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January 9, 2024These are the 15 Largest Banks in the US
Read on to keep your money safe with the 15 largest banks in the US, ranked by assets. Table of Contents: Top 15 Banks in USA 2022 JPMorgan Chase & Co Bank of America Corp. Citigroup Inc. Wells Fargo & Co. Goldman Sachs Group Inc. Morgan Stanley U.S. Bancorp Truist Financial Corporation PNC Financial Services […]
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Read on to keep your money safe with the 15 largest banks in the US, ranked by assets.
Table of Contents:
Frequently Asked Questions (FAQ)
Who is the number 1 bank in America?
Which bank has the most branches?
What makes big banks different from smaller banks?
What is the largest bank in the us?
What are the 15 largest banks in the U.S.?
What are the largest US banks by deposits?
Which banks do billionaires use?
What are the largest Federal Reserve banks?
The major banks in the United States have grown significantly in the years after the Great Recession. Reported in June 2021, the top 15 banks had a combined asset value of $12.95 trillion.
Of course, the top banks’ list undergoes modifications every year. Larger banks swap positions, while smaller banks fade away to be replaced by faster-growing competitors. When it comes to saving for your next investment property, home upgrade, or are applying for a mortgage, these banks have a variety of options that may suit your needs. These are the top 15 us banks and a little bit about the major US banks you can find today.
Top 15 Banks in USA 2022
JPMorgan Chase & Co
JPMorgan and Chase joined 20 years ago, and they now operate over 4,800 branches across the United States, with their headquarters on Madison Avenue in Manhattan, New York City. They are arguably known as the largest bank in the US.
Asset and wealth management, Consumer and community banking, commercial banking, and investment banking are all services provided by JP Morgan Chase & Co., regarded as a universal and protective bank. There are roughly 5,000 branches and 16,000 ATMs in the bank’s current network. JPMorgan Chase & Co. employed over 250,000 people in the United States as of 2019, and its clientele represents roughly half of the country’s households and businesses as one of the largest banks in US.
Homeowners can turn to Chase Home Lending for prequalification, home refinancing, and home equity line of credit solutions. Running the numbers on a $300,000 mortgage when purchasing a home in Tampa, they’re offering an interest rate of 4.125% for a 30 year conforming fixed rate, which can vary based on your down payment and credit score.
Bank of America Corp.
Bank of America Corp. has acquired the title of “America’s second-largest bank” in the world of biggest banks in the US. It has over 66 million global consumers and at least 37 million digital clients, and it has roughly 4,300 financial centers across the United States, including 2,700 lending locations. It is headquartered in Charlotte, North Carolina. The digital transformation of Bank of America is likewise well-known within American banks. It has almost 3 million digital clients and has had success since launching Erica, a virtual assistant that assists account users with various activities. Bank of America Corp provides consumer banking, corporate banking, credit cards, insurance, investment banking, and other services.
The Bank of America Corp. offers home mortgage loan solutions with lower rates than its competitor, Chase. However, you should compare your rates with a personalized service since financing details can impact this amount. On a 30 year fixed mortgage, Bank of America offers 3.375% on a $300,000 Tampa home.
Citigroup Inc.
Citigroup is a multinational financial services corporation. Citibank, the company’s retail banking subsidiary, is headquartered in Sioux Falls, South Dakota. Citibank has about 700 locations in the United States for its main banks, around 3,400 financial centers globally, and over 1,800 locations outside of the nation. Customers in the United States have access to over 65,000 fee-free ATMs. Citigroup’s record-keeping division boasts over 138 million records and 65,000 fee-free ATMs.
Citibank provides a wide range of fixed- and adjustable-rate mortgages, however remodeling loans are not available. According to the most current available Home Mortgage Disclosure Act statistics, the majority of the loans the institution creates are jumbo loans.
Fixed-rate mortgages from Citibank are available for 10, 15, 20, and 30 years. Prospective borrowers might inquire about the 5/6, 7/6, and 10/6 adjustable-rate mortgages, which have rates that are set for five, seven, or ten years but can fluctuate every six months after that.
Citibank’s low-down-payment mortgage alternatives aren’t limited to FHA and VA loans; its HomeRun loan program allows you to put down as little as 3% without having to pay private mortgage insurance. This loan has a length of up to 30 years and interest rates that are equivalent to those of traditional mortgages. In most circumstances, you must earn 80% or less of the median income in your region to qualify. However, in some low- to moderate-income communities, regardless of income, the program is provided.
Their current interest rate for a 30-year fixed mortgage is around 3.375 percent, however, this may vary according to the region and purchase price.
Wells Fargo & Co.
Although Wells Fargo & Co. has concentrated on refinement in recent years, the country’s biggest bank in America still has more branches than any other, with at least 8,050 surviving. In 1852, Wells Fargo & Co. was established for the first time. The bank employs around 266,000 employees and served at least 70 million customers through 2021. After a series of missteps, the bank has transformed its image and is working on reestablishing its connection with consumers.
Wells Fargo offers fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, low down payment options, government mortgage loans, loans for new builds, cash-out refinance, and a home equity line of credit. Their current interest rates on conforming 30 year fixed mortgages are 3.5% which can vary based on your financial situation.
Goldman Sachs Group Inc.
Goldman Sachs is an investment banking, asset management, and securities corporation with offices all over the world, taking the title of the 5th largest bank in US. Based in New York City, the company’s clients have access to various business services, including banking goods through Marcus. This online banking division debuted in early 2010 and began providing customized offers. Consumers have been exceptionally pleased with the service. With only about 40,000 employees, they have a small workforce compared to the other banks.
Goldman Sachs Group Inc. does not directly offer mortgage loan options but rather can help grow your wealth and save for a down payment on your next property through their savings accounts. They also play into the real estate investment game through commercial options with a minimum of 5 million dollars.
Morgan Stanley
Morgan Stanley is another significant investment bank in New York City that provides a wide range of financial services. It was created as a consequence of a 1997 competition between Morgan Stanley and Dean Witter Discover & Co. Morgan Stanley has three successful business ideas: Institutional Securities, Wealth Management, and Investment Management, and employs over 60,000 people worldwide with offices in 42 countries. Kiplinger’s Personal Finance has dubbed it the “Best Bank for Wealthy Families” four times in a row.
Morgan Stanley Home Loans is a company that provides mortgages to customers (like you). They provide reasonable prices (if you have a good score). Before you apply for a home loan, we strongly advise you to verify your credit score. What is the issue? You’re stuck with hefty rates if your credit score is low (putting your dream home outside your budget).
U.S. Bancorp
Due to its dedication to combating digital monsters making their way into the investment business, US Bancorp, the parent firm of the US Bank National Association, has earned a spot on the list of top US banks. The company’s headquarters are in Minneapolis, Minnesota. U.S. Bancorp is strengthening its processes and technology to stay competitive in the banking market. U.S. Bank employs about 70,000 people in the United States and services roughly 18.7 million customers.
U.S. Bancorp offers home buyers and homeowners mortgage options, refinance options as well as home equity lines of credit. Depending on your credit score, on a 30 year fixed mortgage in Tampa you could see 3.75%-4.25% rates for interest.
Truist Financial Corporation
Truist Financial Corporation was formed in 2019 due to a partnership between BB&T and SunTrust. Their headquarters are in Charlotte, North Carolina, and they have roughly 2,049 branches around the South and East Coast. Consumer and commercial banking, asset management, securities trading, debt and insurance products, and services are all available via the unified bank.
Truist offers homebuyers and owners new purchase options or refinancing through their mortgage portfolios. On a 30 year fixed rate with no credit or financing surprises, you can see a 3.7% interest rate for your home loan.
PNC Financial Services
PNC Bank is one of the major banks in the United States because it provides clients with distinct benefits and settings while generating innovative products. Since they increased their limit from 19 to 21, its retail banking component, PNC Bank, has expanded into 21 states and operates via a total of 2,296 branches. PNC has roughly 8 million customers and employs around 50,000 people.
PNC financial services offer both purchase and refinancing options, with a low-interest rate of 3.25% on a 30 year fixed rate for a Tampa home around $300,000. Keep in mind that interest rates vary on the loan type, length, and personal finances.
TD Bank
In addition to having extensive international ties, TD Bank has grown to become one of the major banks in the United States due to its use of artificial intelligence and digital technologies. TD Group US Holdings LLC is headquartered in Cherry Hill, New Jersey, and is America’s most convenient bank in terms of flexible timings. With 1,301 branches and 9.5 million clients, TD Bank is one of the largest banks in the United States. They primarily serve private business clients by providing bank accounts, credit cards, pledges, and assistance.
TD Bank, which was founded in Canada, also caters to property purchasers in the United States, notably on the East Coast. Although it does not provide mortgages in all 50 states, it does provide a comprehensive variety of home loan options, with the exception of reverse mortgages.
If you live on the East Coast, TD Bank can provide you a variety of mortgage loan options as well as a computerized application process backed by human assistance. Though TD Bank does not offer example mortgage rates on its website, potential borrowers can utilize a rate-customizing tool to determine what rates they might qualify for.
Capital One Financial Corp.
Capital One remains on the list of top biggest banks by assets with its continuous commitment to digital transformation despite its data breach in mid-2019. Like Bank of America, Capital One debuted Eno, an AI-powered chatbot in 2019, and increased its IT headcount from 2500 to 9000. Based in McLean, Virginia, they’ve lately maintained a significant number of credit card customers, with over 60 million active cardholder accounts accounting for over 11% of the total company share. But what makes this one unique? Capital One Bank offers unique technology and a Wi-Fi-based banking experience.
Capital One’s mortgage lending operation is quite narrowly focused, with loans being originated exclusively in the states of New York, Connecticut, New Jersey, Delaware, Maryland, Virginia, Washington, D.C., Louisiana, and Texas.
Mortgages of up to $2 million are available from Capital One. Mortgage rates are normally lowest for conforming mortgage loans of $417,000 or less; high-balance loans of $417,000 to $625,500 are available in locations with greater property values. Jumbo loans are available for mortgages worth more than $625,500, but they come with higher interest rates.
Fixed-rate mortgages with payback lengths of 10, 15, 20, and 30 years are available. Adjustable-rate mortgages (ARMs) are also available from Capital One, with maturities ranging from three to five years; in any case, ARM amortization lengths are fixed at 30 years.
Charles Schwab Corporation
Despite intentions to relocate to Westlake, Texas, as part of a planned merger with TD Ameritrade, Charles Schwab Corporation maintains its headquarters in San Francisco, California, and only has 345 branches. Commercial banking, stock brokerage, wealth management, and electronic trading platforms focus on this worldwide commercial services organization. Their firm has grown to become the largest discount securities dealer in the United States with enthusiasm and honesty.
Charles Schwab is a prominent supplier of investing, portfolio management, and banking services for U.S. clients, with a footprint that spans all 50 states. It also offers mortgages to homeowners through a relationship with Quicken Loans.
These are geared to the needs of investors and can be utilized for a new property purchase or refinancing. People who have Charles Schwab investing accounts are eligible for a discount.
Fixed-rate loans are the most predictable type of mortgage because they lock in circumstances at the time of closing, resulting in a consistent pattern of interest rates and monthly payments throughout the life of the loan.
Through its relationship with Quicken Loans, Charles Schwab offers a variety of fixed-rate loans that are compliant with government county lending regulations. Borrowers can choose from 10-, 15-, 20-, 25-, and 30-year durations, with the 15- and 20-year choices having the lowest example interest rates.
State Street Corp.
Based in Boston, Massachusetts, State Street Corporation is the country’s second-oldest bank. State Street Corp. employs roughly 40,000 people, with the majority of its clients being asset owners, insurance firms, and pension funds.
State Street Bank offers quick applications for homeowners looking to find out their mortgage payments, possible rates, and home equity loan details. They are competitive in the industry with a 3.625% offer on 30 year fixed rates, which can vary based on your purchase price, credit history and down payment.
Bank of New York Mellon Corp.
While the bank employs over 50,000 people and operates in 35 countries, BNY Mellon focuses on institutional and corporate investments targeted solely at high-net-worth individuals. Because investment services account for over 72 percent of the bank’s revenue, they are very focused on them.
The Bank of New York Mellon Corp offers fixed-rate and adjustable-rate solutions for homeowners with construction to permanent financing available. They seek to adapt mortgages to each client’s scenario, approve and close loans fast, and give you with peace of mind throughout the whole financing process as a portfolio lender with strong underwriting knowledge.
HSBC Bank USA
HSBC Bank is a subsidiary of HSBC Holdings in the United Kingdom, with headquarters in New York City. The bank has 159 locations around the United States, including Los Angeles, Atlanta, Houston, Miami, San Francisco, Chicago, Seattle, Washington, and others. HSBC Bank works with OneSpan to offer multi-factor authentication signals for online banking collaborations.
Homeowners can evaluate HSBC Bank’s mortgage options with both conforming, jumbo, and refinance options. Their current offer for a 30-year fixed-rate mortgage, which can vary from person to person, is 3.5%.
Frequently Asked Questions (FAQ)
Who is the number 1 bank in America?
JP Morgan and Chase is arguably the largest bank in the US with a whopping 3.19 trillion in assets. Not only are they the wealthiest bank, but they are accessible to most consumers and small businesses across America. As the wealthiest bank in the US, they serve consumers with roughly 16,000 ATM locations and over 4,800 branches in most States. However, if you’re in Alaska or Hawaii, this top bank ranking in US will not be available in your area.
Which bank has the most branches?
As one of the largest banks in America, Wells Fargo trumps the top us banks by assets in their offering for branches instead. In terms of branch count, Wells Fargo Bank was the largest bank in the United States in 2021, boasting 5,039 across the country. Shortly behind were the popular banks, JPMorgan Chase Bank with 4,981 branches and the Bank of America at 4,215.
What makes big banks different from smaller banks?
Large banks, community banks, and credit unions are the three types of financial institutions that exist in the United States. Large banks often have total assets of $500 million or more. Community banks are smaller, with assets typically around $500 million. The big difference between the biggest banks in USA vs. a smaller US bank list comes down to:
- Presence of ATMs and branch availability
- Products and services they offer
- Technology provided
- Personal service
- Negotiation
When you’re working with the largest banks in US, you often have little wiggle room when it comes to account types and fees. A smaller bank may be more willing to cut your fees to gain your loyalty. The big banks in america are more likely to be available when you need them, in a location that is more convenient for you.
What is the largest bank in the us?
If you’re ranking U.S. banks by asset size, JPMorgan Chase & Co. dominates the industry with $3.19 trillion in assets. However, if the number of branches is determining the bank ranking in US, Wells Fargo boasts an extra 3,000+ available locations across the country.
What are the 15 largest banks in the U.S.?
The top 15 largest banks by assets according to their bank rankings are as follows:
- JPMorgan Chase & Co.
- Bank of America Corp.
- Citigroup Inc.
- Wells Fargo & Co.
- Goldman Sachs Group Inc.
- Morgan Stanley
- U.S. Bancorp
- Truist Bank
- PNC Financial Services Group Inc.
- TD Group US Holdings LLC
- Capital One Financial Corp.
- Charles Schwab Corporation
- State Street Corp.
- Bank of New York Mellon Corp.
- HSBC
What bank has the most cash?
The largest banks in the US hold roughly $12.95 trillion in assets together. However, the one with the most cash holds 24.6% of this grand total between the top 15 banks in USA. According to the Federal Reserve, currently holding this title is JPMorgan Chase & Co., with 3.19 trillion in assets. The major banks may dominate the industry in size, but that doesn’t mean a smaller bank is right for you.
What are the largest US banks by deposits?
While the list of banks may differ in terms of branch size and total assets, they rank differently according to the Federal Deposit Insurance Corporation (FDIC) when it comes to US bank ranking by deposit. However, the Top 5 biggest US banks by deposit are identical to the largest banks by asset size.
- JPMorgan Chase Bank was listed at $2,253,492,000 in total deposits as of May 2021.
- Bank of America was listed at $1,906,458,000 in total deposits as of May 2021.
- Wells Fargo Bank was listed at $1,479,499,000 in total deposits as of May 2021.
- Citibank was listed at $1,282,071,000 in total deposits as of May 2021.
- U.S. Bank National Association was listed at $442,835,836 in total deposits as of May 2021.
Which banks do billionaires use?
When it comes to banking, high-net-worth individuals frequently utilize the same national banks that the rest of us use. Banks like Bank of America, JPMorgan Chase, and Wells Fargo are all popular among the ultra-rich. They do, however, uniquely engage with these institutions. But why are the wealthy avoiding smaller banks? To summarize, accessibility, technology, and resources.
Because many rich clients travel frequently, accessibility is a significant problem for them. A national bank has more branches in more places than a local bank.
Technological advancements also aid client retention. According to a Chase banking poll from 2020, 54 percent of customers are using digital banking tools more than they were last year due to the pandemic. While credit unions and community banks are growing more technologically sophisticated, large banks are still more likely to provide the most cutting-edge goods and services.
Finally, a large bank that manages more than a trillion dollars in assets has more investment options and resources than a community bank.
What are the largest Federal Reserve banks?
A regional bank of the Federal Reserve Institution, the United States’ central banking system, is known as a Federal Reserve Bank. There are a total of twelve banking companies within this system, one for each of the Federal Reserve Districts established by the Federal Reserve Act of 1913. [1] The banks are jointly responsible for carrying out the Federal Open Market Committee’s monetary policy. This is the list of banks by asset size:
- New York City
- San Francisco
- Atlanta
- Richmond
- Chicago
- Dallas
- Cleveland
- Philadelphia
- Boston
- St. Louis
- Kansas City
- Minneapolis
Whether you’re with the biggest banks or the small leading banks, you want to know what your account offers, mortgage options available, and how it can help you keep more of your wealth. Richr allows homebuyers and sellers to protect their assets by providing lucrative home buying and home selling solutions. Learn more with Richr!
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