Top 10 Best Banks in the US

A bank has always been a place where you could keep your money and assets safely. You could even withdraw it when you want. The best part, you get back more than what you had deposited because of the interest the bank pays you to keep your money safe.

Best Banks in the US

One of the basic criteria on the basis of which one chooses a bank is this rate of interest. The most common way of ranking banks is by looking at the revenue it generates and the assets it owns. The top 10 banks in the US are as follows-

JP Morgan Chase

The merger that took place between JP Morgan and Chase Manhattan Corporation in the year 2000 has been considered to be one of the biggest of the kind in the banking sector. It led to the formation of the largest bank in the whole country and the sixth-largest on a global scale called JP Morgan Chase.

Holding assets worth almost $2.4 trillion is enough testimony of how big it is. This bank provides multi-faceted services that range from investment banking to commercial bank services to even the management of private wealth.

Thus, they have quite a few imminent people holding accounts here. The current CEO, Mr. Jamie Dimon has been leading the way to generate profits in billions every year. Owing to its reputation, this bank needs no advertising at all.

Bank of America

If you are wondering what makes North Carolina one of the biggest financial hubs in the whole of America, this bank actually has a huge role to play in it. With assets of valuation of almost $1.8 trillion, it deservedly takes up the second spot in this list.

When it comes to wealth management, it is right up there with the top as they have the ownership of Merrill Lynch. The enormity of the bank can also be judged from the fact that there are close to 4265 branches spread all over the country.

It started in the 1900s as a bank that served the immigrants and has definitely come up the ladder since then, making it one of the most preferred banks in the US at the moment.

Wells Fargo

This bank has quite a few mergers to its name. It merged with Northwest Corporation initially and then acquired Wachovia National Bank in 2008 as well. They have a whopping number of branches, with the current number standing at 5486.

It is one of the oldest banks that has been operating continuously since it’s a time of inception. It did face some roadblocks recently though. Accusations were hurled that the bank employees had to create 2 million new bank accounts every year and they were even doing so without seeking the permission of the customers themselves.

This serious allegation was dealt with properly by the bank with the CEO, Tim Sloan resigning from his post. Since then the bank has been consolidated slowly and steadily, with profits touching billions of dollars soon. If you ask around, Wells Fargo is one of the most common banks in the whole of America.

Citibank/Citigroup

Even though it is common to find Citibank branches all over the world, it is one of the largest banks in the US as well. When you talk about Automated Teller Machine or ATM, one of the pioneers of it is Citibank.

They are also giants in the credit card industry. Earlier, it was considered almost equivalent to Wells Fargo as the main branch was in New York. However, in 1914, the bank decided to expand and had its first branch in Argentina.

Now it stands at 700 branches in the US and 170 banks globally. In 2019, it generated one of the largest profits for the bank since 1998. They have loyal customers who have been using their accounts for generations.

U.S Bank

If you have heard of US Bancorp, chances are high that you have heard of U.S Bank as well. Functioning mostly around the West of America, with some influence in the Midwest as well, it has a total asset of around $477 billion.

The headquarters of the bank is situated in Minneapolis and there are around 2914 branches domestically. What is fascinating is that the U.S Bank is formed by the merger of 6 organizations with Heritage Bank and Northwestern Commercial Bank being a couple of them.

They combined the specialties of all of them and provide services of maximum diversity. It has not stopped there though. It has been acquiring many more banks since then and expanding to reach new heights.

PNC

Although this is mostly a regional bank, it has its popularity widespread over the US. It is based on the East Coast mainly and has branches in 19 of the states.

The assets stand at $397 billion and are presently based in Washington DC. It is an acronym for Providence National Corporation as well as Pittsburgh National Corporation. They were one of the earliest banks to have started the concepts of a ‘virtual wallet’.

It is because of this adaptation, they gained a lot of popularity, especially among the youth.

Capital One

Though this bank was an exclusive credit based one initially, it has expanded its horizon of late and provides a home as well as auto loans along with saving services.

Though this bank has been popular among a lot of people, they did face some flak in 2014. They abruptly changed their terms of services which allowed them to call their customers multiple times from different caller IDs.

This move was criticized but what was more appreciable was the fact that they addressed the issue immediately and set things right. It is back to reaping profits nowadays and has almost $318 billion in assets to its name.

TD Bank

The most amazing aspect of this bank is the amount it holds in assets, which evaluates to $311 trillion. The multiple mergers that happened with respect to it can be partially held responsible for this whopping amount.

It recently acquired Commerce Bank and TD Bank North which is a Canadian bank as well. TD is an acronym for Toronto-Dominion. Although it is based in Canada, it’s presence in the US is pretty significant with headquarters in New Jersey.

Bank of New York Mellon

This bank is the oldest financial organization in the whole country. It was started way back in 1784 by the then-Treasury Secretary, Mr. Alexander Hamilton.

It has undergone a lot of merging since then and stands at a total asset of $304 trillion at the moment. They provide services related to investment management mainly and have quite a few branches overseas as well.

Although they have two branches in the country, it still is one of the largest banks in the US.

State Street

The last in the list is a bank that is based in Boston and started as a firm that was majorly responsible for shipping services. Nowadays, they have expanded to providing financial branches to overseas investors.

It is another bank that has more foreign branches than domestic ones. However, this does not translate to the fact that it is inferior in its evaluation. In fact, assets worth $241 billion is enough testimony of it. The popularity of the bank in both national and overseas market is mainly due to customer loyalty.

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