A list of the top banks in the US

Planning a move to the US from the UK? One of the first things you’ll need to figure out is how you’ll manage your money in US dollars.

You might want to open a US bank account, but which bank should you go with? Read on for a list of the top banks, plus info on each of their most popular checking accounts.

But let’s start with a quick intro to the US banking system.

Banking in the US (an overview)

The US has one of the highest concentrations of banks in the world, with over 4,100 commercial and savings banks. Most are insured by the Federal Deposit Insurance Corporation (FDIC).¹

The US banking market is dominated by four big names - JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup.¹ These also happen to be some of the largest banks in the world, not just in the US.

To open a bank account in the US, you’ll usually need to be a US resident and provide the following:

• Your full US address, contact info and other personal details
• Your driving licence or passport
• Your immigration documents (i.e. a valid visa or Green Card)
• Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
• An opening deposit payment (for savings accounts).

Many US banks charge monthly service fees for their checking accounts, although these are often waived if you meet certain conditions. You should be able to withdraw cash for free at your bank’s ATMs, but other ATMs are likely to charge fees.

And like banks in other countries, US banks tend to charge high fees for international money transfers.

If you need to manage your money internationally and want to save money, check out the Wise account instead.

Learn more about the Wise account 🚀

Top 10 banks in the US

Now, let’s take a look at some of your options when it comes to choosing a bank in the US. Here are some of the country’s biggest and most popular banks:²

Bank name	Operational HQ
JPMorgan Chase	New York City, New York
Bank of America	Charlotte, North Carolina
Wells Fargo	San Francisco, California
Citibank	New York City, New York
U.S. Bank	Minneapolis, Minnesota
PNC Bank	Pittsburgh, Pennsylvania
Goldman Sachs Bank	New York City, New York
Truist Bank	Charlotte, North Carolina
Capital One	McLean, Virginia
TD Bank	Cherry Hill, New Jersey

JPMorgan Chase

The biggest bank in the US, ‘Chase’ bank offers a range of accounts for everyday banking, children and students, and premium users too.

Its most popular checking (current) account is Chase Total Checking, which requires no minimum deposit to open the account. There is a monthly fee, but it’s waived if you can deposit a certain sum each month.³

Chase Bank also offers services for businesses, including checking accounts, credit cards, credit card processing services and more.

Bank of America

Bank of America, which comes just behind JPMorgan Chase in the list of America’s largest banks, has a huge branch network. It offers one main product for consumer banking - Advantage.

But you can choose one of three checking accounts under the Advantage umbrella. These are:

• Advantage Plus Checking for everyday banking
• Advantage SafeBalance, a digital, flexible account or the perk-stuffed
• Advantage Relationship, which is packed with perks (although you’ll need to maintain a higher balance to get the benefits).

All three have a monthly fee, but this can be waived if you meet pay-in or minimum balance requirements.

BoA also offers services for businesses of all sizes, including dedicated checking accounts, credit cards, resources and solutions for small businesses.

Wells Fargo

One of the oldest banks in the US, Wells Fargo is also one of its largest, with thousands of branches nationwide.

Its most popular account is Everyday Checking, which you can open with just a small minimum deposit. There is a monthly fee, but you can avoid it by meeting minimum deposit requirements each month.⁴

Wells Fargo also provides banking solutions for small businesses and commercial clients. This includes checking accounts, credit cards, merchant services and more.

Citibank

The last of the ‘big four’ banks in the US is Citibank, which has a large network of fee-free ATMs across the country.

A popular option at Citibank is its Access Checking account. It’s a digital account with a small monthly fee, waived for the first few months and for every other month you can meet minimum deposit requirements.⁵

If you’re running a business, you can choose from a handful of checking accounts at Citibank - each tailored to the needs of enterprises of different sizes.

U.S. Bank

With thousands of branches and one of the largest ATM networks in the country⁶, U.S. Bank is certainly worth considering.

Its checking accounts include Bank Smartly Checking, an interest-earning account which can be managed via mobile banking app. It has a monthly fee, but this is waived if you can maintain a minimum monthly balance.⁷

U.S. Bank also offers a wide range of services for businesses. This includes checking accounts, credit cards, loans and payment services, along with solutions for larger corporate clients.

PNC Bank

Born of a merger between two established Pennsylvania banks in 1983, PNC Bank today has a wide branch and ATM network across multiple states.

Its checking account offer is called Virtual Wallet, available in a number of ‘bundles’ including spending checking, reserve checking and savings accounts all together. There’s a small monthly fee, waivable if you deposit a certain sum into the account each month.⁸

Like many of the other banks we’ve looked at so far, PNC Bank offers dedicated banking solutions for small businesses. This includes checking accounts, payment solutions, business credit cards and helpful business tools.

Goldman Sachs Bank

One of the world’s largest investment banks, Goldman Sachs Bank also has an offer for personal customers - Marcus.

It’s a high-yield online savings account where deposits are protected by the FDIC (up to a certain sum). The bank** doesn’t currently offer checking accounts.**

Truist Bank

One of the country’s leading commercial banks, Truist Bank is headquartered in North Carolina but has a network of branches and ATMs in several other states.

One of its most popular accounts for personal customers is Truist One Checking, which has a small minimum opening deposit requirement. It has a monthly fee, but there are five different ways this can be waived.⁹

Truist also offers straightforward business banking solutions for startups and small organisations. This includes checking accounts, credit cards, loans, insurance, merchant services and more.

Capital One

Headquartered in Virginia, Capital One has a relatively small branch network - although its fee-free ATM network is large.¹⁰ The bank also has some impressive digital banking tools.

The bank’s most popular offer is its 360 Checking account, an online account with no monthly fees.¹⁰

For businesses, Capital One offers checking and savings accounts. Plus, lending products, merchant services, capital management solutions and much more.

TD Bank

The last of the top 10 banks in the US is TD Bank, which describes itself as “America’s most convenient bank”.¹¹

TD Bank’s most popular account is TD Convenience Checking, which has a low minimum daily balance requirement and free mobile banking. There’s a monthly service fee, but this is waived just by keeping a small minimum balance in your account.¹¹

TD Bank also offers solutions aimed at small businesses, commercial clients and investors. For SMEs, this includes checking accounts, loans and lines of credit, credit cards and business payment services.

Best online bank accounts and alternatives in the US

Along with traditional banks, there are also online banks and alternatives operating in the US. Some of the most popular are:

• Revolut - an all-in-one finance app with a debit card and banking services.
• SoFi - an online checking account insured by the FDIC.
• Curve - a finance app which connects all your cards in one place.
• Chime - a fintech with a banking app, checking account and fee-free debit card.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you could find it expensive with a US bank.

The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account, and you can send money worldwide in 40+ currencies for low fees and fair exchange rates. It’s not a bank account but offers many similar features.

You can even get an international debit card for spending in 150+ countries, including the US and the UK. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

Sign up with Wise today 💰

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And that’s it - your rundown of the top banks in the US, including some of the most popular checking accounts to choose from.

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Sources used for this article:

1. Statista - U.S. banking industry - statistics & facts
2. Forbes - Largest banks in the U.S.
3. Chase - Chase checking accounts
4. Wells Fargo - Compare checking accounts
5. Citi - Open a checking account
6. U.S. Bank - Checking accounts
7. U.S. Bank - Bank Smartly Checking
8. PNC - Virtual Wallet
9. Truist - Truist One Checking Account
10. Capital One - 360 Checking account
11. TD Bank - Checking accounts

Sources last checked on 13-Mar-2024.