JPMorgan Chase is frequently cited as the safest bank in the U.S. due to its status as the largest bank by assets and its designation as the most systemically important bank, requiring high loss absorbency. Other highly secure, top-tier options include American Express for national banking and SoFi for online banking.
JPMorgan Chase & Co
JPMorgan Chase also has over 225 years of history and operates in more than 100 countries. Because of its size, history, reputation, and financial strength, it's the overall safest bank on this list.
Best National Banks
The safest banks are often large, systemically important institutions like JPMorgan Chase or those with high credit ratings like KfW (Germany) and DBS Bank (Singapore), but for most people in the U.S., any FDIC-insured bank is safe, with Chase, American Express (online), SoFi (online), Capital One, and Bank of America frequently cited for security and digital features. Key indicators of safety include being designated as a Global Systemically Important Bank (G-SIB) (like Chase), having strong credit ratings (AAA), and offering robust digital security (2FA, fraud protection).
For top-tier fraud protection, Chase stands out with its Zero Liability, 24/7 monitoring, virtual card numbers, quick cash reimbursements, and robust digital tools, while Bank of America (BofA) is recognized for its advanced security with IBM's Trusteer Rapport and leading cyber trust scores. Many major banks, including Wells Fargo, offer strong baseline protection like Zero Liability and card locking, but Chase and BofA often lead in advanced features and customer-centric responses to fraud.
Especially in turbulent times, a federally insured bank is the safest place for your money. Here are a few reasons why. 1. Your deposits are insured by the government.
The Verdict
Citibank and Bank of America offer the most protection for their customers, each providing three additional dimensions of security. The following are explanations of the additional features card issuers offer.
The IRS can generally levy any account in your name for unpaid taxes, but some funds are protected, like certain disability payments or Social Security (though some can be taken), and funds in an irrevocable trust or accounts not directly in your name (like some business or trust accounts) are harder to seize. Certain income sources are never taxed, like some veterans' benefits, child support, and welfare, but these aren't usually held in traditional bank accounts. The key is that the IRS targets your assets for your tax debt, so protecting funds by legally changing ownership or ensuring they are designated as non-taxable income is how they become untouchable by levy.
While the FDIC insures deposits up to $250,000, meaning your money is generally safe if a bank fails in a crisis, a legal mechanism called "bail-in" authority exists under U.S. law (Dodd-Frank Act) that could allow failing banks to convert large deposits into equity (essentially seizing funds to recapitalize the bank). Although not implemented in the U.S. yet, this "bail-in" concept has been used elsewhere, creating concern, though many experts believe regulators would prevent the system collapse it would cause. For typical accounts, deposits are protected, but large, uninsured amounts carry more risk in extreme scenarios, making diversification across banks a wise precaution.
Bank of America
15,000+ ATMs in the U.S. Bank of America is just one place below JPMorgan Chase on both the 2023 G-SIBs list and the Federal Reserve's list of the largest U.S. banks, which is why it was chosen in our research as one of the safest banks.
RBI has declared SBI, HDFC, and ICICI as the safest banks. These banks have the status of D-SIB, meaning 'Systemically Important' banks. Due to their significant impact on the country's economy, their failure is considered impossible. CET1 capital allows these banks to maintain stability even during crises.
Key Takeaways
Major banks with private wealth management divisions like J.P. Morgan Private Bank, Bank of America (Bank of America Private Bank), and Wells Fargo Private Bank cater to lottery winners by offering dedicated financial planning, wealth management, and investment services for large windfalls, alongside other private banks like Chase Private Client, HSBC Premier, and regional players like First National Bank & Trust, providing tailored support for managing sudden wealth.
Avoid fees by using ATMs owned by or affiliated with your bank. If you must use an ATM not affiliated with your bank, take out larger withdrawals to avoid having to go back multiple times. Don't spend more money than you have. Keep track of transactions and account balances to avoid bounced checks and overdraft fees.