The five largest banks in the U.S., according to domestic assets, are Chase, Bank of America, Wells Fargo Bank, Citibank and U.S. Bank.
Overall, if you're choosing between Chase and Bank of America, the better option for you will really depend on your personal banking needs and preferences. Both are big banks with thousands of branches and tens of thousands of ATMs. Chase offers a wider variety of accounts, though it is lacking in IRA options.
Both banks offer several business checking accounts but Wells Fargo is the clear winner due to its lower monthly fees and higher transaction limits. For example, a large businesses that has up to 500 transactions a month can expect to pay a $40 monthly fee with Wells Fargo versus a $95 monthly fee with Chase.
Both banks cover a majority of states, though Wells Fargo has the edge over Bank of America when it comes to branch count. Both have multiple ways to contact customer service. Unless you need 24/7 access to customer service like Wells Fargo offers, the two banks are roughly on par with each other.
Chase Bank is best for clients who live in states where the bank has clusters of branches. Chase Bank is ideal if for those who: Want a variety of deposit, lending, and investment options from one financial services company. Are able to maintain the minimum daily balance or complete qualifying activities to waive fees.
America's Most Trusted® BANK
Chase produced the highest score and rank on the Net Trust Quotient Score among recognized bank brands in the study. Chase captured the 5 Star Rating with a Net Trust Quotient Score of 101.3.
In terms of a presence in every state, Chase Bank comes the closest with retail locations in all of the lower 48 states.
Wells Fargo is an excellent bank for those looking for both local branch access and digital banking services. The bank's interest rates on most of its accounts leave a lot to be desired compared to the best online banks, but they are comparable to other national banks.
GOBankingRates has ranked Chase as one of the Best National Banks and Top 100 Banks of 2022 and has also recognized the bank in its Best CD Accounts, Best Checking Accounts and Best Savings Accounts of 2022 annual lists.
Why Choose a Credit Union? Lower interest rates on loans and credit cards; higher rates of return on CDs and savings accounts. Since credit unions are non-profits and have lower overhead costs than banks, we are able to pass on cost savings to consumers through competitively priced loan and deposit products.
Tip. Fortunately for consumers, there are thousands of financial institutions that are FDIC-insured, including Wells Fargo. FDIC insurance limits cap at $250,000. The FDIC insures certificates of deposit and money market accounts, along with traditional checking and savings accounts.
Chase has some innovative features, but Capital One offers far better rates on savings. Both banks have no minimum deposit, but while Chase favors higher deposits with better rates, Capital One rewards investors who commit to a longer term.