There are a total of 4,923 banks that are federally insured in the United States, which is an absurdly large number when you think about it. But despite this level of fragmentation, there are a handful of banks that constitute the majority of assets and deposits in the country. In particular, for companies and individuals living in the United States, domestic deposits is a very important metric as banks continue to be primary safeguard of both individuals and businesses’ hard earned funds. Given that, we wanted to shed some light on the 15 banks in the United States that have the largest domestic deposit bases. Amazingly, these banks combined represented 54% of the total domestic deposits held in federally insured banks in the country. To help contextualize things a bit, these 15 banks had a total of $9.5 trillion dollars of deposits as of September 2021 – this represents almost 50% of the United States’ gross domestic product!
The chart below summarizes the domestic deposit bases of the 15 largest banks in the U.S. and further below we discuss each of the banks.
JPMorgan Chase
JPMorgan has a 12% share of domestic deposits held by federally insured banks in the United States. The bank’s overall base of deposits was $2.5 trillion thanks to a sizeable international footprint. 36% of the bank’s domestic deposits were insured by the FDIC – keep in mind that this figure gets impacted by the number of qualifying deposits ($250,000 threshold). In addition, 75% of the bank’s domestic deposit base was derived from non-transactional accounts such as checking accounts. JPMorgan Chase holds the #1 market share of deposits in Arizona, Illinois, Indiana, Michigan, and in New York, where it has a 34% share of the market. JPMorgan Chase is by a wide margin the largest of the banks in Manhattan.
Bank of America
Bank of America has an 11% share of domestic deposits and has total deposits of $2 trillion as it is mostly a domestic operator. 38% of the bank’s domestic deposits were insured by the FDIC and 80% of the bank’s domestic deposit base was derived from non-transactional accounts which are the stickiest portions of the deposit base. The bank holds the #1 market share of deposits in the following states: California, Connecticut, Florida, Kansas, Maryland, Missouri, New Jersey, North Carolina (where it has a staggering 41% share) and Washington.
Wells Fargo
Wells Fargo has an 8% share of domestic deposits and has total deposits of $1.5 trillion and is predominantly a domestic bank. 52% of the bank’s domestic deposits were insured by the FDIC and only 33% of the bank’s domestic deposit base was derived from non-transactional accounts. The bank holds the #1 market share of deposits in the following geographies: Alaska, Colorado, Idaho, Iowa, Nevada, New Mexico and South Carolina.
Citibank
Citibank has a 4% share of domestic deposits and has total deposits of $1.4 trillion with approximately 50% of its deposit base stemming from its international operations. 20% of the banks domestic deposits are insured by the FDIC and 43% of the bank’s domestic deposit base is derived from non-transactional accounts. The bank does not have significant share of deposits in any of the states.
U.S. Bank
U.S. Bank has a 2% share of domestic deposits and has total deposits of $450 billion, the vast majority of which was derived from its domestic operations. 46% of the bank’s domestic deposits were insured by the FDIC and 86% of the bank’s domestic deposit base was derived from non-transactional accounts which as noted earlier are the least volatile portions of the deposit base. The bank holds the #1 market share of deposits in Minnesota (28% market share), Ohio, Oregon and Wisconsin.
Truist Bank
Truist Bank has a 2% share of domestic deposits and operates purely domestically. Its total deposits as of this writing stands at $420 billion and 54% of the domestic deposit base is insured by the FDIC. 39% of the bank’s deposit base is derived from non-transactional accounts. The bank holds the #1 market share of deposits in Georgia where it has 22% share and in West Virginia, where it has a 16% share of the market.
PNC Bank
PNC Bank has an 2% share of domestic deposits and is effectively an entirely domestic bank as domestic deposits comprise 98% of its $381 billion deposit base. 56% of the banks domestic deposits were insured by the FDIC and 78% of the bank’s domestic deposit base was derived from non-transactional accounts. The bank holds the #1 market share of deposits in Kentucky (10% share) and Pennsylvania (24% share).
TD Bank
TD Bank has a 2% share of domestic deposits and has total deposits of $359 billion. The Canadian bank’s figures represent only its U.S. subsidiary. 68% of the bank’s domestic deposits are insured by the FDIC and 87% of the bank’s domestic deposit base is derived from non-transactional accounts, which is impressive given that non-transactional accounts are typically less volatile. The bank holds the #1 market share of deposits in two states: Maine where it has a 14% share and New Hampshire, where it has a 24% share of deposits within the state.
Charles Schwab
Few realize that the brokerage giant is actually one of the biggest banks in the world. Charles Schwab has a 2% share of deposits in the United States, and its bank only operates domestically. So all of its deposits of $349 billion are held domestically. 69% of the bank’s deposits are insured by the FDIC and 87% of the bank’s domestic deposit base is derived from non-transactional accounts. The bank does not hold a #1 market share position in any state but is the fourth largest bank in terms of deposits in the state of Nevada, where it has a 9% share.
Visualization of Relative Share of the 15 Most Important Banks
Capital One
Capital One has a 2% share of domestic deposits and its bank only operates domestically. 71% of the bank’s deposits were insured by the FDIC and 73% was derived from non-transactional accounts. The bank holds the #1 market share position in two states: Delaware, where it has a 36% share of deposits and Louisiana, where it has an 18% share of deposits.
Goldman Sachs
The historically institutional and investment bank expanded into serving consumers in 2016 with the launch of Marcus. Today, Goldman Sachs has a 2% share of domestic deposits which represent 99% of its outstanding deposit base of $272 billion. 55% of the bank’s domestic deposits were insured by the FDIC and 57% of the bank’s domestic deposit base was derived from non-transactional accounts. The bank holds the #2 market share position in the state of New York with a 9% share of deposits within the state.
Bank of New York Mellon
Bank of New York Mellon has a 1% share of domestic deposits in the United States, which represents approximately two thirds of its deposit base of $342 billion. Only 5% of the bank’s domestic deposits are insured by the FDIC and 14% of the bank’s domestic deposit base was derived from non-transactional accounts. The bank does not hold the #1 market share in any market but is the third largest bank in terms of share of deposits in New York (7% share) and Pennsylvania (6% share).
State Street Bank
State Street Bank has a 1% share of domestic deposits and has total deposits of $265 billion – two thirds of its deposit base is derived domestically. 6% of the bank’s domestic deposits are insured by the FDIC and 4% of the bank’s domestic deposit base was derived from non-transactional accounts. The bank holds the #1 market share of deposits in Massachusetts with a total market share of 31%.
Fifth Third Bank
Fifth Third Bank has a 1% share of domestic deposits which comprise the entirety of its deposit base of $172 billion. 43% of the bank’s domestic deposits are insured by the FDIC and 32% of the bank’s domestic deposit base is derived from non-transactional accounts. The bank does not hold the #1 market share in any market but is the third largest bank in terms of share of deposits in Indiana (7% share), Kentucky (8% share) and Ohio (14% share).
Silicon Valley Bank (SVB)
Silicon Valley Bank has a 1% share of domestic deposits and domestic deposits represent 92% of its $172 billion deposit base. Only 3% of the bank’s domestic deposits were insured by the FDIC and 96% of the bank’s domestic deposit base was derived from non-transactional accounts. The bank does not hold the #1 market share in any market, but unsurprisingly (given its focus on Silicon Valley) has its most significant market position in California. In the state of California the bank has a 6% share of deposits and is the 4th largest bank.