12 Safest Banks in the U.S. to Deposit Your Hard-Earned Cash


Despite occasional bank failures in the last thirty years, the majority of banks and credit unions in the U.S. continue to be safe and reliable places for storing your funds. One of the benefits credit unions and banks offer is easy access to your money.

Account holders can withdraw money quickly from a checking account at a bank branch or with a debit card, often with no fees. They can also find easy access and higher interest rates with a savings or money market account.

12 Safest Banks in the U.S.

The Global Finance “World’s Safest Banks” list highlighted 50 safe banks. Of those, only a handful were based in the U.S. Here are 12 of the safest banks for U.S. customers, based on the Global Finance list.

1. JPMorgan Chase

With a market capitalization of $413.7 billion and a balance sheet total of $3.31 trillion, JPMorgan Chase is the largest bank in the U.S. based on assets.

During the financial crisis of 2008, Chase was one of the banks deemed “too big to fail.” Certainly, an account holder can feel secure that their most is protected even if the bank faces financial hardship.

But is Chase also ahead of the curve when it comes to security? Chase uses multiple authentication checks when you try to sign in to your online account.

The bank monitors for unusual activity and may send a text message or email for you to authorize a transaction outside your home state or for an exceptionally high amount.

The bank’s website uses 128-bit data encryption to secure your personal information. Finally, bank employees are trained in fraud prevention, fraud detection, and ethics.

Everyday security features

  • 128-bit encryption
  • Multifactor authentication
  • Guarantee against unauthorized access
  • EMV chip cards
  • Card locking through the app or automated phone system
  • 24/7 fraud protection by phone

2. U.S. Bank

With assets totaling nearly $675 billion, U.S. Bancorp, the parent company of U.S. Bank, is the fifth-largest bank in the U.S. The bank website and mobile app offer SSL encryption, one-time card numbers for online purchases, and enhanced security features for commercial banking customers.

The Bank Smartly checking account for consumers allows you to set up account alerts and reminders through the mobile app. You can make contactless payments through the U.S. Bank mobile app, which gives you added protection against point-of-sale fraud and debit card skimmers, which can steal your account information if you pay using the magnetic stripe on your card.

U.S. Bank also offers a “Safe Debit Card,” designed for consumers ages 14+ who want the convenience of a checking account without check-writing privileges. The account also comes with free access to the user’s VantageScore 3.0 credit score through TransUnion, a credit score simulator, online bill pay, mobile banking, and no overdraft fees.

Everyday security features

  • $0 liability fraud protection
  • Multifactor authentication
  • Virtual card numbers
  • SSL encryption
  • EMV chip cards

3. TD Bank

TD Bank, or Toronto-Dominion, is not just one of the largest banks in the U.S. with a worldwide presence, it is also one of the safest. Its branches are known for personalized customer service. But the bank is also known for its online presence. TD Bank recently partnered with Amount, a fintech provider, to enhance security with a suite of state-of-the-art fraud detection and account verification services.

The bank has 24/7 fraud monitoring and text alerts for activity. Plus, if you lose your debit card, you can replace it immediately at a nearby branch. TD Bank also offers features that enhance your security, including Bill Pay and Mobile Deposit, which reduces the handling of paper checks that create a risk of theft and fraud.

Everyday security features

  • Card locking
  • 24/7 fraud monitoring
  • Personalized service
  • Mobile deposits
  • Enhanced security and fraud detection

4. Citibank

Citigroup, which owns Citibank and other Citi properties, is the third-largest bank in the U.S. right now behind Chase and Bank of America. Like Chase, Citi is considered one of the financial institutions deemed “too big to fail.” The bank’s market cap is $97.06 billion.

Citi is considered one of the safest banks due to its enhanced security features for its bank accounts and credit cards.

Citi was one of the first banks to offer a virtual credit card number. This one-time use card number allows cardholders to shop safely online without having to give out your bank account information or card number.

You can sign on to the Citi mobile using a QR code and Face ID®, Touch ID®, Biometrics or 6-Digit PIN, which is more secure than using a username and password. As with Chase, you will receive text alerts for suspicious or unusual activity.

Do not confuse Citi with CIT Bank. Despite the similarity in their names, CIT is a division of First Citizens Bank and not affiliated in any way with Citigroup.

Everyday security features

  • EMV chip cards
  • $0 liability fraud protection
  • Biometric security
  • 256-bit SSL encryption
  • Multifactor authentication
  • Remote debit card locking by phone or through the app

5. Charles Schwab Bank

Charles Schwab Bank is known primarily for its investment divisions. But the bank achieved the highest ratings for customer satisfaction with checking accounts by J.D. Power. Most of the world’s secure banks offer a high level of customer service, which can put a customer’s mind at ease.

Schwab Bank has many of the features high earners look for in a bank, including the ability to easily transfer money from your Schwab One brokerage account to your fee-free checking account.

Schwab’s Mobile app and banking systems use the highest levels of data encryption, as you might expect. Set notifications regarding transactions and fraud alerts through the mobile app. Lock and unlock your debit card at will.

You can also set travel notices so that you don’t get a fraud alert in error if you’re making large purchases off your usual beaten path. The bank’s personalized service stands out, with 24/7 service via phone or chat, and branches nationwide.

Everyday security features

  • Card locking through the app
  • Travel notices
  • Contactless payments
  • EMV chip card
  • Data encryption

6. M&T Bank Corporation

With assets totaling more than $200 billion, M&T Bank may not be as large as Citi or Chase, but its high level of customer service and security puts it on the list of safest banks. M&T Bank has earned multiple awards for small business excellence, along with the highest ratings issued by the Federal Reserve Bank of NY for Community Reinvestment Act performance.

M&T’s mobile app allows you to receive instant alerts about purchases via email, text, or in the app. This way, you can keep track of fraud along with your own spending habits. The app offers fingerprint or facial recognition on supported devices for enhanced security. You can easily report a lost or stolen card in the app, or lock your card if you’ve misplaced it.

M&T delivers the same security that larger banks provide, with the personal touch of a community bank. With 700 branches across 15 states nationwide plus a network of 1,800 ATMs, M&T Bank might be a convenient and safe choice for your money.

Everyday security features

  • SSL encryption
  • Debit card locking
  • Multifactor authentication
  • Identity protection services available
  • 24/7 fraud protection

7. Wells Fargo

With $1.71 trillion in assets, Wells Fargo is currently the fourth-largest bank in the U.S. It offers savings and checking accounts, credit cards, loans, and more to personal and business customers.

The bank has more than 4,700 locations plus 12,000 ATMs in its network, making it convenient for customers across the U.S. The Wells Fargo mobile app makes online banking easy and secure, with access to your FICO score, fraud alerts, and multifactor authentication.

The website and app operate with SSL encryption. You can log in via face or fingerprint ID if you prefer. You can set alerts any time someone signs onto your account or whenever a purchase is made.

Furthermore, you can also connect a digital wallet to your account, which may be safer than using debit cards. If you think you lost your card, you can turn it off and turn it on again through the app if you find it.

Wells Fargo makes it easy to report fraud, unauthorized activity, or suspicious activity quickly and easily through the bank’s helpline, even if you are traveling outside the U.S.

Everyday security features

  • $0 fraud liability
  • ·Guarantee against unauthorized activity
  • SSL encryption
  • Low balance alerts
  • Card locking

8. PNC Bank

PNC Financial Services, owner of PNC Bank, has assets of $557 billion as of September 2023, making it one of the largest banks in the country. Like the other big banks, PNC is on the cutting edge of security and fraud prevention for its customers.

The bank offers a Virtual Wallet that provides three accounts for checking and savings, along with direct deposit capabilities, overdraft protection, and a “Low Cash Mode,” that alerts you when your balance drops below a specific amount.

PNC also offers traditional banking solutions at its 2,629 branches worldwide. Through the bank’s growing number of Solution Centers, as well as mobile branches in underserved communities, PNC combines the security and convenience of an online bank with a traditional bank.

Everyday security features

  • Virtual wallet
  • Debit card blocking
  • SSL encryption
  • Fraud alerts
  • $0 fraud liability

9. Capital One

Capital One sits in the country’s list of top 10 banks and, thanks to enhanced security measures, is considered one of the safest banks, too. The bank holds assets worth $391.81 billion.

Capital One’s credit cards consistently rank among the top for travel rewards, and their robust security and user-friendly app cater to both credit card holders and bank account customers. Additionally, the bank offers a high-yield savings account and free checking account with access to over 70,000 fee-free ATMs.

You can set alerts by text or email each time you use your card. The app uses multifactor authentication, and Capital One has $0 fraud liability for its bank accounts. You will not be held responsible for unauthorized activity. The bank issues EMV chip cards for added security at point-of-sale transactions.

Everyday security features

  • Card locking through the app or by phone
  • Account monitoring
  • SSL encryption
  • Multifactor authentication
  • Activity alerts
  • Credit monitoring

10. AgriBank

AgriBank made the Global Finance list of world’s safest banks, coming in at number 34. Part of the Farm Credit System, the bank has a net income of $576.1 million and $142.1 billion in total assets.

AgriBank has delivered reliable and consistent financial services to the agricultural industry for more than 100 years. As an agricultural credit bank, AgriBank is a wholesale only lender to farmers, ranchers, and rural businesses and homeowners. It pays dividends to its members.

It’s important to note that AgriBank serves only agricultural customers in 15 states in the southern and Midwest U.S., from Arkansas to Minnesota. AgriBank is not FDIC insured. But, it is backed by the Farm Credit System Insurance Corporation to protect its members.

Everyday security features

  • Ethics hotline through EthicsPoint
  • SSL secured website
  • Two-factor authentication
  • Data encryption
  • Backed by the FCSIC

11. CoBank

CoBank is the second FCS member on our list of safest banks. Like AgriBank, it is protected by the FCSIC and offers wholesale loans to rural customers in the agricultural, power, water, and telecommunications industries.

Serving customers in all 50 states, it is one of the largest private providers of credit to the U.S. rural economy, according to its website. Dedicated to preventing fraud, the financial institution has a podcast, Fraud Wise, that provides tips to help its rural customers prevent and detect fraud.

Customers can report fraud easily through phone or email. Because of its size and personalized service, CoBank is rated by Global Finance as one of the safe banks in the U.S.  

Everyday security features

  • Code of ethics
  • Fraud prevention
  • SSL data encryption
  • Guarantee for unauthorized transactions

12. AgFirst

AgFirst Farm Credit Bank is another member of the Farm Credit System that runs as a cooperative, where an account holder is considered a partner. AgFirst takes steps to maintain the safety and security of its members’ financial data and money. The organization operates in alignment with national cybersecurity standards and applies industry best practices to keep its systems and customers secure.

AgFirst offers loan servicing, loan origination, and many other services to the agricultural community. Headquartered in Columbia, SC, AgFirst has locations across the south and Midwest U.S.

Everyday security features

  • SSL encryption
  • Adheres to national cybersecurity standards
  • Personalized customer service
  • Backed by FCSIC
shaking hands

FDIC Insurance

Keeping your money in a bank or credit union is considered safe because your money is insured up by the FDIC or NCUA, respectively.

In the event of a bank failure, which occurred more than 100 times during the financial crisis that spanned 2008 to 2012, some of your money is still protected by the federal government. Money in all U.S. banks, including the nation’s five biggest banks, is FDIC insured up to $250,000, per person, per account.

Fortunately, bank failures are less common today. The Federal Deposit Insurance Corporation (FDIC) reported that the last time an FDIC insured bank failure occurred was October 2020. The FDIC paid out an estimated $18.3 million to bank customers.

Credit unions carry similar protection in the form of insurance through the National Credit Union Administration.

How to Choose a Safe Bank Account

You already know that if a bank fails, the federal government will protect a large portion of your funds through FDIC insurance. You can spread your money between multiple checking and savings accounts so that no account holds more than the maximum $250,000 that is FDIC insured.

When you’re looking for the safest bank to open a new bank account, you want to compare other factors, including the bank’s total assets, security measures, fraud liability policies, history, and more.

What We Mean By a Safe Bank

You can see from this list of safest banks in the U.S. that bank security doesn’t always depend on the bank’s size. You’ll find financial institutions ranging from smaller banks to the largest banks on this list.

Bank safety means that the bank uses state-of-the-art security measures to protect your money, including:

  • Data encryption for their own systems and for online banking
  • Secure online bill pay
  • Two-factor authentication (2FA)
  • Alerts for unauthorized transactions
  • Guarantee against unauthorized access
  • Card locking by app or phone
  • Direct deposit

We’ll look at these and other safety measures. Then, we’ll explore what makes some of the biggest banks in the U.S. the most secure and which others are following suit. Read on to find out: What is the safest bank in the U.S.?

Safety Measures Banks Use

Banks use a combination of training and state-of-the-art technology to keep account holder’s money secure. This includes training bank employees in security best practices and how to respond promptly to fraud alerts. It also includes bank policies, such as $0 fraud liability.

Finally, technology that includes SSL encryption and 2FA can also help to keep your bank account safe during online banking.

Banks vs. Credit Unions

In your search for the best bank, you might also consider a credit union. They often offer lower fees, higher interest rates, and more personalized service. The ability to build relationships with employees at your local branch might make them feel like a safer choice.

See also: Best Credit Unions Anyone Can Join

What makes credit unions safe?

The money in a credit union is insured by the National Credit Union Administration. Just as with FDIC insured bank accounts, funds in credit unions are insured for up to $250,000 per person, per account if the credit union fails.

Credit unions often offer local, more personalized service than a national bank, which makes them a desirable financial institution for some people. They often offer bank accounts with higher rates and loans with better terms.

The same technology and customer service used at banks also keeps your money safe in a credit union. Look for SSL encryption and 2FA, easy ways to report fraud, and a guarantee against unauthorized access to your account.

What makes the safest banks in the U.S. secure?

Various safety measures, along with FDIC insurance, safeguard your money against fraud and bank failures. Some of the factors that can enhance a bank’s security include its online banking security, the availability of EMV chip cards, $0 fraud liability, and the presence of two-factor authentication. Additionally, banks often have a customer support team that is available to answer any questions or concerns you may have.

What happens if a bank fails?

Bank failures happened with alarming frequency during the recession of 2008. Experian reports that there were 561 bank failures between 2001 and 2022, when the U.S. faced more than one financial crisis.

Fortunately, these banks were FDIC insured. When a bank failure occurs, the Federal Deposit Insurance Corporation sells the remainder of the bank’s assets to a more stable bank. Sometimes, the FDIC will cover the bank deposits itself.

Are online banks safe?

Online banks uphold the same level of safety and protection as traditional brick-and-mortar financial institutions. Many online banks also offer fee-free checking accounts and savings accounts with higher interest rates. If you choose an online bank, make sure it is FDIC insured.

What appears to be an online bank may not be a national FDIC insured bank, but another type of financial institution. If that’s the case, make sure it is backed by an FDIC insured national bank.

Learn more about online bank safety.

Dawn Allcot
Meet the author

Dawn Allot is a personal finance writer and content marketing expert specializing in finance, travel, real estate, and technology. In addition to her work at Crediful, Dawn regularly writes for Bankrate, GoBankingRates, and The Balance.