Top 25 Banks in the United States Ranked by Their Total Amount of Deposits

In this article, we will examine the 25 largest banks in the US based on their total deposits. If you’re not interested in learning about the banking industry, you can skip ahead to the section on the 5 largest banks in the US by total deposits.

The US banking sector plays a crucial role in the country’s economic well-being, primarily by managing deposits. According to the Federal Reserve Bank of St. Louis, as of January 2024, total deposits in the US reached $17.4 trillion, fueling various financial activities essential for economic growth. However, the US financial industry is constantly evolving, and recent years have seen significant fluctuations in banking deposits. The aftermath of the 2020 pandemic resulted in a surge in savings due to economic uncertainty, leading to record-high deposits. In June 2022, the Federal Deposit Insurance Corporation (FDIC) reported deposits of $18.8 trillion. However, as interest rates began to rise, the trend shifted. Data from S&P Global Intelligence shows that deposits started to decline for the first time since tracking began in 1994, reaching $17.27 trillion in June 2023, a decrease of 4.8% year-on-year.

There are several reasons for this downward trend in US banking deposits, in addition to the normalization of post-pandemic conditions. One of the main factors is the increase in interest rates. The Federal Reserve’s aggressive rate hikes to combat inflation made alternative investment options, such as bonds and money market funds, more appealing than traditional savings accounts with low-interest rates. This is evident in the rise of investments in these 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 concerns about potential banking failures. These concerns were reflected in the 7.8% decrease in uninsured deposits, amounting to nearly $600 billion, in the first quarter of 2023. Interestingly, despite the overall decline in deposits, those insured under the FDIC’s $250,000 limit experienced a 2.5% increase in the first quarter of 2023. This suggests that the decline may be concentrated in larger, uninsured deposits, indicating investor risk aversion and apprehension about bank stability.

Deposit Trends Among Major US Banks

The four largest US banks, commonly known 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 15.7% increase in deposits year-on-year following its acquisition of MUFG Union Bank NA in December 2022. The “Big Four” are also among the top 10 banks in the US and the largest banks in the world in terms of deposits.

As of June 30, JPMorgan Chase & Co.’s (NYSE:JPM) total deposits have decreased by 2.8% year-on-year to $2.068 trillion.  

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