Are you searching for the safest banks in the US and reliable financial institutions with the best security? Check out this post to find out the best financial institution with the best plans for your funds.
The United States is home to several financial institutions and the interest of every citizen is to bank with reliable institutions. Whether it’s retail banks, commercial or corporate banks, or investment banks, the goal remains to bank with the best and safest institutions.
Now, what are the safest banks in the US, with the best security when it comes to protecting your money?
In this article, we have listed banks in the United States with reliable and trustworthy foundations for saving your money.
But before we list the safest banks in the United States to bank with, let’s talk about how to identify if a bank is safe.
How to Identify a Safe and Reliable Bank
Generally, you will never see a bank manager telling customers that a bank is not safe. Every bank you walk into will always tell you it’s safe to bank with them.
The business of the bank is to gain your trust, regardless if they have earned it or not. You have worked for your cash and if you are going to trust a financial institution with your funds, doing a little research is essential.
Conducting a little research will help you to decide if you should bank with a particular bank or not.
So, what are the important factors to look out for when choosing a financial institution to bank with?
Here are a few things to consider before you decide if it’s worth saving your money with any financial institution.
Also Read: 20 Best Banks in the U.S in 2023
The first thing to consider when choosing a financial institution is size. Yes, the size of banks matters and here is why.
It’s safer to choose a big national bank than a smaller one. Going for the big banks gives an assurance that your funds are safe. Generally, bigger banks have larger reserves, more resources and more sources of income.
Additionally, they have more options to recover from any loss. Bigger banks have been existing for a longer period and the experiences they have gathered over the years are intellectual tools to face any challenge.
Now, if there is a situation of a financial crisis, the bigger banks are more likely to receive aid from the government than the smaller ones. this is an advantage they have over the smaller banks, as they have and serve more customers generally.
Generally, FDIC insurance protects your funds and any money you have deposited in the bank. If something is to the bank you are banking with, FDIC insurance is there to protect your money.
NCUA Insurance performs the same responsibility for credit unions.
It’s important to find out the opinion of other customers before you make the decision to bank with a financial institution. The customer’s review or opinion might have a lot to tell you about a particular bank.
Always look for financial institutions with good customer service. Bank staff should be able to attend to your needs or questions concerning your finances.
You earned every dollar and decide to trust a bank with your funds, the least you should expect is poor customer service.
The Safest Banks List from Global Finance
For over three decades now, Global Finance has released an annual list showing us the safest banks across the world. Unfortunately, most of these banks are not in the United States.
Digital Security Features
The safest banks in the US with the best security will employ digital features to safeguard customers’ funds. The digital security features include data encryption, multi-factor authentication, fraud notification, and timed logout.
Below are more security measures that banks can consider.
Debit Card Blocking
This feature allows customers to remotely disable their debit card to prevent any kind of electronic theft.
Guarantee against Unauthorized Access
In a situation where funds are lost due to fraudulent activity in your account, the bank should agree to reimburse you.
This is the gold or silver chip often seen in most credit cards. Cards with chips are safer than swiping your cards and you get these safe cards from your bank.
Single-use Card Numbers
A single-use card number is likely to be the difference in having your personal details leaked or hacked while shopping online.
10 Safest Banks in the US with the Best Security
Below is the list of the safest banks in the United States with the best security. These banks are reliable financial institutions with a solid foundation and some have been existing for over 100 years.
#1. JPMorgan Chase
JPMorgan Chase is the largest financial institution in the country. Currently, It’s also the largest bank in the world by market capitalization.
When we talked about banking with bigger banks rather than the smaller ones, we had our reasons. JPMorgan Chase is America’s largest bank and the firm is systemically important by the Financial Stability Board.
JPMorgan Chase is currently headquartered in Midtown Manhattan, New York and incorporated in Delaware. Once the JPMorgan Chase Building is completed by 2025, the firm move to its new headquarters.
The history of this firm traces back over 100 years ago. It was in 1871 when J.P. Morgan & CO was established by J.P. Morgan. He launched the House of Morgan, which became a national purveyor of investment, commerce, and private banking services.
On December 1, 2000, JPMorgan Chase & Co was formed after the merger of the two predecessor firms.
As of 2023, JPMorgan Chase has an asset of over $3.5 trillion. There are more than 4,700 branches out there and over 16,000 ATMs owned by JPMorgan Chase.
Also Read: 15 Best National Banks in America in 2023
#2. US Bank
Here is another bank that is considered a systematically important bank by the Federal Stability Board.
US Bank is one of America’s safest banks based in Minneapolis, Minnesota and also incorporated in Delaware. This financial institution is sometimes referred to as U.S. Bancorp.
It’s the country’s fifth-largest banking institution and it offers several financial services. As a company, US Bancorp provides investment, banking, mortgages, trust, as well as payment services product to a business, government entities, and individuals.
Currently, US Bank has over 3,000 branches across the United States. About 4,800 ATMs owned by US Bank are all over the Western and Midwest United States.
U.S. Bancorp has an asset estimated at $601 billion.
#3. PNC Bank
PNC Bank is one of the best and safest banks in the US with the best security. It’s an American bank that operates in 27 states and Washington D.C.
The number of PNC branches across 27 states and D.C. is 2,629. PNC Bank also has over 9,500 automated teller machines across the United States. The asset of PNC Bank is estimated at $557 billion, making it to be on the list of the largest banks in the United States by assets.
Citibank is one of America’s oldest financial institutions. According to reports, Citibank was established in 1812 initially as the City Bank of New York.
Over the years it became the First National City Bank of New York. Today, it’s officially known as Citibank and it operates in 19 countries across the world.
The total number of Citibank branches across the United States is 723. Its 1,494 branches in Mexico are operated by Banamex.
You will find branches of Citibank in cities like New York, Washington D.C. Miami, Chicago, Los Angeles, and San Francisco.
#5. Wells Fargo
Wells Fargo is one of America’s safest banks, a reliable financial institution with the best security for US citizens to save their money. It’s not just in the United States that Wells Fargo operates, it also operates in 35 countries across the world.
Globally, Wells Fargo has about 70 million customers. And just like JPMorgan Chase & Co, Wells Fargo is also considered a systematically important financial institution by the Federal Stability Board.
Considering total assets, Wells Fargo is the fourth largest bank in the country. It’s also one of the largest banks as ranked by bank deposit and market capitalization.
The total number of Wells Fargo branches is about 8,050. About 13,000 ATMs owned by Wells Fargo are scattered across the United States.
#6. Capital One
Next on our list of the safest banks in the US with the best security is Capital One.
Founded in 1994, Capital One is on the list of America’s largest banks and over the years, they have built a great reputation as a technology-focused bank.
Currently, Capital One has about 755 branches and 2,000 automated teller machines across the United States.
By 2016, Capital One was the fifth largest credit card issuer, only coming behind Bank of America, American Express, Citigroup, and JPMorgan Chase.
As of 2022, Capital One has an asset of $444.2 billion.
#7. M&T Bank Corporation
Established in 1856, M&T Bank Corporation is one of America’s oldest banks. It operates in 12 states across the country, especially in the Eastern United States.
Generally, M&T Bank Corporation has over a thousand branches in these 12 states. The bank occupies the 519th position on the Fortune 500 list base on 2021 revenues.
Before May 1998, M&T Bank Corporation was previously called First Empire State Corporation.
Also Read: 10 Best Banks in Tennessee in 2023
Established in 1989 and headquartered in Greenwood Village Denver, Colorado, CoBank is an agricultural export credit agency.
It’s also part of the US Farm Credit System that provides loans, as well as financial services to agribusinesses, cooperatives, and rural public utilities.
As of 2022, CoBank had an asset of $183 billion.
AgFirst serves as a wholesale lender and provider to a network of local farm credit associations in 15 Eastern and Southern states in America, including Washington D.C. and Puerto Rico.
This bank was formed after the amalgamation of the Farm Credit Bank of Columbia and the Farm Credit Bank of Baltimore.
Just so you know, the lender is owned cooperatively by twenty-two local associations.
More than 79,000 farmers benefit from these associations. They provide real estate and production financing not just to over 79,000 farmers, but to agribusiness, as well as rural homeowners.
AgFirst makes it to our list of the safest banks in the US with the best security.
Being a member of the US Farm Credit System, AgriBank provides assistance to local farm credit associations across fifteen states in the country.
Just like AgFirst, AgriBank was also formed by merging the Farm Credit Bank of Saint Paul and the Farm Credit of Saint Louis in 1992.
Today, the total asset of AgriBank is estimated at $151 billion.
It’s always important to conduct a little research before entrusting your finances to any bank. You need to ensure the bank you intend to bank with has a reputable foundation.
We have listed the safest banks in the US with the best security, so make sure to bank with any of the financial institutions on this list.
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