Stanley and its associates are known for. With operations in over 60 countries across the globe, Morgan Stanley brings superior banking wherever it goes.
17. Northern Trust
With only a handful of offices abroad, Northern Trust does most of its business here in America. Most of its customers include individuals with a high net worth, as well as corporations and institutional investors. Northern Trust was founded in 1889 and is headquartered in Chicago, Illinois.
18. PNC Financial Services
Known as one of the best banks for personal loans and a bank that doesn’t require your social security number, PNC Financial Services has made a name for itself at home in Pennsylvania and across the nation as well. Having acquired BBVA, PNC Financial Services continues to grow its 18,000 ATMs and nearly 2,500 physical locations.
19. Regions Bank
Based out of Alabama, Regions Bank holds nearly $300 billion in assets and deposits. The bank was founded in 1971, so it’s not as old as some of the other banks on our list. At the same time, it is part of the Regions Financial Corporation, which made the Fortune 500 list. You’ll find most of the Regions Bank branches in the south.
20. Silicon Valley Bank
As you might have guessed, Silicon Valley Bank is headquartered in Santa Clara, California. This commercial bank offers your run-of-the-mill banking services, in addition to treasury management, venture capital, and foreign exchange. With combined deposits and assets totaling over $400 billion, it’s easy to see how Silicon Valley Bank was involved with starting some of the biggest names in the technology industry.
21. State Street Corporation
With over $450 billion in deposits and assets, State Street Corporation is the second oldest bank in the country. It was founded in 1792 and calls Massachusetts home. State Street Corporation is a publicly traded company, with strong financial performance as well as consistent growth in revenues and profits in recent years. Known for its commitment to sustainability, State Street Corporation has been recognized for its efforts to reduce its environmental impact and promote social responsibility.
22. TD Group
This bank is actually an American arm of a larger Canadian bank, known as the Toronto-Dominion Bank. The majority of TD Group’s physical locations hug the east coast, but customers there appreciate the many financial services and products this multinational bank offers.
23. Truist Financial
Compared to some of the banks on our list that have been in business for decades, Truist Financial is new to the banking world. Born in late 2019, this bank emerged from a consolidation of both BB&T and Suntrust. With a Truist One Checking account, you’ll never pay an overdraft fee and you can waive the monthly maintenance fee in a handful of ways. Truist also offers credit cards, investment opportunities, mortgage loans, and more.
24. U.S. Bancorp
With nearly $600 billion in assets and not much less in deposits, U.S. Bancorp serves the nation with over 3,000 branches across the midwest. Parent company to U.S. Bank, U.S. Bancorp offers many promotions surrounding business and personal banking, including wealth management. U.S. Bancorp is headquartered in Minnesota.
25. Wells Fargo
Freelancers looking for a bank should consider Wells Fargo. With a long history and plenty of experience to back it up, Wells Fargo hails from California and was founded back in 1929, nearly 100 years ago. Though not as powerful as some of the banks on our list, it’s certainly no slouch when it comes to assets and deposits. With over $3 trillion in combined assets and deposits, Wells Fargo continues to remain a household name in the banking industry.
Yes, the majority of the largest banks in the United States are FDIC-insured. This insurance can help calm any fears you might have about losing your funds should the bank go under.
There are many ways to determine which banks in the U.S. are the largest. For instance, you can measure banks based on how many physical branches, customers, and employees exist. You can also measure them by how much they hold in assets, deposits, or even stock shares. Finding the largest banks in the U.S. requires combining these aspects to look at the whole picture of a bank.
As long as you meet eligibility requirements for a particular bank, you can open an account. Most of the time, these banks will offer an account to anyone who doesn’t have bad banking history. You don’t have to be a millionaire to open a bank account with the largest banks in the U.S.
Bank Right with the Largest U.S. Banks
The largest banks in the United States offer customers many promotions and bonuses to take advantage of. These banks are known for their stability and security, and many of them offer convenient online and mobile banking platforms that make it easy for customers to manage their finances.
We hope you’ve found this article useful in finding out which banks in the U.S. are the largest and which ones can offer you the perks you desire. If you’re ready to take the next step, visit the website of one of these banks and explore the options that are available. You may be surprised at how easy it is to open an account and start taking advantage of the many benefits of banking with a large and reputable institution.
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