Which American bank is better?
Chase: Best for sign-up bonuses; best for branch access. Discover® Bank: Best online banking experience. SoFi: Best checking account overall; best checking account for overdraft fee avoidance. UFB Direct: Best savings account.
What is the No. 1 bank in America? J.P. Morgan Chase is the number one bank in America in terms of total assets held, according to the Federal Reserve.
| Bank | The Ascent's Rating |
|---|---|
| American Express® National Bank | 4.50 |
| Quontic | 4.50 |
| Capital One | 4.50 |
| Chase | 4.50 |
| Checking account | Best for | Monthly fee |
|---|---|---|
| U.S. Bank Smartly® Checking | AI assistance | $6.95 (waived in several ways) |
| Chase Total Checking | Mobile app | $12 (waived in several ways) |
| Quontic High Interest Checking | High APY | $0 |
| Ally Bank (Member FDIC) Spending Account | Overdraft protection | $0 |
Bank of America pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived. While the comparison between the two banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.
The Wells Fargo Everyday Checking slightly beats out the Bank of America Advantage Plus Banking® because it requires a lower minimum opening deposit and monthly service fee. It also boasts a higher bank bonus for new customers. However, Bank of America has slightly easier requirements to waive monthly fees.
JP Morgan Private Bank
“J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. “With J.P. Morgan, each client is given access to a panel of experts, including experienced strategists, economists and advisors.”
| Rank | Bank name | Headquarters location |
|---|---|---|
| 1 | JPMorgan Chase | New York City |
| 2 | Bank of America | Charlotte, North Carolina |
| 3 | Citigroup | New York City |
| 4 | Wells Fargo | San Francisco, California |
Bank of America, Chase Bank, and Wells Fargo are the best banks in California if you prefer traditional banking and a wide range of services. If you want to open a digital bank account, Ally and CIT Bank are great options.
Wells Fargo is the worst bank overall, with a high percentage of unresolved complaints and loss of Better Business Bureau accreditation. Citibank has a string of high-profile cases involving operational chaos and regulatory fines.
What is the strongest bank in America?
| RANK | BANK NAME | TOTAL ASSETS |
|---|---|---|
| 1 | JPMorgan Chase | $3.39 trillion |
| 2 | Bank of America | $2.47 trillion |
| 3 | Wells Fargo | $1.70 trillion |
| 4 | Citigroup | $1.66 trillion |
| Global Top 100 | ||
|---|---|---|
| Rank | Name | Moody's Score |
| 1 | KfW | 10 |
| 2 | Zuercher Kantonalbank | 10 |
| 3 | BNG Bank | 10 |
Having multiple accounts allows you to separate money for expenses from savings. Having separate accounts for different categories can simplify expense tracking to see whether you're staying on budget or need to make adjustments. You can also track progress towards savings goals better.
Bottom Line. Chase offers one of the largest branch networks in the nation, without neglecting the online experience, offering simple online and mobile tools to manage your funds. If you have one account with Chase, there's a good incentive to open up one or two more, with the bank's relationship benefits.
Avoid Transaction and Conversion Fees
Exchange rates are unpredictable as well. This is where having a U.S. dollar bank account is especially handy. Foreign transactions fees can come with international transfers and expensive conversion fees.
| Bank | Forbes Advisor Rating | ATM Network |
|---|---|---|
| Chase Bank | 5.0 | 15,000+ Chase ATMs |
| Bank of America | 4.2 | 16,000+ ATMs in the U.S. |
| Wells Fargo Bank | 4.0 | 11,000 |
| Citi® | 4.0 | 65,000 |
One of the biggest downsides of the Secure Banking account is the unavoidable $4.95 monthly fee. Also, you won't be reimbursed for non-Chase ATM fees, and the account doesn't earn interest. Currently, Chase offers a $100 sign-up bonus for new checking customers.
Are my deposits secure at Bank of America and Chase? Yes. Chase and Bank of America are members of the FDIC (Federal Deposit Insurance Corporation), a government agency that insures deposit accounts, including checking and savings accounts.
Bank of America could be good for personal banking if you want to manage accounts such as checking, savings, CDs and investments in one place. It could also be a good choice for you if you value online and mobile banking, as its mobile app has high reviews.
Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.
Why Bank of America is so good?
Pros. Bank of America has approximately 4,300 branch locations and 17,000 ATMs, so you'll always have access to your money. The minimums to open a checking account are relatively low, so it's fairly easy to switch banks. If you can qualify for their Preferred Rewards program, it's worth it.
- First Internet Bank: 5.48% APY; $1,000,000.01 minimum balance for APY.
- America First Credit Union: 4.60% APY; $1,000,000 minimum balance for APY.
- Discover Bank: 4.20% APY; $100,000 minimum balance for APY.
JPMorgan Chase: Based in New York City, and, with over$2.7 trillion in assets under management, JPMorgan Chase is one of the best private banks with a lot of different services and investment options available. JPMorgan was one of the banks that started the trend of tailoring their services toward the wealthy.
J.P. Morgan Private Bank is named 2024's “World's Best Private Bank” for the fifth year in a row. For its ninth annual World's Best Private Banks Awards, Global Finance Magazine ranked J.P. Morgan Private Bank* first overall.
- Chase: $2.61 trillion.
- Bank of America: $2.34 trillion.
- Wells Fargo: $1.68 trillion.
- Citibank: $1.01 trillion.
- U.S. Bank: $646.73 billion.
- PNC Bank: $551.13 billion.
- Goldman Sachs: $463.99 billion.
- Truist Bank: $534.93 billion.
