8 Safest Banks In The U.S. 2024 [Safest Place For Your Money]

Updated On: 09/11/2023
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Navigating the vast banking world can often leave you feeling like a ship lost at sea. In the interest of helping you safely chart those tricky financial waters, we've curated a list of the 8 safest banks in the U.S.

Whether your priority is robust online banking features or just sleeping easy knowing your hard-earned money is secured, these banks offer reliability and peace of mind that's truly invaluable.

Banks aren't just a place to stash your cash anymore; they're financial hubs offering various services from loans and mortgages to retirement planning.

All these features mean naught if your chosen institution doesn't offer a foundational level of security.

How to Evaluate the Security and Safety of a Bank

Evaluating the security and safety of a bank need not be a monumental task. Start with ensuring your bank of choice is FDIC-insured, signifying that even in bankruptcy, your money remains protected up to $250,000.

Research their financial health from credible sources like Bankrate or BauerFinancial. Look for secure online banking features such as strong encryption, two-factor authentication (2FA), and robust fraud monitoring.

Review customer feedback about their dispute experience and how well the bank protects its customers from fraud.

8 Safest Banks in the U.S.

One top priority should be entrusting your financial well-being to a safe and secure banking institution.

Having said this, it's important to note that not all banks are created equal regarding security. Here are the 8 safest banks in the U.S. that you can put your trust in:

JPMorgan Chase

JPMorgan Chase

JPMorgan Chase, a domestic and international banking titan, stands at the forefront of financial security.

Like other major banks in the United States, is regulated by multiple federal and state agencies to ensure its safety, soundness, and compliance with various banking laws. The primary regulators for JPMorgan Chase Bank include:

  • The Office of the Comptroller of the Currency (OCC): The OCC charters, regulates, and supervises all national banks and federal savings associations. As a national bank, JPMorgan Chase Bank is primarily regulated by the OCC.
  • The Federal Reserve: The Federal Reserve supervises and regulates bank holding companies, including JPMorgan Chase & Co., the parent company of JPMorgan Chase Bank.
  • The Federal Deposit Insurance Corporation (FDIC): The FDIC insures deposits at banks and savings associations. While its primary role is to provide deposit insurance, the FDIC also has regulatory and supervisory responsibilities for certain banks.
  • Consumer Financial Protection Bureau (CFPB): The CFPB is responsible for protecting consumers from unfair, deceptive, or abusive practices and taking action against companies that break the law. It oversees the consumer protection aspects of banks like JPMorgan Chase.
  • State Banking Authorities: If JPMorgan Chase Bank operates in various states, it may also be subject to regulation and supervision by state banking authorities in those states.
  • Securities and Exchange Commission (SEC): For its investment banking and securities-related activities, JPMorgan Chase is also regulated by the SEC.
  • Other Regulatory Bodies: Depending on the range of services and products JPMorgan Chase offers, it might also be subject to regulation by other entities, such as the Commodity Futures Trading Commission (CFTC) for its derivatives trading activities.

Also Read: Banks With Branches In All 50 States 2024 [List of All Banks]

U.S. Bank

U.S. Bank

As America's 5th largest bank with over $500 billion in assets, U.S. Bank offers an exceptional balance of comprehensive services and enhanced security measures.

U.S. Bank, officially known as U.S. Bancorp, is a major bank holding company headquartered in Minneapolis, Minnesota. In the United States, banks and bank holding companies are primarily regulated by several federal agencies and, to a lesser extent, by state agencies. For U.S. Bank and other similar institutions, the primary federal regulators include:

  • Regulation: U.S. banks operate under strict regulatory scrutiny from federal and state entities, including the Federal Reserve and the Office of the Comptroller of the Currency (OCC). This regulation helps ensure the safety and soundness of the banking system.
  • Deposit Insurance: Deposits at U.S. Bank, like those at other Federal Deposit Insurance Corporation (FDIC) member banks, are insured up to at least $250,000 per depositor, per institution, which provides a significant measure of safety for customer deposits.
  • Capital Requirements: U.S. banks are required to maintain a certain amount of capital in reserve to protect against potential losses. The capital requirements help ensure the bank's stability, even in challenging economic conditions.
  • Financial Reports: Publicly traded banks, including U.S. Bancorp, are required to publish quarterly financial statements and undergo annual audits. This transparency allows for the public and investors to assess the financial health of the bank.
  • Reputation: U.S. Bank has a longstanding history and reputation in the banking industry. Established reputations often indicate a track record of managing risks effectively.
  • Cybersecurity: Major banks, including U.S. Bank, invest significantly in cybersecurity measures to protect customer data and financial transactions from potential threats.
  • Risk Management: Large banking institutions employ rigorous risk management practices to identify, assess, and manage potential risks in their lending, investing, and operational practices.

Bank of America

Bank of America

Bank of America is one of the largest and most established financial institutions in the United States. When people ask about the safety of a bank, they usually refer to a few different aspects:

  • Financial Stability: Bank of America, like other major banks in the U.S., is subject to rigorous regulatory oversight by federal and state authorities, including the Federal Reserve and the Office of the Comptroller of the Currency (OCC). These agencies ensure that banks maintain adequate capital and liquidity levels to meet their financial obligations.
  • Deposit Insurance: Deposits at Bank of America are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law, which is currently $250,000 per depositor, per insured bank, for each account ownership category. This means that even if the bank were to fail, depositors' funds up to that limit would be protected.
  • Data Security: Like other major banks, Bank of America invests heavily in cybersecurity measures to protect its customers' data and financial information. They have multiple layers of security protocols, including encryption, fraud detection systems, and two-factor authentication for online banking.
  • Consumer Protection: Bank of America, like all banks operating in the U.S., is subject to consumer protection regulations that ensure customers are treated fairly and transparently. This includes regulations related to lending, fees, and dispute resolution.

Also Read: How To Set Up Bank Of America Credit Card Autopay In 2024?

TD Bank

PNC Bank

TD Bank, which stands for Toronto-Dominion Bank, is a Canadian multinational banking and financial services corporation. In Canada, TD Bank is regulated primarily by the Office of the Superintendent of Financial Institutions (OSFI).

OSFI supervises and regulates federally registered banks and insurers, trust and loan companies, as well as private pension plans subject to federal oversight.

In the United States, where TD Bank also operates, it is subject to regulation by several entities, including:

  • The Federal Reserve: As a bank holding company, TD Bank's U.S. operations are overseen by the Federal Reserve.
  • The Office of the Comptroller of the Currency (OCC): This entity supervises and regulates national banks.
  • State banking authorities: Depending on the state in which a particular branch operates, TD Bank may also be subject to state-specific banking regulations.

PNC Bank

PNC Bank

Established in 1852, PNC Bank is one of the oldest and most trusted financial establishments in the U.S. It holds an impressive A- rating from Fitch, reinforcing its reputation for financial stability and security.

PNC shines with its Online Banking Security Guarantee - promising to cover 100% of confirmed fraudulent activity that occurred through no fault of your own.

Also notable are its advanced online security measures and comprehensive fraud monitoring systems that swiftly identify and halt suspicious activity.

  • FDIC Insurance: PNC Bank is a member of the Federal Deposit Insurance Corporation (FDIC). This means that deposits at PNC Bank are insured up to $250,000 per depositor, for each account ownership category. This insurance helps protect customers' money in case the bank fails.
  • Financial Stability: Large banks like PNC usually have strong capital and liquidity positions. You can check PNC's financial statements, annual reports, and other public documents to get an idea of its financial health.
  • Regulation: Banks in the U.S. are heavily regulated by various federal agencies to ensure their stability and compliance with laws. PNC, like other major banks, is subject to these regulatory standards.
  • History and Reputation: PNC has been in business for many decades and has built a reputation for being a reliable bank. Its long-standing presence in the market can be seen as an indication of its stability.
  • Cybersecurity: Like all modern banks, PNC invests in cybersecurity measures to protect its systems and customer information. They continually update their systems and protocols to defend against evolving cyber threats.
  • Customer Service and Feedback: The feedback and reviews from current and past customers can give insights into the bank's service quality, response to issues, and overall reliability.


A significant arm of financial mammoth Citigroup, Citibank offers a wealth of banking solutions, all within a secure banking environment.

Attention to digitization gives Citibank an edge, ensuring top-notch online banking ease coupled with multi-layered safeguarding measures such as encryption and using secure networks, which are especially crucial for data security.

An A+ rating from S&P Global undeniably marks it as a leader in financial soundness among U.S. banks.

Citibank bolsters this with Citi Identity Theft Solutions, offering free services for ID theft victims and introducing biometric authentication means, including fingerprint and voice recognition, into their systems, demonstrating its unwavering dedication to customer safety.

  • Regulation and Oversight: Citibank is subject to extensive regulation and oversight by various government and independent agencies in the United States and in other countries where it operates. In the U.S., this includes oversight by the Federal Reserve and the Office of the Comptroller of the Currency (OCC).
  • Deposit Insurance: In the U.S., deposits held at Citibank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the legal limit, which is $250,000 per depositor, per insured bank, for each account ownership category. This provides a safety net for individual depositors in case the bank faces insolvency.
  • Financial Health: It's always a good idea to review the financial health of any bank you're considering. This can be done by examining its balance sheet, income statement, and other financial disclosures. Banks are also given ratings by credit rating agencies which can give an indication of their financial strength and stability.
  • Operational Security: Citibank employs a range of cybersecurity measures to protect customers' personal and financial information. This includes encryption, firewalls, and multifactor authentication for online banking.
  • Historical Performance: While past performance is not necessarily indicative of future results, looking at how a bank has handled economic downturns and crises in the past can give an idea of its resilience and management.
  • Global Footprint: Citibank has a presence in many countries, which means it has a diversified revenue stream and is not solely dependent on the economic performance of a single region.

Wells Fargo

Wells Fargo

Wells Fargo is a name that has been synonymous with banking in America for over 150 years, courting trust among millions.

This bank has a substantial reputation for its robust financial health, backed by a stable A- rating from the S&P Global rating agency.

Wells Fargo offers FDIC-insured accounts, guaranteeing your deposits up to $250,000. As cybersecurity threats grow in sophistication, Wells Fargo matches the pace with advanced security features, including high-grade encryption and two-factor authentication (2FA), ensuring your online transactions maintain the utmost confidentiality.

  • Financial Stability: In terms of financial stability, Wells Fargo, like other major banks, is subject to rigorous scrutiny by regulators. The bank is required to hold certain levels of capital in reserve to protect against financial downturns and to participate in periodic stress tests to ensure it can withstand economic shocks.
  • Deposit Insurance: For individual account holders in the U.S., deposits at Wells Fargo are insured by the Federal Deposit Insurance Corporation (FDIC) up to at least $250,000 per depositor, per insured bank, for each account ownership category. This insurance means that even if the bank were to fail, the federal government guarantees your deposits up to the insured amount.
  • Operational and Cybersecurity Risks: Like all major banks, Wells Fargo is a target for cyber attacks, but it invests heavily in cybersecurity measures to protect its customers' data and its operations. That said, no organization is entirely immune from potential breaches.

Also Read: How To Cancel A Transaction On Wells Fargo In 2024?

Capital One

Capital One

Seen as a pioneer among modern banks leveraging digital technology to bolster its security infrastructure, Capital One stands out on this list.

This institution is known for its direct banking services and robust defenses against cyber threats.

Capital One's added security layer includes sophisticated encryption tools complemented by multi-factor authentication protocols that always protect online account access.

  • Regulation: Banks in the U.S., including Capital One, are regulated by federal and state agencies. These agencies ensure that banks adhere to various safety and soundness standards.
  • Financial Health: Before making financial decisions, it might be helpful to review a bank's financial health, including its capital ratios, non-performing assets, and earnings. This information can be found in quarterly and annual reports, as well as from financial analysis firms.
  • Online and Digital Security: Like many major banks, Capital One invests heavily in cybersecurity to protect customer data and assets. They offer security features like two-factor authentication, account alerts, and encryption.
  • Reputation: It's worth considering the reputation of any bank, which can be gauged through customer reviews, business ratings, and any news or reports related to the bank's operations.
  • Past Incidents: All major institutions face challenges. For instance, Capital One experienced a significant data breach in 2019. It's essential to see how the bank responded to such incidents, what changes they made afterward, and if they've taken measures to prevent future occurrences.
  • Diverse Product Offerings: Capital One, beyond traditional banking services, offers a range of products including credit cards, auto loans, and more. It's a diversified financial services company, which can sometimes aid in its overall stability.
  • Customer Service: While not directly related to financial safety, the quality of customer service can indicate a bank's commitment to its customers. A bank that responds quickly and efficiently to customer concerns may also be more proactive about addressing potential security or operational issues.

Also Read: Why Is My Capital One Account Restricted & How Do I Fix It?

FAQs About 8 safest banks in the U.S.

What makes JPMorgan Chase one of the safest banks?

JPMorgan's robust encryption, multi-factor authentication, and vigilant fraud monitoring systems contribute to its rank among the safest banks.

Does being FDIC-insured influence a bank's safety?

Absolutely! FDIC insurance ensures your deposits are protected up to $250,000 even in a bank failure.

How can I assess the financial health of a bank?

You can check credible sources like Bankrate, BauerFinancial, or S&P Global for ratings and reviews indicating a bank's financial health.

What steps does U.S. Bank take to ensure customer safety?

U.S. Bank employs advanced encryption methods and real-time fraud monitoring systems to ensure safe and secure transactions.

Are all central US banks secure?

While most major U.S. banks have rigorous security measures, they vary by institution; factors such as FDIC-insurance status, financial health ratings, and customer reviews can provide further insight.


Selecting a bank isn't solely about convenience, low fees, or high interest rates. Safety and security must be paramount in your consideration.

Trusting your money to a dependable institution ensures financial protection and peace of mind. It's essential to research your options and settle for a bank that resonates with your personal needs and values.

An FDIC-insured institution like JPMorgan Chase or U.S Bank that excels in financial health and utilizes state-of-the-art safety measures is a great place to start. Happy banking!

Michael Restiano

I support product content strategy for Salt Money. Additionally, I’m helping develop content strategy and processes to deliver quality work for our readers.

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