When choosing a bank, you’ll want to find one best suited to your financial needs. Not only will you need to consider what type of account you want to open, whether it be a CD, high-yield savings account, or money market account, and whether or not your money will be safe. Choosing one of the most well-trusted banks is likely to be high on your list of criteria to help guide your decision.
For the past 10 years, Lifestory has undertaken a large-scale survey of consumers in the United States with the goal to identify the brands that people trust the most per industry sector. For the 2022 America's Most Trusted® Bank Study, 17,614 people took part in the study, evaluating banks throughout the course of the year. Trust is measured by the Lifestory Research Net Trust Quotient, which is determined by consumer answers to several questions about their impression of each bank, including how trustworthy they believed it to be. An index score of 100 is average for bank brands.
For the third consecutive year, Chase was the overall most trusted bank in the study. However, Chase didn't feature in Kiplinger's most recent ranking of best national banks, which takes into account a number of criteria (as well as the trustworthiness of an institution). It will be interesting to see if it features in Kiplinger's Reader's Choice Awards, the results of which will be announced in the summer. Kiplinger's review had TD Bank as the winner. TD Bank did feature in Lifestory's study, coming in as a very respectable fifth-most-trusted bank.
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Here is the full list of rankings for the most trusted banks in 2022, per the Lifestory Research 2022 America's Most Trusted® Bank Study.
Most Trusted Banks
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Bank | Trust Rating |
---|
Chase | 101.3 | ***** |
Capital One | 95.5 | *** |
Citibank | 91.0 | *** |
PNC Bank | 89.5 | *** |
TD Bank | 88.3 | *** |
Bank of America | 88.2 | *** |
Barclay's | 86.9 | ** |
Ally Bank | 86.1 | ** |
Citizens Bank | 83.3 | ** |
Bank of the West | 82.1 | ** |
US Bank | 81.1 | ** |
Truist | 79.3 | ** |
Union Bank | 77.3 | ** |
Wells Fargo | 76.1 | ** |
HSBC | 73.4 | ** |
Star Legend for Lifestory Research 2022 America's Most Trusted Study
5 stars (most trusted) - 2 stars (least trusted)
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How to keep your money safe
When placing your money in a savings account, regardless of the type, you’ll want to make sure your cash is federally protected. Before opening a bank account, whether it's a CD, high-yield savings account, or money market account, make sure it is insured by the Federal Deposit Insurance Corp., and if opening an account with a credit union, check to see if it is NCUA insured. This will insure your money is protected, up to a certain amount, in the case your bank goes under.
FDIC insurance covers up to $250,000 in individual deposit accounts and up to $250,000 for each person’s share of joint accounts. NCUA insurance covers up to $250,000 per credit union member (whether in an individual or a joint account).
Related Content
FAQs
JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.
Which banks are currently at risk? ›
The banks of greatest concern are Flagstar Bank and Zion Bancorporation, according to the screener. Flagstar Bank reported $113 billion in assets with a total CRE of $51 billion. The bank, however, only had $9.3 billion in total equity, making its total CRE exposure 553% of its total equity.
Should I take my money out of the bank in 2024? ›
Is My Money Safe in the Bank: FDIC Insurance Coverage? The Federal Deposit Insurance Corporation (FDIC) is a government agency that provides insurance coverage to depositors in case of bank failures. FDIC insurance coverage guarantees up to $250,000 per depositor, per insured bank, for each account ownership category.
Which is the safest bank in the world? ›
World's 50 Safest Banks|2023
- OP Corporate Bank. ...
- Kiwibank. -
- Agence France Locale. ...
- BNP Paribas. ...
- Crédit Agricole. -
- UBS. ...
- Banque Fédérative du Crédit. -
- HSBC. -
What bank gets hacked the least? ›
The top 10 safest banks in the U.S.
Bank | The Ascent's Rating | FDIC Insured? |
---|
Western Alliance Bank | 4.25 | Yes |
SoFi® | 4.00 | Yes |
Wells Fargo | 4.00 | Yes |
Axos Bank | 3.50 | Yes |
6 more rowsAug 21, 2024
What bank has the worst ratings? ›
The Worst-Rated Banks
- Wells Fargo.
- Chase Bank.
- US Bank.
- Citibank.
- Ally.
- PNC Bank.
- TD Bank.
- Fifth Third Bank.
Which banks are collapsing in 2024? ›
There has only been one bank failure so far in 2024. Republic First Bank (Philadelphia), which did business as Republic Bank, failed April 26. That was the first Federal Deposit Insurance Corp. (FDIC) bank to fail since Citizens Bank of Sac City, Iowa failed in November 2023.
Which banks in America are in trouble? ›
Failed Bank List
Bank Name | City | Aquiring Institution |
---|
Heartland Tri-State Bank | Elkhart | Dream First Bank, N.A. |
First Republic Bank | San Francisco | JPMorgan Chase Bank, N.A. |
Signature Bank | New York | Flagstar Bank, N.A. |
Silicon Valley Bank | Santa Clara | First Citizens Bank & Trust Company |
6 more rowsApr 26, 2024
Which three banks are failing? ›
The collapses of Silicon Valley Bank and Signature Bank in March 2023—then the second- and third-largest bank failures in U.S. history—took consumers by surprise. Subsequently, three more banks failed in 2023: First Republic Bank in May, Heartland Tri-State Bank in July and Citizens Bank of Sac City in November.
What happens to your money in the bank when the market crashes? ›
Your money is safe in a bank, even during an economic decline like a recession. Up to $250,000 per depositor, per account ownership category, is protected by the FDIC or NCUA at a federally insured financial institution.
As long as you do business with an FDIC-insured institution and keep less than $250,000 per account ownership category, your funds will be safe if your bank fails. However, you might face some minor inconveniences, such as waiting for a new debit card or updating your automatic payments.
Why do banks ask why you are withdrawing money? ›
This is in place because financial institutions want to protect you and your money to keep you safe from scams, fraud and financial crime. These questions can feel intrusive, but they are there to safeguard you and your money.
Which bank is least likely to go bust? ›
JPMorgan Chase (JPM)
The inclusion of JPMorgan Chase (NYSE:JPM) as one of the bank stocks least likely to fail shouldn't surprise anyone.
What is the least secure bank in the US? ›
Bank of America has the most complaints of any bank in the U.S., and also has more one-star reviews on consumer review websites. Customers consider it one of the banks with worst security and report poor customer service, long wait times, excessive fees, and the bank holding their money for no reason.
Are credit unions safer than banks? ›
One question that often arises is, "Are Credit Unions Safer than Banks?" If you're looking for a short answer, you'll be happy to know that we're not making you read the whole post: Credit Unions and banks are roughly identical in safety because deposits at both are insured by the Federal government to $250,000.
Which is the safest bank to bank with? ›
Safest Banks in the U.S.
- CITIBANK. ...
- WELLS FARGO. ...
- CAPITAL ONE. ...
- M&T BANK CORPORATION. ...
- AGRIBANK. ...
- COBANK. ...
- AGFIRST. ...
- FARM CREDIT BANK OF TEXAS. Farm Credit Bank of Texas is the fourth member of the U.S. Farm Credit System, providing wholesale lending and business services in states like Texas, Alabama, and New Mexico.
Which bank is more trusted? ›
1. State Bank of India (SBI)
What is the number 1 bank in us? ›
Which is the most trusted private bank? ›
Let's now take a closer look at the top 10 private banks in India.
- HDFC Bank.
- ICICI Bank.
- Axis Bank.
- Kotak Mahindra Bank.
- IDBI Bank.
- Yes Bank.
- Federal Bank.
- IndusInd Bank.