11 Safest Banks in the U.S. to Deposit Your Hard-Earned Cash (2024)

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.

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.

How many banks have failed?
The FDIC reported a total of 566 bank failures between 2001 and 2024.^[1]

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.

PRO TIP: Online banks offer the highest savings rates. One of our top recommended choices is Western Alliance Bank High Yield Savings. This online bank has one of the best APYs, charges no fees, and gives you unlimited transactions (whereas other savings accounts limit you to 6/month).

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.^[2]

However, whether it's a national or local bank, your money is protected as long as the bank is a member of the FDIC. This insures your deposits up to $250,000.

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.

Below, review the safest banks in the U.S. Compare and explore the security features they employ to keep your money safe.

JPMorgan Chase

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 brick-and-mortar bank with 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.^[3] It serves over 66 million American households and over 5 million small businesses.

FDIC Insured: Yes

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 financial institution 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.^[4]

FDIC Insured: Yes

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.

They offer attractive financial products, including a high yield savings account in select locations and a Virtual Wallet® combining checking and savings.

PNC has approximately 2,400 branches, 60,000 PNC and partner ATMs, and has $562 billion in assets.^[5]

FDIC Insured: Yes

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 600 branches in the U.S., with more abroad, and in 2022, Citigroup Inc. had $2.4 trillion in total assets.^[6]

FDIC Insured: Yes

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.^[7]

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

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.^[8]

FDIC Insured: Yes

M&T Bank Corporation

Though is on the smaller end of the banks on this list, with only $205 billion in assets as of 2023.^[9] 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

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.^[10][11]

FDIC Insured: No. Members of the FCS are not insured by the FDIC.

What's the Farm Credit System? The Farm Credit System is a network of farming institutions that are owned by and governed by the customers they serve (in other words, cooperatives).

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.^[12]

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.

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,^[13] 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.

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,^[14] 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.

How to Know if a Bank Is Safe?

Every financial institution 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.

How Does FDIC Insurance Work?

The FDIC insures deposits of covered banks up to $250,000 per account holder, per ownership category.^[15] It is backed by the full faith and credit of the federal government.

Here are some eligible bank accounts:

• Checking accounts
  
• Savings accounts/High-yield savings accounts
  
• Money market accounts
  
• Certificates of Deposit (CDs)

When FDIC-insured banks fail, the Federal Deposit Insurance Corporation steps in and takes over as the receiver of the failed bank's assets. They will use money from its insurance fund to pay back depositors, up to the maximum coverage limit.

For example, a married couple owns a joint savings account with $700,000 in it from a bank that just went under. Since there are 2 account holders who likely share 50-50 ownership, they can claim a total of $500,000 in insurance.

What is not covered by FDIC?
FDIC insurance does not apply to investment products, life insurance policies, U.S. Treasury and municipal securities, safe deposit boxes, and crypto assets. Losses due to theft, fraud, or other criminal activities are not covered either.

Is a Credit Union Safer than a Bank?

Credit unions may be perceived as a safer option than banks for several reasons. One is they are not for profit; instead, they are member-centric.

Even though credit unions can be just as vulnerable as banks, many bank failures have resulted from the pursuit of making money or profitability. Credit unions often have more conservative lending practices which reduce their exposure to financial crises.

Similar to federally insured banks, member share accounts are protected up to $250,000 per depositor with National Credit Union Administration (NCUA) coverage.^[16]

What banks are most at risk right now?
According to Klaros Group's bank analysis for the first quarter of 2024, the industry remains under pressure dealing with the same problems that caused some banks to fail in recent years.^[17] However, some banks are handling them well, while others are struggling more. The FDIC will continue to monitor risks from inflation, interest rate changes and geopolitical uncertainties.^[18]

What the Experts Say

CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:

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.

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