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Compare accounts from the four largest banks in the US, dubbed the Big Four, which include JPMorgan Chase, Bank of America, Wells Fargo and Citi. Narrow your search even further by filtering by monthly fee and minimum opening deposit.
The Big Four banks in the US — JP Morgan Chase, Bank of America, Wells Fargo and Citi — are the largest banking institutions by assets held and serve millions of customers each year. These powerhouses offer a wide range of personal and business financial products and together have the largest ATM network in the US. JPMorgan Chase is both the oldest and largest of the Big Four, as it was founded in 1799 and now holds over $2.53 trillion in assets.
JPMorgan Chase currently has the largest market share out of the Big Four, with Bank of America coming in at a close second, followed by Wells Fargo and Citi. Since the Big Four hold such a large market share, they’re a popular choice among consumers thanks to their high levels of financial security. Regardless of which bank you choose, most US financial institutions are backed by FDIC deposit insurance, which protects deposits up to $250,000.
| Bank | Market capitalization (2018) | Market share |
|---|---|---|
| JPMorgan Chase | $2.53 trillion | 15.4% |
| Bank of America | $2.28 trillion | 15.1% |
| Wells Fargo | $1.95 trillion | 14.8% |
| Citi | $1.84 trillion | 6% |
There’s no one bank that is “best” overall, as what’s best for you will depend on your financial situation and goals. However, here are a few differences between the Big Four that may help sway you one way or another.
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| Big Four bank | Phone | Live Chat |
|---|---|---|
| JPMorgan Chase | Available 24/7 | No |
| Bank of America | Monday through Friday: 8 a.m. to 11p.m. ET Saturday and Sunday: 8 a.m. to 8 p.m. ET | No |
| Wells Fargo | Available 24/7 | No |
| Citi | Available 24/7 | Yes |
Choosing the best bank for you depends on your personal financial needs. The Big Four banks all offer a similar range of products and services, but there are a few key differences. First, consider the accounts and services you wish to use. For example, you might be interested in a high-yield savings account and a low-fee checking account. Once you have this in mind, compare what each bank has to offer in terms of APYs, fees, customer support and more.
From monthly fees to overdraft charges and everything in between, be sure to compare fee schedules between accounts. Some banks will waive your monthly fee if certain conditions are met, whereas others may charge you regardless. Be sure to consider how you will be using your account when considering the importance of fees. For instance, if you plan to frequently withdraw cash from ATMs, look into the fees associated with ATM transactions.
Convenient access to the money in your checking account is another key factor in choosing the right product for your needs. Check out whether the account provides free access to ATMs, how many ATMs are in the bank’s network and where those ATMs are located. Also consider whether the bank will reimburse you for out-of-network ATM charges.
The Big Four banks all have Internet and mobile banking access, so it comes down to which offers the best customer experience. Bank of America’s mobile banking app has a great reputation, but you may want to look around online to find out which would be best for your needs. Make sure that the bank and app you choose is compatible with your mobile device if you like banking on the go.
An interest-bearing checking account can put your money to work when it’s not being used. Interest rates on checking accounts at Big Four banks may not be much, but it can still grow your account balance. Interest rates may also be higher on balances that are above a certain threshold.
Minimum deposits and balance requirements may vary depending on which bank you choose. Plus, if you don’t meet the balance requirements, you might be charged a fee, which could eat into your balance. Shop around to find an account with a minimum deposit in your budget and balance requirements you can easily meet each month to avoid unnecessary charges.
Some banks offer incentives and perks to attract customers, including signup bonuses, free linked accounts, rewards programs and fee-free ATMs. Compare the features and signup bonuses of each account in order to make the most of your money.
If you prefer to do your banking in person, you might want to think about how many branches are in your area. There’s no point in opening an account with a bank if most of its branches are on the other side of town.
Interest rates determine how quickly your savings can grow. Look at the APYs of each account to determine which one has the best value. With the Big Four, you may be able to get an introductory rate, which offers higher interest for a set period of time. Interest rates may also be higher on account balances that are above a certain threshold.
The Big Four banks all have Internet and mobile banking access, so it comes down to which offers the best customer experience. Bank of America’s mobile banking app has a great reputation, but you may want to look around online to find out which would be best for your needs. Make sure that the bank and app you choose is compatible with your mobile device if you like banking on the go.
From monthly fees to overdraft charges and everything in between, be sure to compare fee schedules between accounts. Some banks will waive your monthly fee if certain conditions are met, whereas others may charge you regardless. Since you’re most likely opening a savings account to save money, it’s important to consider how fees might affect your savings goals.
Minimum deposits and balance requirements may vary depending on which bank you choose. Plus, if you don’t meet the balance requirements, you might be charged a fee, which could eat into your savings. Shop around to find an account with a minimum deposit in your budget and balance requirements you can easily meet each month to avoid unnecessary charges.
Some banks offer incentives and perks to attract customers, including signup bonuses, free linked accounts, rewards programs and fee-free ATMs. Compare the features and signup bonuses of each account in order to make the most of your savings.
If you prefer to do your banking in person, you might want to think about how many branches are in your area. There’s no point in opening an account with a bank if most of its branches are on the other side of town — unless you prefer an online savings account.
If financial stability is your number one priority when choosing a bank, then opening an account with one of the Big Four could be right for you. These powerhouses aren’t likely to fail any time soon and offer a wide range of financial products to meet your personal and business banking needs. However, these institutions aren’t known to have the most competitive interest rates or fees.
Compare the Big Four banks with smaller providers and credit unions to find the savings account that best fits your needs.
The easiest way to stop receiving telemarketing phone calls from banks or any other company is by joining the Do Not Call Registry. This service, run by the government, adds your home and cell phone number to a blacklist that prohibits companies from calling you unsolicited.
finder.com provides up-to-date reviews of these accounts, highlighting the features and benefits to help make your comparisons easier.
That depends on the institutions and their policies. Reach out to both banks and ask whether it’s possible to link accounts from third-party banks.
As with any major financial decision, it’s important to shop around and compare your options to find an account and rate that suits your needs. You might want to keep an eye out for introductory offers, which can provide a higher interest rate when you first open an account.
Ryan Brinks melds decades of experience in business news and online content into creating comprehensive and helpful comparisons of the companies you trust your money with. He loves to innovate and put money to work while keeping a careful eye on managing risk. Beyond work, Ryan's also passionate about his family and serving his community.
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