Ranked: The Safest Banks in America
KEY POINTS
- The largest banks in America are FDIC members, have large assets under their management, and security measures in place to fend off cyberattacks.
- Chase and U.S. Bank are two of the largest banks in the U.S., while SoFi® offers up to $2 million in FDIC insurance.
- Capital One and PNC Bank have strong cybersecurity.
A "safe bank" can mean different things to different people. For some, it means a bank that can resist financial disasters and remain afloat during economic downturns. For others, it means a bank that isn't vulnerable to cyberattacks.
Over the years, many banks have gotten safer in both senses of the word. In fact, if a bank is an FDIC member, you can rest assured your money is safe there up to FDIC insurance limits. The standard deposit insurance coverage is $250,000 per depositor, per FDIC-insured bank, per ownership category. Likewise, many banks have extra security measures in place to help protect you from identity theft.
If safety is a priority, it might be tough to choose which bank will offer you the utmost protection for your identity and money. To help you narrow down your choices, here are five of the safest banks in America.
1. Chase
Chase is the largest bank in the U.S. by asset size. With an anchor of $3.5 trillion in controlled assets, this isn't a bank that's going to fail anytime soon. Better yet, it has over 4,700 branches and 15,000 ATMs.
Our Picks for the Best High-Yield Savings Accounts of 2024
| Product | APY | Min. to Earn | |
American Express® High Yield Savings
Member FDIC.
APY
3.80%
Rate info
3.80% annual percentage yield as of December 29, 2024. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.80%
Rate info
3.80% annual percentage yield as of December 29, 2024. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Capital One 360 Performance Savings
Member FDIC.
APY
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn
$0
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
|
$0
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Western Alliance Bank High-Yield Savings Premier
Member FDIC.
APY
4.46%
Rate info
The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn
$500 to open, $0.01 for max APY
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
4.46%
Rate info
The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
|
$500 to open, $0.01 for max APY
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
Its extensive branch network and size has made Chase a popular choice for many Americans. One thing to note, however, is that Chase doesn't have the highest APY for savings accounts or certificates of deposit (CDs). In fact, its rates are pretty shabby in comparison to other safe banks.
Many of its accounts also have monthly maintenance fees, but they are waivable with certain criteria, like maintaining a certain daily account balance.
2. Capital One
Capital One is the ninth largest bank in the U.S., according to the Federal Reserve. In recent years, it's fortified its cybersecurity measures, especially after the 2019 cyberattack leaked thousands of Social Security and bank account numbers.
These days, the bank will protect your information through multi-factor authentication, restricted access to your Social Security number, and identity verification for certain transactions. Your debit card also comes with $0 liability for unauthorized charges. Likewise, if you have a Capital One credit card, you can get a one-time virtual card through Eno. You can then use this for online shopping without worrying about your normal credit card information getting stolen.
3. SoFi®
SoFi® isn't the largest bank out there. But it does offer one of the highest FDIC coverage limits of all the safest banks.
Account holders of the SoFi Checking and Savings can enroll in the SoFi® Insured Deposit Program to boost the typical $250,000 FDIC insurance to up to $2 million. If enrolled, SoFi® will spread your money across a network of FDIC-insured banks. This is ideal if you have more than $250,000 in savings but don't want to manage multiple bank accounts yourself.
4. PNC Bank
If you're worried about identity theft or cyberattacks, PNC Bank might just be the best place for you. As a former account holder of its PNC Virtual Wallet checking account, I can testify that its security measures are extensive.
Not only does it have two-factor authentication, but it also lets you block your debit card from its mobile app. When I applied for my PNC Virtual Wallet account, I was given my account and routing number once upfront. This number wasn't easily visible in my app and could only be retrieved by verifying my identity. While this made it slightly inconvenient, I understand that it was designed as a security measure to better protect my finances.
5. U.S. Bank
U.S. Bank is the fifth largest bank in the U.S. by assets, with $669 billion under its control. It also won't hold you liable for unauthorized transactions through its mobile app or online at usbank.com, including account-to-account transfers, bill payments, and money sent through Zelle.
All told, if you bank with any of these five, you'll be in good hands. While cyberattackers and hackers are getting smarter, these banks have the budgets and assets to keep your money and information safe. Compare these with others on our list of safest banks in America and find a safe one that fits all your banking needs.
Our Research Expert
Steven Porrello writes about personal finances topics ranging from credit card offers to Costco deals to choosing the best places to park your cash.
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