There are Millions of banks around the World, but only a few has the capacity to be at the top. In the USA alone, there are over 4,000 banks in operation. With many banks competing for financial strength, only a few have remained at the top. These banks are not only licensed but are also FDIC-insured and have gathered assets over the years to top the list of banks in the USA.

Reading this article will guide you through the top banks in the USA and their location, Total Assets, net worth, interest rate and customer base.

Top 7 Banks in USA And Their Locations

Amongst several other banks in the USA, these banks make up the Top 7 banks in the USA. The locations listed here are where the banks are headquartered. New Ways to Create a Walmart Credit Card Account and Earn Rewards

1. JP Morgan Chase – New York City
2. Bank Of America – Charlotte
3. Citigroup – New York City
4. Wells Fargo – San Francisco
5. Goldman Sachs -New York City
6. Morgan Stanley – New York City and
7. U.S Bancorp – Minneapolis.

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Total Assets Of The Top Banks In USA

Below is the total value of the top 7 banks in the USA:

1. JP Morgan Chase: This bank tops the list of the top 7 banks in USA with 3.89 Trillion dollars in assets. They are a combination of various US Banking companies that merged in 1996 and have gathered assets since then. The bank has 290,000 employees with over 4,000 branches.
2. Bank Of America; This bank has 3.1 trillion dollars in assets as of 31st December 2023, with a 2.61% in profit over the last year. Bank of America is one of the largest banking institutions in the US with 66 million consumers and 5 business units.
3. Citigroup: Citigroup has 2.63 trillion dollars in assets with their main source of revenue being the Institutional clients’ group. The company has over 200 million customer accounts functioning in more than 160 countries across 4 major continents.
4. Wells Fargo: Over the years, the company has made 1.875 trillion Dollars in assets. compared to other banks, they specialize in Financial Services and their main products include; Asset Management, Investment banking, Equity trading, Mortgage loans and Mutual funds. The company has over 270,000 staff as it operates in more than 35 countries and has over 90 million customers worldwide.
5. . Goldman Sachs: From 2010-2022, this company has made approximately 1.5 trillion dollars in assets, with a 1.36% increase over the last year. The company has three major business lines: Investment Banking, Trading and Principal Investments and Asset Management and Securities Services.
6. Morgan Stanley; As of 2022, the Morgan Stanley company gathered approximately 1.18 Trillion dollars in assets. The company has 3 major units: The Institutional Securities unit, the Wealth Management unit and the Investment Management unit. Contrarily, the company had a poor stock performance after the release of its third-quarter earnings with a 27% decrease. However, the company operates in 41 countries and employs more than 75,000 staff.
7. US Bancorp: The US Bancorp company as of 2022, had a total of 674.805 billion dollars in assets. As the fifth largest banking institution in the USA, the company provides a variety of services like banking, investment, mortgage, trust, and payment services products. These services are to be rendered to individuals, businesses, governmental entities, and other financial institutions.

Networth Of The Top 7 Banks In USA

The worth of a company is formed by its market capitalization or the current stock price multiplied by the number of shares outstanding. It is calculated by the total assets minus total liabilities. Sell your crypto assets to biggest buyers in Nigeria.

1. JP Morgan Chase – Last reviewed on 19th January 2024, the network of JP Morgan Chase was totalled at 489.92 billion dollars.
2. Bank of America: As seen from the company’s revenue and profits over the last three years, Bank of America is worth over 449.1 billion dollars.
3. Citigroup: Their net worth was last reviewed on the 24th of January 2024, at 102.01 billion dollars.
4. Wells Fargo: Fourthly, we have Wells Fargo with net worth of 174.75 billion dollars.
5. Goldman Sachs: The Goldman Sachs company’s net worth is totalled at 123.19 billion dollars.
6.  Morgan Stanley: The Morgan Stanley company is worth 140.07 billion dollars. And lastly,
7. US Bancorp: The US Bancorp company is worth 66.14 billion in US dollars.

Interest Rates of the Top Banks in USA

The interest rate of these banking institutions Uniquely varies from one another. Before you open a savings account, consider this:

1. JP Morgan Chase: As of 27th July 2023, the interest rate of JP Morgan moved to 8.50 from 8.25. Furthermore, the company in its statement said that net interest income is expected to be roughly 90 billion dollars in its 2024 fiscal year.
2. Bank of America: Surprisingly, the interest rate of the Bank of America is low and varies by Zip code or state. The savings account pays 0.01% Annual Percentage Yield (APY).
3. Citigroup: The interest rates for this bank also vary with zip code and state. These rates are favourable to the average consumer because they are low. They make use of CD savings accounts. these CD accounts include Fixed Rate, Step Up and No Penalty. Since they offer a variety of savings accounts with different APYs, their rates are from 0.03% to 4.45%.
4. Wells Fargo: Wells Fargo offers two savings accounts: The Way2Save Savings account and the Platinum Savings account. The Way2Save Savings account is lower than the average APY while the Platinum account offers better rates. Their interest rates also vary depending on your location.  As reviewed on 24th January 2024 the Way2Save interest rate and APY is 0.15%. On the other hand, the platinum savings account interest rate varies from 0.25% -1.98% depending on the amount a consumer is willing to save.
5. Goldman Sachs: This company uses the Marcus by Goldman Sachs CD rates. It is an online savings account that does not require a minimum balance, no withdrawal limit, and does it charge any fee. The company has a 4.50% variable APY, which is eight times the national average and at such, considered a high-yield savings account.
6. Morgan Stanley: The company is willing to offer three Certificates of Deposit (CD) ranging from three to eleven months. The APY for three months is 5.09% with a minimum deposit of at least One thousand dollars. The APY for six months is 5.57% with a minimum deposit of One thousand dollars. While the APY for eleven months is 4.471% with a minimum of one thousand dollars.
7. US Bancorp: Rising interest rates are always prone to affecting the stock market. the US Bancorp depends on traditional banking to generate revenue, it has been very affected by lower rates. That leaves the interest rate of US Bankcorp at 0.78%.

Frequently Asked Questions

Do Banks In USA Offer Online Banking?

There are a lot of online banks in USA. Most top banks in USA allow consumers to open an online account as well. Interestingly, most online banks in USA charge low or no fees at all.

How Do I Open An Online Account In USA?

It is very possible to open an online account in USA, even when you are on a different continent. You will be required to provide some important documents such as a driver’s license with a photo, Passport with a photo, Student ID with a photo etc. For identification purposes.

To open an Online Account, do this.

1. Find the type of bank account you want to open and fill out an application for a new account: You may want to research the type of bank that charges lower or no fees.
2. Verify your identity and provide other required information, which may include your address, phone number and email.
3. Make a minimum deposit: Not all banks ask for this, but some banks require a high minimum deposit while others require a low minimum deposit.
4. Wait for your deposit to clear, although, this may take a few days. Then, proceed to start using your new account.