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

JPMorgan Chase holds roughly $3.7 trillion in assets as of 2024, making it the biggest bank in the country by a wide margin. The bank operates under several brand names you may recognize: Chase (the consumer and commercial banking division), JPMorgan (investment banking and wealth management), and several others. If you have a checking account, savings account, or credit card with Chase, you are banking with the largest institution in America.

Size matters for your account in specific ways. A larger bank typically means more ATMs, more branches, and more online tools. It also means your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type per bank — the same protection you get at any FDIC-insured bank, regardless of size. But size does not automatically mean better customer service or lower fees; that depends on the specific account you hold and how you use it.

Key Takeaways

  • JPMorgan Chase is the largest US bank by assets, with roughly $3.7 trillion, and operates under the Chase brand for most consumer accounts.
  • The next four largest banks are Bank of America, Wells Fargo, Citigroup, and U.S. Bancorp, each with significantly fewer assets than JPMorgan Chase.
  • Bank size affects the number of branches and ATMs available to you, but does not change FDIC deposit insurance limits or the safety of your money.
  • Larger banks often have more online features and mobile apps, but may charge higher fees or have stricter account requirements than smaller regional banks.

The five largest banks and their approximate asset sizes

After JPMorgan Chase, the ranking shifts significantly. Bank of America holds roughly $2.4 trillion in assets, Wells Fargo around $1.9 trillion, Citigroup approximately $2.3 trillion, and U.S. Bancorp about $612 billion. These numbers shift slightly year to year based on acquisitions, market conditions, and how each bank reports its holdings, but the gap between Chase and the second-largest bank is substantial and has remained so for years.

If you bank with any of these five institutions, you are using one of the country's largest financial networks. Each operates thousands of branches and tens of thousands of ATMs. But size alone does not determine whether a bank is right for you. A regional bank with 200 branches may serve your needs better than a national giant with 4,000 if the regional bank has lower fees or better customer service in your area.

What size means for your account features and access

Large banks invest heavily in technology and digital banking. JPMorgan Chase's mobile app, for example, includes mobile check deposit, bill pay, account transfers, and fraud monitoring tools that smaller banks may not offer or may charge extra for. The trade-off is that large banks often have more complex fee structures and higher minimum balance requirements on certain accounts.

Branch and ATM access is where size shows up most directly in your daily life. JPMorgan Chase operates roughly 4,700 branches and 15,000 ATMs across the United States. If you travel frequently or move often, this network can be a real advantage. But if you live in a rural area, a large national bank may have fewer local branches than a regional bank focused on your state or region.

How bank size affects deposit insurance and account safety

The size of your bank does not change how your money is protected. The FDIC insures deposits at all member banks — large and small — up to $250,000 per depositor per bank per account type. This means if you have $100,000 in a checking account at JPMorgan Chase, that money is fully insured. If you have $300,000 in the same bank, only $250,000 is covered by FDIC insurance; the remaining $100,000 is not.

Larger banks are subject to the same regulatory oversight as smaller ones, and in some cases more. The Federal Reserve and the Office of the Comptroller of the Currency (OCC) examine large banks more frequently and more thoroughly than smaller institutions. This does not mean your money is safer at a large bank — FDIC insurance protects you equally — but it does mean regulators are watching more closely.

Fees and account requirements at the largest banks

JPMorgan Chase and other large banks typically charge monthly maintenance fees on checking and savings accounts, though these fees are often waived if you meet certain conditions: maintaining a minimum balance, setting up direct deposit, or using the bank's credit card. Chase's basic checking account, for example, has no monthly fee if you maintain a $500 minimum balance or set up a direct deposit of at least $500 per month.

Smaller regional banks and online-only banks frequently offer checking accounts with no monthly fee and no minimum balance requirement. If you carry a low balance or prefer not to meet account requirements, a smaller bank or online bank may cost you less per year than a large national bank, even if the large bank offers more branches and ATMs.

When a large bank makes sense for your situation

Choose a large bank if you value extensive branch and ATM access, advanced mobile banking features, or if you want to consolidate multiple accounts (checking, savings, credit card, mortgage) in one place. Large banks often offer better rates on mortgages and auto loans because they have more capital to lend and can spread risk across millions of customers.

A large bank also makes sense if you travel internationally or move frequently within the United States. JPMorgan Chase, for example, has partnerships with banks in dozens of countries, which can reduce foreign ATM fees. And if you need a wide range of financial products — checking, savings, investment accounts, insurance — a large bank can often provide all of them under one roof.

When a smaller bank or credit union might be better

If you want to avoid monthly fees, prefer personalized customer service, or live in an area where a regional bank has stronger local presence, a smaller institution may serve you better. Credit unions, which are member-owned and not-for-profit, often charge lower fees and offer better rates on savings accounts and loans than large banks. You can find credit unions in your area through the CO-OP Network or Allpoint, which provide shared branching and ATM access.

Online banks like Ally, Charles Schwab, or Marcus have no physical branches but often have no monthly fees, no minimum balance requirements, and competitive interest rates on savings accounts. The trade-off is that you cannot walk into a branch to deposit cash or speak to someone in person — everything happens online or by phone.

Frequently Asked Questions

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

No. All FDIC-insured banks, regardless of size, protect your deposits up to $250,000 per account type. Your money is equally safe at JPMorgan Chase and at a small regional bank. Large banks are examined more frequently by regulators, but this does not affect the safety of your deposits.

What if I want to switch banks — is it hard to move my accounts?

No. You can open an account at a new bank and ask your new bank to help transfer your existing accounts. Most banks offer a service called account transfer or "switch kit" that moves your direct deposits and automatic payments to your new account. This typically takes one to two weeks.

Can I get better interest rates at a smaller bank than at JPMorgan Chase?

Often yes. Online banks and some credit unions offer higher interest rates on savings accounts and money market accounts than large national banks. However, rates change frequently, so compare current rates across several banks before deciding. Bankrate and DepositAccounts track rates across hundreds of institutions.

Do I need to bank with a large bank to get a mortgage or car loan?

No. Credit unions, regional banks, and online lenders often offer competitive or better rates than large banks on mortgages and auto loans. Shop around with at least three lenders before committing. Large banks are convenient if you want to keep all your accounts in one place, but they are not required.

What happens to my account if a large bank fails?

The FDIC steps in and protects your deposits up to $250,000. The FDIC will either transfer your account to another bank or pay you directly. Bank failures are rare in the United States, and no depositor has lost FDIC-insured funds since the FDIC was created in 1933.