Best Banks In United States By Assets As Of 2021 |【Top 5】
What are the best banks in the United States Of America? Whether you are looking to open a savings or investment bank account, you'd better make sure that your money is in good hands, in terms of financial stability, accessibility and of course, in customer service.
That's why we are going to show you a list of bank entities that you should consider to save your money.
The best national banks in the US
This list of top bank companies in the U.S is based on their total assets, revenue and market share.
1. JPMorgan Chase
The bank has over $3 trillion dollars in assets and to put it into perspective, the total GDP of the United Kingdom is only $2.7 trillion and then of Canada is $1.6 trillion, so the CEO of JP Morgan Chase manages more capital than these two countries produce in an entire year.
The revenue of the bank came in about $120 billion dollars last year, providing JPMorgan Chase would probably around $25 billion dollars. Read why it's also one of the best banks in Florida.
2. Bank Of America
The second largest and best bank in the USA is Bank of America, since its total assets reached the amount of $2.26 trillion of dollars and is based in Charlotte, North Carolina.
The funny thing about Bank of America is that it started as a bank of Italy in 1904 when it was founded by Amadeo Giannini in San Francisco, where the purpose of the bank was to help italian americans with their financial needs.
In 1930 the bank rebranded as Bank of America.
Currently this bank is the biggest holder of deposit accounts in the United States and serves well over 66 million consumer and small business clients.
This bank is truly well represented throughout the states with over 4,300 retail financial centres and 2,400 business financial centres.
When looking at revenue, Bank of America is a financial juggernaut because last year the bank generated over $85 billion dollars in revenue and made a net profit of $17.9 billion dollars.
This means the Bank of America made more profit than Wells Fargo, Citigroup and U.S. Bancorp combined.
3. Wells Fargo
Wells Fargo is the biggest bank in the US in terms of bank branches.
It has well over 5,000 branches spread out across the US, generating around $17.9 billion dollars in revenue, which is slightly higher than the revenue generated by Citibank, but with a noticeable net income of $3 billion, which is 30% lower than the net income gotten by Citibank.
It’s based in San Francisco California, where it was founded in 1852 by Henry Wells and William Fargo.
Bank’s main purpose at that time was to serve the booming gold industry by buying and selling gold and issuing bank notes.
Today the bank has accumulated over $1.77 trillion dollars worth of total assets and is primarily focused on private individuals and small businesses.
4. Citibank
The bank has a total of $1.66 trillion dollars in total assets and was founded in 1811 as a Citibank of New York, by then its main purpose was to facilitate banking in New York City, so the city could compete with its main competitors Philadelphia, Boston and Baltimore.
Today Citigroup has around 700 US branches and around 1,800 overseas, which has made the bank able to generate over $16.5 billion dollars in revenue of which gets to keep around $4.3 billion dollars in profit.
5. U.S. Bancorp
Number five on this list, is Minneapolis based U.S. Bancorp, which is the parent company and holding company of U.S. Bank. The bank's early history dates back to 1855 when it was founded as a Farmers and Millers bank.
Now the bank currently has over 2,400 branches spread out across the US, serving an extensive network of customers.
Last year, this bank did about $23.3 billion dollars in revenue and had a net income of about $5 billion. The bank's total assets were about $540 billion dollars.
Conclusion
Now you already know which are the best banking companies so you can open your bank account.
Keep in mind that financial security in terms of saving your money, as well as accessibility with a large number of branches or ATMs, could means a better choice that fits your needs.
Best banks of United States FAQs
What is the number 1 bank in America?
JPMorgan Chase. Has over $3 trillion dollars in total assets, $120 billion dollars in revenue last year.
What is the most stable bank in America?
Bank Of America, since it is the biggest holder of deposit accounts in the United States.
