Safest Banks In The U.S. Of March 2024 (2024)

Safest Banks in the U.S. March 2024

Every bank included in this list is on the Financial Stability Board’s 2023 List of Global Systemically Important Banks (G-SIBs). Because of their size and scope, and their potential to impact the entire global financial system, G-SIBs are monitored more closely than other banks and required to keep extra capital as a safety buffer to reduce the chances of bank failure.

Bank details and annual percentage yields (APYs) are accurate as of January 16, 2024.

Best for Large Global Banks

Chase Bank

5.0

Safest Banks In The U.S. Of March 2024 (2)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Checking, Savings, CDs

Fees

Monthly service, out-of-network ATM and overdraft fees

ATM Network

15,000+ Chase ATMs

Learn More

Read Our Full Review

Checking, Savings, CDs

Monthly service, out-of-network ATM and overdraft fees

15,000+ Chase ATMs

Why We Picked It

JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts’ list because it’s designated as the world’s most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis. Chase is also the largest bank in the U.S. in terms of asset size.

Chase customers have access to many security features, including multi-factor authentication, virtual card numbers, account alerts and debit card locking, for increased digital safety.

Read more in our Chase Bank Review.

Pros & Cons

  • Over 4,700 branches and 15,000 ATMs nationwide
  • Frequently offers bank bonuses to new customers
  • Full suite of financial products offered
  • Low interest rates on CDs, savings and checking accounts
  • Monthly fees with most accounts if you don’t qualify for waivers
  • Out-of-network ATM fees with Chase’s basic accounts

Details

You must have a linked Chase personal checking account to qualify for relationship rates on Chase CDs. CD ladders are only available for customers with linked Chase Private Client Checking accounts.

Best for Large National Banks

Bank of America

Safest Banks In The U.S. Of March 2024 (5)

4.3

Safest Banks In The U.S. Of March 2024 (6)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Checking, Savings, CDs

ATM Network

15,000+ ATMs in the U.S.

Safest Banks In The U.S. Of March 2024 (7)

Checking, Savings, CDs

Monthly maintenance, wire transfer, stop payment, out-of-network ATM and overdraft fees

15,000+ ATMs in the U.S.

Why We Picked It

Bank of America is just one place below JPMorgan Chase on both the 2023 G-SIBs list and the Federal Reserve’s list of the largest U.S. banks, which is why it was chosen in our research as one of the safest banks. The bank’s security features also helped it score highly.

While Bank of America is only one of two banks on our list that doesn’t offer virtual card numbers for online spending, it makes up for it with other safety features like unusual account activity alerts, multi-factor authentication and debit card locking to prevent unauthorized transactions if your card is lost or stolen.

Read more in our Bank of America Review.

Pros & Cons

  • Large national presence with 3,900 financial centers and 15,000 ATMs
  • Easily open an account online or at a branch
  • Preferred Rewards members enjoy fee waivers and higher rates on deposit accounts
  • High monthly maintenance fees
  • Interest rates for savings and CD accounts lag behind other banks
  • $10 overdraft fee can be charged up to two times daily
  • High account balances are required to qualify for Preferred Rewards status

Details

Bank of America charges a $10 overdraft fee per item, up to two times daily. The bank’s lone savings account, Bank of America Advantage Savings, requires a $100 minimum deposit to open and carries an $8 monthly fee, which is waived with a minimum daily balance of $500 or more, an eligible linked Bank of America checking account, enrollment in Preferred Rewards or for anyone under the age of 25.

Bank of America has two business checking accounts (Business Advantage Fundamentals and Business Advantage Relationship Banking), a Business Advantage Savings account and three types of business CDs (Featured CDs, Fixed Term CDs and Flexible CDs). The bank’s business checking and savings accounts all charge monthly maintenance fees that can be waived by maintaining a high balance or, sometimes, becoming a Preferred Rewards for Business member.

Best for 24/7 Customer Service

Wells Fargo Bank

4.0

Safest Banks In The U.S. Of March 2024 (9)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Savings, checking, money market accounts, CDs

Fees

Monthly service, out-of-network ATM and overdraft fees

ATM Network

11,000

Learn More

Read Our Full Review

Savings, checking, money market accounts, CDs

Monthly service, out-of-network ATM and overdraft fees

Why We Picked It

Our researchers picked Wells Fargo because it offers 24/7 customer service on top of being a global systemically important bank and the third largest bank in the U.S. Having 24/7 access to customer service by phone or online makes it easy to report and respond to suspicious or fraudulent activity immediately.

Wells Fargo doesn’t offer virtual cards for digital shopping, but it keeps accounts safe with security features like multi-factor authentication and activity alerts.

Read more in our Wells Fargo Review.

Pros & Cons

  • Extensive network of local banks and ATMs
  • Monthly fees can be waived on some checking and savings accounts
  • Highly rated mobile app
  • Low interest rates
  • Out-of-network ATM fees
  • Overdraft fees charged up to three times daily

Details

Wells Fargo charges a $2.50 fee on out-of-network ATM transactions on select bank accounts. Wells Fargo Prime Checking and Wells Fargo Premier Checking accounts do not carry out-of-network ATM fees and come with varying degrees of reimbursem*nt for fees charged on out-of-network ATM transactions by operators.

The Wells Fargo Way2Save® Savings account earns a low 0.01% APY on all balances. The Wells Fargo CDs (Certificates of Deposit) earn competitive rates based on your account balance and require a $2,500 minimum opening deposit. Wells Fargo often offers promotional CDs that pay higher rates, especially for Relationship customers, but may require a larger opening deposit.

Best for Security Features

Citi®

Safest Banks In The U.S. Of March 2024 (12)

4.0

Safest Banks In The U.S. Of March 2024 (13)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Checking, savings, CDs

Fees

Monthly service and out-of-network ATM fees

ATM Network

65,000

Safest Banks In The U.S. Of March 2024 (14)

Checking, savings, CDs

Monthly service and out-of-network ATM fees

65,000

Why We Picked It

Citibank makes our experts’ list thanks to its host of security measures designed to keep your accounts and personal information protected. In addition to its owner Citigroup being on the list of G-SIBs and among the top five largest U.S. banks, Citibank offers multi-factor authentication, account alerts and virtual card numbers. The bank also provides round-the-clock customer support and Citi Quick Lock, a debit card-locking security feature.

Read more in our Citibank Review.

Pros & Cons

  • Large ATM network
  • Various checking and savings account packages
  • Competitive APY on high-yield savings account
  • Virtual card numbers
  • Some accounts are unavailable in certain areas of the U.S.
  • Costly monthly fees if you don’t meet the requirements to waive them
  • Lower APYs than most online banks
  • CD rates aren’t competitive with online banks

Details

Citibank offers fee-free ATM access at more than 65,000 ATMs at Citibank branches and through the Allpoint and MoneyPass ATM networks. The bank waives monthly service fees on its checking accounts for three months after account opening, for individuals with Citi Relationship status, and in months when you receive at least $250 in qualifying direct deposits. Similarly, Citibank waives monthly fees on its savings account for three months after account opening and on an ongoing basis for Relationship Tier customers, with an average monthly balance of at least $500 and for customers with a Citi checking account.

Citibank offers three types of certificates of deposit—fixed-rate CDs, no-penalty CDs and step-up CDs.

Best for High APYs

Barclays

Safest Banks In The U.S. Of March 2024 (15)

3.4

Safest Banks In The U.S. Of March 2024 (16)

Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Savings, CDs

Fees

Non-sufficient funds fees

ATM Network

N/A

Safest Banks In The U.S. Of March 2024 (17)

Savings, CDs

Non-sufficient funds fees

N/A

Why We Picked It

Although it’s not as large as the other banks on our list, and its U.S. offerings are limited, Barclays stood out in our analysis because of its overall security and because its online savings and CD accounts earn competitive savings rates. Barclays is considered a global systemically important bank, meaning it meets certain standards that protect it from failure, and customers can get support 24/7 by phone or online. The bank employs safety measures like account alerts and virtual card numbers to keep your accounts protected.

Read more in our Barclays US Savings Review.

Pros & Cons

  • No fees
  • Competitive APYs
  • No physical branch locations or ATMs in the U.S.
  • No checking account
  • No chat support
  • Mobile app has low ratings

Details

Barclays only offers a savings account and CDs. Barclays Online Savings earns a competitive APY and has no monthly fees or minimum balance requirements. Barclays Certificates of Deposit come in six terms ranging from one to five years. All of its CD terms currently earn high yields. There is no minimum balance requirement to open a CD through Barclays.

Summary: Safest Banks In The U.S. Of March 2024

BankCompany - LogoForbes Advisor RatingForbes Advisor Rating - ImageProductsFeesATM NetworkLearn More CTA textLearn more CTA below textLearn More
Chase BankSafest Banks In The U.S. Of March 2024 (18)5.0Safest Banks In The U.S. Of March 2024 (19)Checking, Savings, CDsMonthly service, out-of-network ATM and overdraft fees15,000+ Chase ATMsLearn MoreRead Our Full Review
Bank of AmericaSafest Banks In The U.S. Of March 2024 (20)4.2Safest Banks In The U.S. Of March 2024 (21)Checking, Savings, CDsMonthly service, out-of-network ATM and overdraft fee16,000+ ATMs in the U.S.
Wells Fargo BankSafest Banks In The U.S. Of March 2024 (22)4.0Safest Banks In The U.S. Of March 2024 (23)Savings, checking, money market accounts, CDsMonthly service, out-of-network ATM and overdraft fees11,000Learn MoreRead Our Full Review
Citi®Safest Banks In The U.S. Of March 2024 (24)4.0Safest Banks In The U.S. Of March 2024 (25)Checking, savings, CDsMonthly service and out-of-network ATM fees65,000
BarclaysSafest Banks In The U.S. Of March 2024 (26)3.4Safest Banks In The U.S. Of March 2024 (27)Savings, CDsNon-sufficient funds feesN/A

Methodology

To develop this list, Forbes Advisor experts analyzed the Financial Stability Board’s 2023 List of Global Systemically Important Banks (G-SIBs). As the world’s most significant banks, these institutions follow strict regulations around risk management, capital buffers, resolution planning and loss absorbency that are designed to prevent them from failing.

We ranked each bank on eight data points within the categories of its status on the G-SIBs list, asset size, digital security, fraud protection and deposit insurance.

Here’s the weighting assigned to each category:

  • G-SIB status: 40%
  • Asset size: 30%
  • Digital security: 10%
  • Fraud protection: 10%
  • FDIC insurance: 10%

Banks with higher G-SIB status and more assets rose to the top. Those that offered digital security features like multi-factor authentication, disposable or virtual card numbers for online spending and account alerts performed better than those that did not. Banks with more robust liability protection, debit card-locking features and 24/7 customer service were also preferred. Banks must offer standard FDIC insurance and be available within the U.S. to make this list.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

How To Pick the Safest Bank

Choosing the right bank is the first step in keeping your money safe. While our list of globally important banks with robust security features is a good place to start, there are plenty of top online banks and reputable credit unions that are also safe. Aside from size, here are some variables to consider when shopping around for a safe bank.

FDIC Insurance

Most banks are covered by FDIC insurance up to $250,000 per account, and credit unions are usually covered by NCUA insurance for the same amount. Make sure banks you’re considering are insured and find out how much coverage they offer using the FDIC’s BankFind Suite Tool. If you plan to deposit beyond coverage limits into one account, look into ways to insure excess deposits.

Bank History and Reputation

Consider a bank’s reputation and history when looking for a safe bank. Research recent security breaches, legal disputes and excessive complaints or low ratings with the Better Business Bureau and the Consumer Financial Protection Bureau.

Security Measures

With the prevalence of cyberattacks and identity fraud, most banks employ advanced security measures to protect your money and personal information. Verify whether a bank uses security features like advanced encryption and multi-factor authentication before choosing an account.

Are High-Yield Savings Accounts Safe?

High-yield savings accounts are generally safe for parking your savings. If a high-yield savings account is issued by a bank, your deposits are insured up to the legal limits by the Federal Deposit Insurance Corporation. If the account is through a credit union, your money is protected up to the allowable limits through the National Credit Union Administration.

While interest rates may change, you can’t lose money in a high-yield savings account. HYSAs also typically earn much higher interest rates than savings accounts found at traditional brick-and-mortar banks. Deposits kept in high-yield savings accounts are as safe as in any bank account, provided your balance falls within FDIC or NCUA limits.

Find The Best High-Yield Savings Accounts Of 2024

Learn More

Are Credit Unions as Safe as Banks?

Most credit unions are just as safe as banks. Federal and state-chartered credit unions often have insurance through the NCUA, the credit union’s equivalent of the FDIC. The NCUA protects deposits at chartered credit unions up to $250,000 per depositor, per account type.

Like banks, credit unions face the possibility of financial collapse. However, it may be less likely to see a credit union collapse because of its unique structure. Credit unions are member-owned, not-for-profit organizations. They exist to serve members, not investors, and generally take fewer risks than banks. The NCUA monitors credit unions and may intervene through the use of a conservatorship to resolve operational issues within a credit union.

Next Up In Banking

  • Best Online Banks Of March 2024
  • ATM Withdrawal Limits: What You Need To Know
  • Chime Review
  • Capital One Checking And Savings Bonuses
  • How To Switch Banks: A Step-By-Step Guide
  • 5 Places To Save Money And Earn Interest
Safest Banks In The U.S. Of March 2024 (2024)
Top Articles
Latest Posts
Article information

Author: Mr. See Jast

Last Updated:

Views: 6254

Rating: 4.4 / 5 (75 voted)

Reviews: 90% of readers found this page helpful

Author information

Name: Mr. See Jast

Birthday: 1999-07-30

Address: 8409 Megan Mountain, New Mathew, MT 44997-8193

Phone: +5023589614038

Job: Chief Executive

Hobby: Leather crafting, Flag Football, Candle making, Flying, Poi, Gunsmithing, Swimming

Introduction: My name is Mr. See Jast, I am a open, jolly, gorgeous, courageous, inexpensive, friendly, homely person who loves writing and wants to share my knowledge and understanding with you.