US Common Bank Accounts

Checking Account

Checking accounts are one of the most common bank accounts in the United States, mainly used for daily consumption, paying bills and managing personal funds.

Checking accounts provide convenient access and deposit functions, usually with a checkbook and debit card, and account holders can manage funds through bank branches, online banking, mobile banking or ATMs.

There is no limit on the number of transfers in a checking account, which is convenient for daily payments, but it is generally not recommended to use it for card consumption. It is worth noting that the interest rate of most checking accounts is close to zero, and various fees may be charged.

Savings Account

Savings accounts are a safe way to store funds, mainly used to store infrequently used funds and earn interest. They are actually a current savings account rather than a regular savings account. It provides customers with a simple and flexible fund management tool, while enjoying the protection of the Federal Deposit Insurance Corporation (FDIC). It is an important part of personal and family financial management.

Although many banks will bundle savings accounts with checking accounts, it is not necessary to open a savings account. The annual percentage rate (APY) of savings accounts of various banks varies greatly. It is recommended to choose a high-interest savings account to get a better return.

Money Market Account (MMA)

A money market account is a financial product that combines the characteristics of a savings account and a checking account. It can provide relatively high interest income and allow limited withdrawal and payment of funds. It is suitable for depositors who want to obtain higher returns and maintain liquidity.

Money market accounts enjoy insurance protection from the Federal Deposit Insurance Corporation (FDIC), which can ensure the safety of funds and usually require a higher minimum balance.

Certificates of Deposits (CD)

A CD account is a common savings tool. It is similar to a domestic time deposit account, providing a fixed interest rate investment income, and the funds cannot be withdrawn within the specified period. This type of account is suitable for depositors who want to obtain stable interest income without taking the risk of market fluctuations. It offers higher interest rates than ordinary savings accounts, but has lower liquidity and early withdrawals usually result in penalties.

Brokerage Account

Bank investment accounts in the United States provide customers with a variety of investment options to help depositors increase their wealth. Unlike traditional savings accounts or CD accounts, investment accounts usually involve higher risks and returns and are suitable for customers who want to get higher returns through investment.

Through investment accounts, customers can buy and sell financial products such as stocks, bonds, mutual funds, exchange-traded funds (ETFs), etc. Most large banks in the United States provide brokerage services, usually in cooperation with their affiliated investment companies, but are not protected by FDIC insurance.

• Full-service investment accounts: Provide comprehensive financial advice and investment services, usually with investment advisors to help customers develop investment strategies. This type of account has higher fees and is suitable for customers who need professional guidance.
• Self-service investment accounts: Customers can operate their accounts and make investment decisions by themselves, without the participation of advisors, with lower fees, suitable for customers with certain investment experience.

US Top4 Banks

The U.S. banking industry is one of the largest financial systems in the world, consisting of various types of financial institutions, covering a variety of business models such as commercial banks, savings banks, investment banks, credit unions, and online banks. According to the latest statistics, there are more than 80 large and medium-sized banks in the United States with assets of more than US$10 billion.

Among them, according to asset size and market value, the four largest banks in the United States are JPMorgan Chase, Bank of America, Wells Fargo and Citigroup.

JPMorgan Chase Bank

In December 2000, J.P. Morgan and Chase-Manhattan merged to form JPMorgan Chase Bank, headquartered in New York, USA. It ranked 47th in the Fortune Global 500 in 2018, with revenue of US$113.899 billion and net profit of US$24.441 billion.

JPMorgan Chase Bank is one of the largest financial services institutions in the United States and a leading commercial bank in the world. As a subsidiary of JPMorgan Chase & Co., the bank provides a wide range of banking services and financial products to individual, corporate and institutional customers.

JPMorgan Chase Bank has a large branch network in the United States, covering 50 states, serving more than tens of millions of individual and corporate customers. At the same time, it also provides a wide range of financial services and investment management services worldwide.

Bank of America (BofA)

Founded in 1968 and headquartered in San Francisco, Bank of America is one of the largest financial institutions in the United States, providing a wide range of banking and financial services to individual, corporate and institutional customers. In 2018, it ranked 60th in the Fortune Global 500, with revenue of US$100.264 billion and net profit of US$18.232 billion.

Wells Fargo

Founded in 1852 and headquartered in San Francisco, Wells Fargo ranked 62nd in the Fortune Global 500 in 2018, with revenue of US$977.41 and net profit of US$22.183 billion.

Originally, Wells Fargo was known for providing banking and express delivery services to Western pioneers. Today, Wells Fargo has grown into one of the world's leading financial services companies. Wells Fargo's total assets rank among the top in the world, and it has more than 7,000 branches and more than 13,000 ATMs in 35 countries and regions around the world.

Citibank

Founded in 1812, Citibank was originally named City Bank of New York and later developed into today's global bank. In 1955, Citibank of New York and First Bank of New York merged to form Citigroup, headquartered in New York.

Citibank is affiliated to Citigroup, one of the world's largest financial services groups, with operations in more than 160 countries and regions. As a global banking giant, Citibank not only has a large number of branches in the United States, but also serves millions of customers around the world through its international business network. In 2018, it ranked 76th in the Fortune Global 500, with revenue of US$879.66 and a net profit of negative US$18.38 billion.