Safest Banks in the U.S. (2023)

Table of Contents
Are these accounts insured? The safest banks in the U.S. What makes a bank safe? Are high-yield savings accounts safe? How to choose the safest bank FDIC Insurance What happens to your money if a bank fails? Bank size Everyday security features Debit card blocking Guarantee against unauthorized access EMV chip cards 24/7 customer service access Are credit unions safer than banks? FAQs
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Before handing your hard-earned cash over to a bank for safekeeping, you want to know that bank is safe. But what are the hallmarks of a secure bank? How do you know you're entrusting your money to an institution designed to protect those funds? Here, we'll give you the tools to help you identify a safe bank and introduce you to some of the safest banks in the U.S.

TIP

Are these accounts insured?

All of the accounts listed below are FDIC insured by the US government, so your money in these accounts is guaranteed safe up to at least $250,000.

Safest Banks in the U.S. (1)

Open Account for Chase Total Checking®

Member FDIC.

The safest banks in the U.S.

Show The List [+]Hide The List [-]

  • 0% APY:Chase Total Checking®(Member FDIC.)
  • N/A APY:Bank of America Advantage Plus Banking(Member FDIC.)
  • 0.001%-0.005% APY:U.S. Bank Smartly™ Checking(Member FDIC.)

Ratings Methodology

Rates asof March 15, 2023

Chase Total Checking®

Open Account for Chase Total Checking®

Safest Banks in the U.S. (2)

Member FDIC.

Rating image, 4.00 out of 5 stars.Safest Banks in the U.S. (3)Safest Banks in the U.S. (4)Safest Banks in the U.S. (5)Safest Banks in the U.S. (6)Safest Banks in the U.S. (7)Safest Banks in the U.S. (8)Safest Banks in the U.S. (9)Safest Banks in the U.S. (10)Safest Banks in the U.S. (11)Safest Banks in the U.S. (12)

Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Safest Banks in the U.S. (13)Safest Banks in the U.S. (14)Safest Banks in the U.S. (15)Safest Banks in the U.S. (16)Safest Banks in the U.S. (17) = Best
Safest Banks in the U.S. (18)Safest Banks in the U.S. (19)Safest Banks in the U.S. (20)Safest Banks in the U.S. (21) = Excellent
Safest Banks in the U.S. (22)Safest Banks in the U.S. (23)Safest Banks in the U.S. (24) = Good
Safest Banks in the U.S. (25)Safest Banks in the U.S. (26) = Fair
Safest Banks in the U.S. (27) = Poor
4.00/5

Open Account for Chase Total Checking®

APY

0%

Min. To Earn APY

N/A

  • Largest bank in the U.S. in terms of assets
  • More than 16,000 ATMs and 4,700 physical locations
  • Wide range of financial products
  • User-friendly online and mobile banking tools
  • No minimum deposit to open
  • Chase Overdraft Assist
  • Low APYs on savings accounts and CDs
  • $12 monthly maintenance fee waived only with qualifying activity
See Also
The 5 Safest Banks in the United StatesThe 7 Safest Banks in America

JPMorgan Chase is the largest bank in the U.S. in terms of assets and has more physical locations than any other bank. Chase has a wide variety of financial products, online tools, and a robust app. While the fees and APYs may not be as good as other competitors, Chase Total Checking® makes a great choice for anyone looking for an all-in-one banking option. Customer service ratings are also good, making it easy to get help when you need it.

One account feature is Chase Overdraft Assist℠ -- no overdraft fee if you’re overdrawn by a certain amount. To waive the monthly fees, you will either need electronic deposits of at least $500 a month or a balance at the beginning of each day of $1,500 or an average beginning day balance of $5,000. Chase also uses 128-bit encryption technology to protect your account information and multiple authentication checks.

*With Chase Overdraft AssistSM, we won’t charge an Insufficient Funds Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Read Full Review

Bank of America Advantage Plus Banking

Read Review

Safest Banks in the U.S. (28)

Member FDIC.

Rating image, 3.00 out of 5 stars.Safest Banks in the U.S. (29)Safest Banks in the U.S. (30)Safest Banks in the U.S. (31)Safest Banks in the U.S. (32)Safest Banks in the U.S. (33)Safest Banks in the U.S. (34)Safest Banks in the U.S. (35)Safest Banks in the U.S. (36)Safest Banks in the U.S. (37)Safest Banks in the U.S. (38)

Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Safest Banks in the U.S. (39)Safest Banks in the U.S. (40)Safest Banks in the U.S. (41)Safest Banks in the U.S. (42)Safest Banks in the U.S. (43) = Best
Safest Banks in the U.S. (44)Safest Banks in the U.S. (45)Safest Banks in the U.S. (46)Safest Banks in the U.S. (47) = Excellent
Safest Banks in the U.S. (48)Safest Banks in the U.S. (49)Safest Banks in the U.S. (50) = Good
Safest Banks in the U.S. (51)Safest Banks in the U.S. (52) = Fair
Safest Banks in the U.S. (53) = Poor
3.00/5

Read Review

APY

N/A

Min. To Earn APY

N/A

  • Second-largest bank in the U.S. in terms of assets
  • Balance Connect® for overdraft protection
  • Total Security Protection® and fraud monitoring
  • Wide-range of financial products
  • Bank of America Online and Mobile Security Guarantee
  • Low APYs on savings accounts and CDs
  • $100 minimum opening deposit
  • $12 monthly maintenance fee waived only with qualifying activity

Bank of America is the second-largest bank in terms of assets and has over 3,800 branches and 16,000 ATMs. Bank of America has a wide variety of financial products and tools, including being able to set custom alerts and savings goals. Bank of America also offers BankAmeriDeals where you can get cash back offers on shopping, dining, streaming and more. Its robust app includes Life Plan, an easy way to set and track short- and long-term financial goals and get personalized advice.

However, rates are low, and there is a $100 minimum required to open an account. The $12 monthly maintenance fee can be waived with qualifying activity. Bank of America offers an Online & Mobile Security Guarantee where you are never liable for unauthorized purchases or transactions -- as long as they’re reported promptly.

U.S. Bank Smartly™ Checking

Read Review

Safest Banks in the U.S. (54)

Member FDIC.

Rating image, 3.00 out of 5 stars.Safest Banks in the U.S. (55)Safest Banks in the U.S. (56)Safest Banks in the U.S. (57)Safest Banks in the U.S. (58)Safest Banks in the U.S. (59)Safest Banks in the U.S. (60)Safest Banks in the U.S. (61)Safest Banks in the U.S. (62)Safest Banks in the U.S. (63)Safest Banks in the U.S. (64)

Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Safest Banks in the U.S. (65)Safest Banks in the U.S. (66)Safest Banks in the U.S. (67)Safest Banks in the U.S. (68)Safest Banks in the U.S. (69) = Best
Safest Banks in the U.S. (70)Safest Banks in the U.S. (71)Safest Banks in the U.S. (72)Safest Banks in the U.S. (73) = Excellent
Safest Banks in the U.S. (74)Safest Banks in the U.S. (75)Safest Banks in the U.S. (76) = Good
Safest Banks in the U.S. (77)Safest Banks in the U.S. (78) = Fair
Safest Banks in the U.S. (79) = Poor
3.00/5

Read Review

APY

0.001%-0.005%Rate info0.001% for account balances less than $25,000; otherwise, 0.005%.

Min. To Earn APY

$0

  • Overdraft protection tools and Overdraft Fee Forgiveness program
  • Wide variety of account tools
  • Zero fraud liability
  • Award-winning app
  • Low APY
  • Monthly service charge

U.S. Bank is the fifth-largest bank in the U.S. in terms of assets. With its Smartly checking account you can earn special benefits when you enroll in the Smart Rewards™ program. With its digital security coverage, you are not liable for unauthorized transactions that are initiated online at usbank.com or through the U.S. Bank Mobile App as long as you let it know right away.

The monthly maintenance fee can be waived for customers who meet certain criteria. U.S. Bank also provides security alerts, personalized financial insights, and financial goal setting through its award-winning app.

What makes a bank safe?

It's not one single thing that marks the safest bank, but a collection of features that identify safe banks.

In no particular order, here are qualities to look for the next time you're trying to find the best bank for a new bank account:

  • FDIC Insurance
  • Bank size (bigger tends to be more secure)
  • Everyday security features, like two-factor authentication
  • Debit card blocking
  • Guarantee against unauthorized access
  • EMV chip cards
  • 24/7 customer service access

Are high-yield savings accounts safe?

While the above are our picks for the safest banks in the U.S., they don’t earn much interest. You may be wondering whether it's possible to find a safe bank that also offers a high APY.

The good news: One of the most important features of a safe bank is FDIC insurance. If a bank is insured by the FDIC, your deposits up to $250,000 are safe -- even in the event of a bank failure. And lots of high-yield savings accounts have FDIC insurance.

The banks below all have FDIC insurance protecting your deposits. While we believe they're all very safe banks, if they fail, your money is insured. Plus they all offer attractive rates on their savings accounts. Which makes these great for keeping your money safe, while earning a nice return.

Rates asof March 15, 2023

Offer
Account

Marcus by Goldman Sachs Online Savings Account

Goldman Sachs Bank USA.

Sponsored Listing

American Express® High Yield Savings

Rating

Rating image, 5.00 out of 5 stars.Safest Banks in the U.S. (82)Safest Banks in the U.S. (83)Safest Banks in the U.S. (84)Safest Banks in the U.S. (85)Safest Banks in the U.S. (86)Safest Banks in the U.S. (87)Safest Banks in the U.S. (88)Safest Banks in the U.S. (89)Safest Banks in the U.S. (90)Safest Banks in the U.S. (91)

Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Safest Banks in the U.S. (92)Safest Banks in the U.S. (93)Safest Banks in the U.S. (94)Safest Banks in the U.S. (95)Safest Banks in the U.S. (96) = Best
Safest Banks in the U.S. (97)Safest Banks in the U.S. (98)Safest Banks in the U.S. (99)Safest Banks in the U.S. (100) = Excellent
Safest Banks in the U.S. (101)Safest Banks in the U.S. (102)Safest Banks in the U.S. (103) = Good
Safest Banks in the U.S. (104)Safest Banks in the U.S. (105) = Fair
Safest Banks in the U.S. (106) = Poor
5.00/5

Rating image, 5.00 out of 5 stars.Safest Banks in the U.S. (107)Safest Banks in the U.S. (108)Safest Banks in the U.S. (109)Safest Banks in the U.S. (110)Safest Banks in the U.S. (111)Safest Banks in the U.S. (112)Safest Banks in the U.S. (113)Safest Banks in the U.S. (114)Safest Banks in the U.S. (115)Safest Banks in the U.S. (116)

Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Safest Banks in the U.S. (117)Safest Banks in the U.S. (118)Safest Banks in the U.S. (119)Safest Banks in the U.S. (120)Safest Banks in the U.S. (121) = Best
Safest Banks in the U.S. (122)Safest Banks in the U.S. (123)Safest Banks in the U.S. (124)Safest Banks in the U.S. (125) = Excellent
Safest Banks in the U.S. (126)Safest Banks in the U.S. (127)Safest Banks in the U.S. (128) = Good
Safest Banks in the U.S. (129)Safest Banks in the U.S. (130) = Fair
Safest Banks in the U.S. (131) = Poor
5.00/5

APY3.75%3.50%
Min. to earn APY$0$1
Next Steps

Open Account for Marcus by Goldman Sachs Online Savings Account

Read full review

Open Account for American Express® High Yield Savings

Read full review

How to choose the safest bank

Protecting your money comes down to asking questions, lots and lots of questions. If you can't find an answer online, ask bank employees. If they don't seem pleased to answer your questions, move on to another bank.

Go through the list below and ask the bank how they're handling these issues. Are they FDIC-insured? Do they have EMV chip cards? When is their customer service available? The answers to these questions will help you get a better picture of the measures a bank is taking to protect its customers.

FDIC Insurance

First and foremost, look for a bank that is FDIC insured. If you're not sure, the FDIC BankFind Suite will let you know. You type in the financial institution's name and where it's located, and BankFind provides your answer.

The Federal Deposit Insurance Corporation (FDIC) is an independent federal government agency that protects depositors like you against the loss of deposits. FDIC is backed by the full faith and credit of the U.S. government. Standard FDIC insurance covers $250,000 per depositor, per ownership category.

TIP

What happens to your money if a bank fails?

Imagine you have a savings account at a bank with an FDIC insurance limit of $250,000. If the bank fails, up to $250,000 of the funds in that account would be protected -- the FDIC would make sure you receive the money you deposited into your savings account, up to $250,000.

What account types can be FDIC insured?

No bank insures all financial services, but an FDIC-insured bank does insure the following account types against loss:

  • Checking accounts
  • Savings account
  • Money market deposit accounts (MMAs)

Bank size

When the federal government is backing your money, the size of the bank matters far less. In theory, the larger the bank, the tougher it is to fail.

If a large bank finds itself in trouble, the fact that it has more assets to fall back on provides a cushion of sorts. That said, if it's ever a choice between a large bank and an FDIC-insured bank, take the FDIC-insured bank every time.

Everyday security features

You know all those irritating features that eat up time -- things like multi-factor identification and automatic logout. As annoying as they can be, if you're looking for the safest banks, look for these types of security features. These features work to fight fraud.

As you shop for a bank, don't be afraid to ask about data encryption and how it monitors accounts for suspicious activity.

Whether it's a brick-and-mortar or online bank, that financial institution is the first line of defense when it comes to protecting your money, and the more it does to oversee your deposits, the better.

Debit card blocking

Let's say you're on vacation in the Badlands, and your debit card disappears. You're not sure if you lost it or if it's been stolen. Can you easily block the card at short notice?

The truth is, some banks don't have the workforce to answer phones around the clock. If they're not on duty, is there another way to block your card any time, day or night?

Guarantee against unauthorized access

It's a sick feeling to look at your bank statement and realize that someone other than you has accessed your account.

Another line of security offered by the safest banks is a guarantee against unauthorized access. That means the bank will pay you back if someone fraudulently accesses your money.

EMV chip cards

It's 2022, and nearly every credit and debit card in the country uses EMV chips. EMV chips have been encrypted in a way that makes it difficult for someone to swipe the number off the back and have access to the card.

If you look at a bank that has yet to update its cards with EMV chips, you instantly know it's behind the times. It's also a bank that puts its customer's accounts at risk.

24/7 customer service access

You want a bank that provides a way for you to reach it 24/7.

Just as babies are almost always born at an inconvenient time, banking problems almost always occur after regular business hours. You may need to report a stolen credit card or difficulty accessing your funds. Whatever the issue, you need a bank that's available to assist you. Even the most secure bank can be vulnerable to problems. You need a bank that not only works to prevent problems, but also works to fix problems quickly if they arise.

Are credit unions safer than banks?

On occasion, you may hear someone say that credit unions are "safer" than banks (or vice versa). The reality is that a financial institution is as safe as its security measures. Just as a secure bank is FDIC-insured, a secure credit union is insured by the government-backed National Credit Union Administration (NCUA). The point is not whether it's a bank or credit union that houses your money. It's how serious that institution is about protecting your funds.

While bank failures are exceedingly rare, more than 100 bank collapses were reported each year between 2008 and 2012. Laws enacted since that time have made banks more secure, but as consumers, we still play a role. Before parking our money anywhere, we need to do our due diligence to make sure the bank in question has enough security in place to help us rest easier at night.

Show The List [+]Hide The List [-]

  • 0% APY:Chase Total Checking®(Member FDIC.)
  • N/A APY:Bank of America Advantage Plus Banking(Member FDIC.)
  • 0.001%-0.005% APY:U.S. Bank Smartly™ Checking(Member FDIC.)

Rates asof March 15, 2023

OfferAPYMinimum to Earn APYNext Steps

Safest Banks in the U.S. (132)

Chase Total Checking®

Member FDIC.

Rating image, 4.00 out of 5 stars.Safest Banks in the U.S. (133)Safest Banks in the U.S. (134)Safest Banks in the U.S. (135)Safest Banks in the U.S. (136)Safest Banks in the U.S. (137)Safest Banks in the U.S. (138)Safest Banks in the U.S. (139)Safest Banks in the U.S. (140)Safest Banks in the U.S. (141)Safest Banks in the U.S. (142)

Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Safest Banks in the U.S. (143)Safest Banks in the U.S. (144)Safest Banks in the U.S. (145)Safest Banks in the U.S. (146)Safest Banks in the U.S. (147) = Best
Safest Banks in the U.S. (148)Safest Banks in the U.S. (149)Safest Banks in the U.S. (150)Safest Banks in the U.S. (151) = Excellent
Safest Banks in the U.S. (152)Safest Banks in the U.S. (153)Safest Banks in the U.S. (154) = Good
Safest Banks in the U.S. (155)Safest Banks in the U.S. (156) = Fair
Safest Banks in the U.S. (157) = Poor
4.00/5

Disclaimeraccordian_plusCreated with Sketch.accordian_minusCreated with Sketch.

*With Chase Overdraft AssistSM, we won’t charge an Insufficient Funds Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

APY:0%Minimum To Earn APY:—

Open Account for Chase Total Checking®

*With Chase Overdraft AssistSM, we won’t charge an Insufficient Funds Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Safest Banks in the U.S. (158)

Bank of America Advantage Plus Banking

Member FDIC.

Rating image, 3.00 out of 5 stars.Safest Banks in the U.S. (159)Safest Banks in the U.S. (160)Safest Banks in the U.S. (161)Safest Banks in the U.S. (162)Safest Banks in the U.S. (163)Safest Banks in the U.S. (164)Safest Banks in the U.S. (165)Safest Banks in the U.S. (166)Safest Banks in the U.S. (167)Safest Banks in the U.S. (168)

Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Safest Banks in the U.S. (169)Safest Banks in the U.S. (170)Safest Banks in the U.S. (171)Safest Banks in the U.S. (172)Safest Banks in the U.S. (173) = Best
Safest Banks in the U.S. (174)Safest Banks in the U.S. (175)Safest Banks in the U.S. (176)Safest Banks in the U.S. (177) = Excellent
Safest Banks in the U.S. (178)Safest Banks in the U.S. (179)Safest Banks in the U.S. (180) = Good
Safest Banks in the U.S. (181)Safest Banks in the U.S. (182) = Fair
Safest Banks in the U.S. (183) = Poor
3.00/5

APY:N/AMinimum To Earn APY:N/A

Read Review

Safest Banks in the U.S. (184)

U.S. Bank Smartly™ Checking

Member FDIC.

Rating image, 3.00 out of 5 stars.Safest Banks in the U.S. (185)Safest Banks in the U.S. (186)Safest Banks in the U.S. (187)Safest Banks in the U.S. (188)Safest Banks in the U.S. (189)Safest Banks in the U.S. (190)Safest Banks in the U.S. (191)Safest Banks in the U.S. (192)Safest Banks in the U.S. (193)Safest Banks in the U.S. (194)

Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Safest Banks in the U.S. (195)Safest Banks in the U.S. (196) Safest Banks in the U.S. (197)Safest Banks in the U.S. (198)Safest Banks in the U.S. (199) = Best
Safest Banks in the U.S. (200)Safest Banks in the U.S. (201)Safest Banks in the U.S. (202)Safest Banks in the U.S. (203) = Excellent
Safest Banks in the U.S. (204)Safest Banks in the U.S. (205)Safest Banks in the U.S. (206) = Good
Safest Banks in the U.S. (207)Safest Banks in the U.S. (208) = Fair
Safest Banks in the U.S. (209) = Poor
3.00/5

APY:0.001%-0.005%Rate info0.001% for account balances less than $25,000; otherwise, 0.005%.Minimum To Earn APY:$0

Read Review

FAQs

  • Yes, as long as a bank is FDIC insured or a credit union has NCUA insurance in place, up to $250,000 per customer (per account) is safe. You want to see that sticker on the front door that reads "Member FDIC" or "Member NCUA."

  • Not necessarily. What determines a financial institution's safety is the number of security features it has in place and whether the federal government insures it.

  • Not necessarily. If a financial institution has a solid plan to protect your money, it doesn't matter whether it's a local or national bank. The level of security that any given bank has in place determines how safe it is.

Our Banking Expert

Safest Banks in the U.S. (210)

By:Dana George

Writer

Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

Top Articles
Latest Posts
Article information

Author: Domingo Moore

Last Updated: 04/21/2023

Views: 5491

Rating: 4.2 / 5 (53 voted)

Reviews: 84% of readers found this page helpful

Author information

Name: Domingo Moore

Birthday: 1997-05-20

Address: 6485 Kohler Route, Antonioton, VT 77375-0299

Phone: +3213869077934

Job: Sales Analyst

Hobby: Kayaking, Roller skating, Cabaret, Rugby, Homebrewing, Creative writing, amateur radio

Introduction: My name is Domingo Moore, I am a attractive, gorgeous, funny, jolly, spotless, nice, fantastic person who loves writing and wants to share my knowledge and understanding with you.