In this article, we will take a look at the 25 largest banks in the US by total deposits. If you want to skip our discussion on the banking industry, you can go directly to the 5 Largest Banks in the US by Total Deposits.
The US banking industry plays a vital role in the nation's economic health, primarily through the management of deposits. According to the Federal Reserve Bank of St. Louis, the total deposits reached $17.4 trillion as of January 2024, fueling a variety of financial activities critical to economic growth. The US financial industry is not stagnant, and recent years have seen remarkable highs and lows in banking deposits. In the aftermath of the 2020 pandemic, a rise in savings due to economic instability increased total deposits to record levels. According to the Federal Deposit Insurance Corporation (FDIC), deposits reached $18.8 trillion in June 2022. However, as interest rates began to climb, the tide shifted. Data from S&P Global Intelligence shows that deposits subsequently began to fall for the first time since tracking began in 1994. They fell by 4.8% year-on-year, reaching $17.27 trillion in June 2023.
There are multiple causes for this downward trend in banking deposits in the US, in addition to post-pandemic normalization. One of these causes is the rise in interest rates. The Federal Reserve's aggressive rate hikes to combat inflation made alternative investment options like bonds and money market funds more attractive than traditional savings accounts with low-interest rates. This is evident in the rise of investments in such instruments, with money market fund assets increasing by 22% year-on-year in the third quarter of 2023. Additionally, the collapse of Silicon Valley Bank and Signature Bank in the first quarter of 2023 led to withdrawals from other banks due to fear of a similar banking failure. These concerns were reflected in the 7.8% dip in uninsured deposits, nearly $600 billion, in the first quarter of 2023. Interestingly, despite an overall dip in deposits, those insured under the FDIC's $250,000 limit experienced a 2.5% increase in the first quarter of 2023. This implies that the decline might be concentrated in larger, uninsured deposits, pointing towards investor risk aversion and concerns regarding bank stability.
Deposit Trends Among Major US Banks
The major US banks, commonly referred to as the "Big Four" - JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Wells Fargo & Company (NYSE:WFC), and Citigroup Inc. (NYSE:C) also experienced decreases in deposits. In contrast, the fifth-largest bank, US Bancorp, saw a growth of 15.7% in deposits year-on-year following the completion of its acquisition of MUFG Union Bank NA in December 2022. The "Big Four" are also among the top 10 banks in USA and among the largest banks by deposits in the world.
JPMorgan Chase & Co.’s (NYSE:JPM) total deposits have fallen by 2.8% year-on-year to $2.068 trillion as of June 30, 2023. Meanwhile, Bank of America Corp. (NYSE:BAC), the largest US bank in terms of total deposits in the year 2020, witnessed a decline in its market share by three basis points to 10.93%, while its deposits fell by five percent to $1.89 trillion. Wells Fargo (NYSE:WFC) also observed a 6.0% decline in deposits, totaling $1.377 trillion. This led to a 10-basis-point drop in the company’s market share. Lastly, Citigroup Inc. (NYSE:C) deposits fell by 0.8% to $757.14 billion. You can also check out the 25 Largest Banks in the US by Asset Size here.
Here's what Lansing Street Advisor said about Citigroup (NYSE:C) in its Q3 2023 investor letter:
“Renowned advisor Peter Mallouk draws on research from DFA to remind us that historical probabilities tend to challenge the notion of FAANG+ stocks enduring indefinitely. While it’s true that these are exceptional companies with strong financial foundations and consistent profitability, maintaining a historical perspective is valuable, as it helps us remain mindful of the ever-changing landscape of the financial markets. Investors should remember that Citigroup‘s stock, once above $500, now trades at $39. Many wellknown companies share a similar trajectory.”
With this context in mind, let's begin our list of the largest banks in the US by total deposits.
25 Largest Banks in the US by Total Deposits
A series of ATMs in a row, symbolizing the company's 24/7 banking services.
Our Methodology
To shortlist the 25 largest banks in the US by total deposits, we referred to the latest data from the Federal Deposits Insurance Corporation (FDIC). This organization, established by the US Congress, plays an important role in maintaining public confidence in the US banking system and releases quarterly reports on the banking sector. The banks have been listed in ascending order of their total deposits as of the third quarter of 2023.
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25 Largest Banks in the US by Total Deposits
25. Regions Bank
Total Deposits: $129,289,000,000
Regions Bank, owned by its parent company Regions Financial Corp., is the largest bank in Alabama. It provides consumer and commercial banking, wealth management, mortgage products, and services. The bank serves the South, Midwest, and Texas.
24. American Express National Bank
Total Deposits: $136,287,432,000
With its headquarters in New York, American Express National Bank offers a full range of banking products and services to its customers. These include savings accounts, checking accounts, loans, and certificates of deposit. It is a well-established bank dating back to 1850 and is particularly well-known for its credit card services.
23. First Citizens Bank & Trust Company
Total Deposits: $146,422,550,000
First Citizens, based in the city of Raleigh, North Carolina, is the largest family-owned bank in the US. Formed in 1898, it provides a wide array of services, including commercial banking, consumer banking, wealth management, and business services.
22. Keybank National Association
Total Deposits: $147,248,425,000
Keybank National Association is headquartered in Cleveland, Ohio. The bank provides deposit, loan, cash management, and investment services through its network of branches and ATMs in 15 states. It also provides many investment and corporate banking products.
21. The Huntington National Bank
Total Deposits: $153,314,182,000
This regional bank has been operating for more than 150 years. Its headquarters are located in Columbus, Ohio, and the bank has branches in 11 states, mainly in the Midwest. The Huntington National Bank offers a wide range of personal, corporate, and commercial banking products and services.
20. Ally Bank
Total Deposits: $157,696,000,000
Ally Bank was founded in the early 20th century by General Motors primarily to provide financing to customers of automobiles. It is one of the largest car financing companies in the country. It is also well-known in the online banking space.
19. State Street Bank and Trust Company
Total Deposits: $158,294,000,000
Based out of Boston, State Street Bank and Trust Company runs its operations worldwide. It is among the oldest operating banks in the United States. The bank provides asset management, trading, foreign exchange, deposit, and performance and analytics services to customers.
18. Manufacturers and Traders Trust Company / M&T Bank
Total Deposits: $166,827,144,000
Manufacturers and Traders Trust Company, or M&T Bank, is headquartered in New York. It has branches in 12 states and ATMs in 14 states. Founded for industrial clients, the bank has now expanded its service portfolio to serve millions of customers, mainly in the Northeast and Mid-Atlantic regions.
17. Fifth Third Bank
Total Deposits: $174,031,000,000
Fifth Third Bank holds a prominent position among the largest banks in the Midwest. The bank is based in Cincinnati, Ohio, and was established in 1909. Although it has obtained a national banking charter, Fifth Third Bank is operating as a regional bank serving 11 states primarily.
16. Morgan Stanley Bank
Total Deposits: $176,540,000,000
Morgan Stanley Bank was established in 1990 and is currently one of the biggest banks in the country. With its headquarters in Salt Lake City, Utah, it is the largest bank in the state. Its investment and wealth management services are particularly famous. In addition to this, the bank offers competitive rates for its savings account.
15. Morgan Stanley Private Bank
Total Deposits: $180,073,000,000
Morgan Stanley Private Bank is widely recognized for its savings account that offers a high annual percentage yield (APY). In addition to this, the bank provides both free and interest-bearing checking accounts. The products offered by the bank were previously offered by E-Trade Bank, which was a part of E-Trade Financial Corp. It was bought by Morgan Stanley in October 2020.
14. Citizens Bank
Total Deposits: $181,499,092,000
Citizens Bank operates in 14 states and Washington D.C. through its network of branches and ATMs. It offers a wide range of banking products, including checking accounts, savings accounts, certificates of deposit, credit cards, loans, and mortgages.
13. The Bank of New York Mellon
Total Deposits: $189,421,000,000
The Bank of New York Mellon, or BNY Mellon, was formed after the merger of The Bank of New York and Mellon Financial Corporation. It offers mostly investment banking services and currently operates in 18 states across the US and in a few other countries. BNY Mellon is at the thirteenth position on our list of the largest banks in the US by total deposits.
12. BMO Bank
Total Deposits: $201,163,192,000
Formerly BMO Bank Harris, the bank was rebranded in 2022 after acquiring the Bank of the West. It is headquartered in Chicago and offers a myriad of banking services, including checking accounts, certificates of deposit, loans, credit cards, and mortgages.
11. Charles Schwab Bank
Total Deposits: $253,487,000,000
This multinational financial services company is primarily involved in providing investment accounts such as brokerage accounts and retirement accounts. It also offers a high-return checking account. Currently, Charles Schwab Bank is operating as the online banking arm of Charles Schwab Corporation.
10. TD Bank
Total Deposits: $304,494,312,000
TD Bank represents the consumer division of TD Group US Holdings, which is owned by Toronto Dominion Bank. It has its operations mainly on the East Coast and offers different types of accounts for customers. Currently, TD Bank has a presence in 16 states and Washington DC.
9. Goldman Sachs
Total Deposits: $361,013,000,000
Goldman Sachs Bank is one of the most respected names among investment banks in the world. The bank is at the ninth place on our list of the largest banks in the US by total deposits. The headquarters of Goldman Sachs is located in New York.
8. Capital One
Total Deposits: $373,632,981,000
Capital One, founded by Richard Fairbank and headquartered in Virginia, operates as a subsidiary of Capital One, NA. It has hundreds of branches and thousands of ATMs to serve all major cities in several states. The bank is known for its technologically advanced services.
7. Truist Bank
Total Deposits: $411,700,000,000
Truist Bank has a comparatively shorter history compared to many other banks on our list. It was created following the merger of BB&T and SunTrust, two of the largest banks in the United States. The bank currently runs thousands of branches and ATMs across 15 states.
6. PNC Bank
Total Deposits: $430,738,881,000
PNC Bank was formed as a result of the merger of Pittsburg National Bank with Provident Bank in 1983. It is currently a part of PNC Financial Services Group. PNC Bank operates several thousand ATMs and 2400 branches in 28 states across the US.
