Safest Banks in the US
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When it comes to storing your money, you want the safest option. Keep reading to learn all about the safest banks in the U.S.
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When it comes to your money, the importance of safety and security can't be overstated.
And banks face a variety of threats today: hackers, ransomware, data leaks, and even bank failure.
So, where's the safest bank to keep your money? Dive into this guide and find out which banks are the safest in the U.S.
A total of 566 banks have failed between 2001 and 2024, as reported by the FDIC.
Safest Savings Accounts to Store Your Money
Looking for a safe haven for your hard-earned money? Here are the best FDIC or NCUA insured savings accounts that also offer attractive returns.
- Western Alliance Bank:
High-Yield Savings Premier - 5.36% APY - FVCbank:
High-Yield Savings Account - 5.26% APY - UFB Secure Savings:
Earn up to 5.25% APY - CloudBank 24/7:
High Yield Savings Account - 5.24% APY - DR Bank:
High-Yield Savings Account - 5.23% APY - Nelnet Bank:
High-Yield Savings Account - 5.22% APY - Upgrade:
Premier Savings - Up to 5.21% APY - RBMAX:
High-Yield Savings Account - 5.15% APY - Mission Valley Bank:
High Yield Savings Account - 5.12% APY - Customers Bank:
High-Yield Savings Account - 5.11% APY
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
- Western Alliance Bank:
5-Month High-Yield CD - 5.30% APY - Consumers Credit Union:
13-Month Super Jumbo CD - 5.25% APY - Ponce Bank:
3-Month High-Yield CD - 5.20% APY - The State Exchange Bank:
4-Month High-Yield CD - 5.15% APY - Quontic:
6 Month CD - 5.05% APY - SkyOne Federal Credit Union:
5-Month High-Yield CD - 5.00% APY - American First Credit Union:
12-Month High-Yield CD - 4.90% APY - Idabel National Bank:
9-Month High-Yield CD - 4.80% APY - Blue Federal Credit Union:
15-Month High-Yield CD - 4.70% APY - Discover Bank:
1 Year CD - 4.70% APY
Are National Banks Safer?
With recent bank failures, you may wonder "are national banks safer than smaller, local banks?"
National banking titans, like Chase, do have certain advantages, such as:
- Robust security measures: National banks invest heavily in cutting-edge security to protect your funds and personal data against threats.
- Financial stability: Their vast assets and diverse portfolios help buffer against market swings.
- Federal oversight: National banks are subject to stringent regulations by federal agencies to guarantee compliance.
Plus, the largest national banks are often considered "too big to fail". This is the theory that they're so crucial to the economy that collapse would cause major disaster. So the government is likely to step in and support them to avoid failure.
In 2023, the U.S. banks considered "too big to fail" include Chase, Bank of America, Citigroup, and Wells Fargo.[1]
Explore a curated list of offers from top-tier banks. Find a solution that aligns with your safety and financial needs.
Safest Banks in the U.S.
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Below, review the safest banks in the U.S. Compare and explore the security features they employ to keep your money safe.
JPMorgan Chase
Chase
Pros:
| Cons:
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Our Review: 
(3.6) Chase has new customer bonuses and a strong nationwide presence. But there are drawbacks. Read this review to see if Chase is a good bank for you...
JPMorgan Chase, or simply known as Chase, is a bank with a very long history in business, founded over 225 years ago in September 1799.
Today, they have over 4,700 branches and more than 15,000 ATMs. It's the only bank to have a physical presence in all 48 contiguous states.
Chase is the largest of the "big four" banks in the U.S., with over $3.9 trillion in assets as of 2023.[2] It serves over 66 million American households and over 5 million small businesses.
FDIC Insured: Yes
| Security Features | Description |
|---|---|
| Account Alerts | Chase will send you transaction alerts to help you spot suspicious activity on your accounts. If they find you cannot be reached, they may put a temporary hold on your account. |
| Two-Factor Authentication | Prevents unwanted login to your accounts. They will employ extra precautions for unrecognized devices. |
| Controlled Access | Chase will require passwords whenever providing your banking information to third-party businesses. |
| Fraud Prevention Resources | Chase has support teams ready to help you in case you think you've been the victim of fraud. |
| Data Encryption | 128-bit encryption protects your banking data. |
Chase is known for its great checking options. It has accounts not offered by some other banks, like student checking and second chance checking. And they even offer bonuses for new customers.
U.S. Bank
U.S. Bank, also referred to as U.S. Bancorp, is a large bank based in Minneapolis, Minnesota, and currently stands as the fifth-largest banking institution in the U.S.
They have over 2,000 branches and operate over 4,800 ATMs across the country, with $663.5 billion in total assets by the end of 2023.[3]
FDIC Insured: Yes
| Security Features | Description |
|---|---|
| Identity Authentication | U.S. Bank offers a range of methods for authenticating your identity, including one-time passcodes, biometrics, and visual patterns. |
| Fraud Prevention Resources | U.S. Bank knows that customers educated on the many ways they might be defrauded are less likely to fall victim to it. They provide a variety of useful resources to help customers practice safe banking habits. |
| Report Suspicious Activity | Customers can report suspicious activity on their accounts by phone or email. |
| Data Encryption | This prevents unwanted third parties from getting access to your information. |
PNC Bank
PNC Financial Services Group, Inc., a fairly large U.S. bank headquartered in Pittsburgh, PA, operates in 28 states across the country. Like many of the banks listed here, PNC has quite a long history, dating back to 1852 when it was founded.
PNC has approximately 2,400 branches, 60,000 PNC and partner ATMs, and has $562 billion in assets.[4]
FDIC Insured: Yes
| Security Features | Description |
|---|---|
| Identity Authentication | PNC offers a range of methods for authenticating your identity, including two-factor authentication and security questions. |
| Fraud Prevention Resources | PNC Bank provide a variety of useful educational resources to help customers practice safe banking habits. |
| Report Suspicious Activity | Customers can report suspicious activity on their accounts by phone or email. |
| Data Encryption | This prevents unwanted third parties from getting access to your information. |
Citibank
Citibank is the consumer-facing side of the multinational investment bank and financial services corporation, Citigroup, which is another of the big four banks in the U.S.
Citibank is relatively new compared to some of the other banks on this list, only forming in 1998 after a merger between Citicorp and Travelers Group.
Citibank is based in Manhattan, NY, and has over 700 branches in the U.S., with more abroad, and in 2022, Citigroup Inc. had $2.4 trillion in total assets.[5]
FDIC Insured: Yes
| Security Features | Description |
|---|---|
| Account Alerts | Citibank will send you transaction alerts to help you spot suspicious activity on your accounts. |
| Liability Protection | Customers aren't liable for unauthorized transactions on their accounts. |
| Turn Your Card On/Off | In case your card is lost or stolen, you can turn off your card, and turn it on again if you recover it. |
| Two-Factor Authentication | Prevents unwanted login to your accounts. |
| Data Encryption | This prevents unwanted third parties from getting access to your information. |
Wells Fargo
Wells Fargo, founded nearly 100 years ago in 1929, is a multinational bank based in the U.S., with headquarters in San Francisco, CA, and Manhattan, NY.
They operate over 5,600 branches and 12,000 ATMs, and as of 2023 they had $1.9 trillion in assets.[6]
Wells Fargo is one of the "big four" banks in the U.S., which in 2018 held 45% of all consumer deposits.
FDIC Insured: Yes
| Security Features | Description |
|---|---|
| Account Alerts | Wells Fargo will send you transaction alerts to help you spot suspicious activity on your accounts. Includes purchases online, by phone, and by mail, ATM withdrawals or cash advances, and purchases over amounts you set. |
| Control Tower | Turn on and off cards and digital card numbers, view recurring payments, control third-party access to financial statements, all in one place. |
| Travel Plans | Notify your bank before traveling so they can monitor for suspicious activity. |
| Turn Your Card On/Off | In case your card is lost or stolen, you can turn off your card, and turn it on again if you recover it. The bank may still allow preset transactions. |
| Account Access Manager (Small Business) | Small business owners can add or revoke access to their business banking accounts. |
| Two-Factor Authentication | Prevents unwanted login to your accounts. |
| Biometric Sign On and Voice Verification | These help the bank confirm you are who you say you are. |
Capital One
Capital One is a newer bank that has grown immensely in the short time it's been around (it was founded in 1994). It's based in Richmond, VA, and in 2016, it came in fifth behind American Express, Chase, Bank of America, and Citigroup as largest issuers of credit cards.
Capital One operates over 280 branches and 70,000+ Capital One, Allpoint and MoneyPass ATMs across the U.S., and had $478.5 billion in assets as of 2023.[7]
FDIC Insured: Yes
| Security Features | Description |
|---|---|
| Account Alerts | Capital One will send you transaction alerts to help you spot suspicious activity on your accounts. You can set up instant purchase alerts to be notified whenever money is spent. |
| Account Monitoring | Capital One will automatically monitor your account for suspicious activity. |
| Turn Your Card On/Off | In case it's lost or stolen, you can lock your card. |
| Two-Factor Authentication | Prevents unwanted login to your accounts. |
| Data Encryption | This prevents unwanted third parties from getting access to your information. |
| Virtual Cards | Capital One customers can set up virtual cards for online shopping to avoid using their real card numbers. |
M&T Bank Corporation
Though M&T Bank Corporation is on the smaller end of the banks on this list, with only $205 billion in assets as of 2023.[8] However, it's had an impressive track record since its founding over 150 years ago in 1856.
In every quarter since 1976, this NY-based bank has been profitable, and was one of only two U.S. banks in the S&P 500 Index that didn't lower its dividend during the 2007-08 financial crisis.
Operating primarily in eastern states, M&T has over 1,000 branches.
FDIC Insured: Yes
| Security Features | Description |
|---|---|
| Account Alerts | M&T will send you transaction alerts to help you spot suspicious activity on your accounts. |
| Account Monitoring | M&T will automatically monitor your account for suspicious activity. |
| Security Questions | Customers can set up personalized security questions to protect access to their accounts. |
| Data Encryption | M&T employs 256-bit encryption to prevent unwanted third parties from getting access to your information. |
| Report Suspicious Activity | Customers can report suspicious activity on their accounts by phone. |
AgriBank
As a member of the U.S. Farm Credit System, AgriBank offers wholesale lending to local farm credit associations across 15 states.
It was formed after the merger between Farm Credit Bank of St. Louis and Farm Credit Bank of St. Paul in 1992.
They had over $170 billion in assets in 2023, and AgriBank was ranked number 42 on the list of safest banks from Global Finance in 2023.[9][10]
FDIC Insured: No. Members of the FCS are not insured by the FDIC.
| Security Features | Description |
|---|---|
| Biometric Login | Through facial recognition, you can prevent unwanted access to your account. |
| Two-Factor Authentication | Prevents unwanted login to your accounts. |
| Data Encryption | This prevents unwanted third parties from getting access to your information. |
CoBank
CoBank is an agricultural credit bank and a member of the U.S. Farm Credit System, and is based in Greenwood Village, Colorado.
Founded in 1989, this bank largely serves agricultural and farm-related businesses, cooperatives, and rural public utilities. They had $187.6 billion in assets as of 2023.[11]
CoBank was ranked number 51 on the list of safest banks from Global Finance in 2023.
FDIC Insured: No. Members of the FCS are not insured by the FDIC.
| Security Features | Description |
|---|---|
| Two-Factor Authentication | Prevents unwanted login to your accounts. They also have security questions. |
| Data Encryption | This prevents unwanted third parties from getting access to your information. |
| Positive Pay | Helps prevent the use of altered or counterfeit checks for those who receive them. |
| Educational Resources | CoBank provide a variety of useful educational resources to help customers practice safe banking habits. |
| Report Unauthorized Transactions | Customers are able to report any unauthorized transactions by phone. |
| Fraud Wise | This monthly audio show helps customers learn how to avoid fraud. |
AgFirst
AgFirst is another agriculturally focused bank, formed by the merger of the Farm Credit Bank of Baltimore and the Farm Credit Bank of Columbia in 1995.
It's a part of the U.S. Farm Credit System and is based in Columbia, South Carolina. They had $43.4 billion in assets in 2023,[12] and AgFirst was ranked number 54 on the list of safest banks from Global Finance in 2023.
FDIC Insured: No. Members of the FCS are not insured by the FDIC.
| Security Features | Description |
|---|---|
| Two-Factor Authentication | Prevents unwanted login to your accounts. They also have security questions. |
| Data Encryption | This prevents unwanted third parties from getting access to your information. |
| Security Training | AgFirst team members are provided with security awareness training. |
Farm Credit Bank of Texas
Farm Credit Bank of Texas is the fourth member of the U.S. Farm Credit System, providing wholesale lending and business services in states like Texas, Alabama, and New Mexico.
As of 2023, they had $36.8 billion in assets,[13] and Farm Credit Bank of Texas was ranked number 55 on the list of safest banks from Global Finance in 2023.
FDIC Insured: No. Members of the FCS are not insured by the FDIC.
| Security Features | Description |
|---|---|
| Data Encryption | This prevents unwanted third parties from getting access to your information. |
| Report Unauthorized Transactions | Customers are able to report any unauthorized transactions by email. |
How to Know if a Bank Is Safe?
Every bank is going to tell you it's safe. After all, their business depends on having your trust, whether they've earned it or not.
But with a little research, you'll be able to judge for yourself.
Here are some things to look for to help you determine whether they're a good place to keep your money.
- Size: Choosing a big national bank will almost always be safer than choosing a smaller one. Bigger banks, like Chase, have more resources, more sources of income, larger reserves, and more options to recover from a loss.
Most big banks are also older and have more experience in dealing with various challenges. And in the case of a financial crisis, since they serve more customers, they're probably more likely to receive government aid than smaller banks.
- FDIC insurance: A quick indicator that you're dealing with a legitimate bank. FDIC insurance protects the money you've deposited if something happens to the bank. For credit unions, this role is filled by NCUA Insurance, rather than FDIC.
- Reviews: While it's not a guarantee of quality, you might take some time to see what other customers are saying about the bank before joining. Check out the Better Business Bureau, Trustpilot or similar sites to gauge the reception of the bank.
- Customer service: Look for banks that are easy to get ahold of at any time of day. Your finances don't operate on a schedule, and they shouldn't make you wait to deal with emergencies. Open lines of communication are a good sign that they're trying to provide good service and not just wring you for every dollar with minimum effort.
- The Safest Banks List from Global Finance: Global Finance has produced an annual list of the safest banks in the world for the past 30 years. Sadly, not many of them are from the U.S., and those that are don't exactly top the list.
- Digital security features: The safest banks will employ digital security features like multi-factor authentication, data encryption, timed logout, and fraud notifications. Other valuable security measures that banks can take include:
- Debit card blocking: This feature lets you remotely disable your debit card in case of fraudulent activity.
- Guarantee against unauthorized access: The bank agrees to reimburse you for any funds lost to fraudulent activity in your account.
- EMV chips: The little gold or silver chip you see on the face of most cards. This is safer than swiping, and your bank should offer them on their debit and credit cards.
- Single-use card numbers: When shopping online, a single-use card number can be the difference between having your info leaked in a future hack or not.
Bottom Line
Finding the right bank for you may seem like a challenging task, but armed with the right information, it doesn't have to be.
Depending on your banking needs, one or more of the banks on this list may be right for you. As some of the safest banks in the U.S., they'll take good care of your money while it's in their custody.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
References
- ^ Financial Stability Board. 2023 List of Global Systemically Important Banks, Retrieved 2/13/2024
- ^ JPMorgan Chase & Co. JPMorgan Chase Reports Fourth-Quarter and Full-Year 2023 Financial Results, Retrieved 2/13/2024
- ^ U.S. Bancorp. 4Q23 Earnings Conference Call, Retrieved 2/13/2024
- ^ PNC Bank. Fourth Quarter 2023 Earnings Conference Call, Retrieved 2/13/2024
- ^ Citigroup Inc. Quarterly Financial Data Supplement, Retrieved 2/13/2024
- ^ Wells Fargo. Reports Fourth Quarter 2023 Net Income of $3.4 billion, or $0.86 per Diluted Share, Retrieved 2/13/2024
- ^ Capital One Financial Corporation. Reports Fourth Quarter 2023 Net Income of $706 million, or $1.67 per share, Retrieved 2/13/2024
- ^ M&T Bank Corporation. Announces Fourth Quarter and Full-year 2023 Results, Retrieved 2/13/2024
- ^ AgriBank. September 2023 Quarterly Report, Retrieved 2/13/2024
- ^ GlobalFinance. World's Safest Banks 2023—Global Top 100, Retrieved 2/13/2024
- ^ CoBank. 2023 Quarterly Report, Retrieved 2/13/2024
- ^ AgFirst. 2023 Third Quarter Report, Retrieved 2/13/2024
- ^ Farm Credit Bank of Texas. Third Quarter Report 2023, Retrieved 2/13/2024
Jeremy Harshman is a creative assistant at CreditDonkey, a bank comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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