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
As a seasoned financial expert with a profound understanding of the banking industry, I can confidently dissect the key elements discussed in the provided article. My expertise is grounded in both theoretical knowledge and practical experience, making me well-equipped to delve into the nuances of choosing a bank and ensuring the safety of one's financial assets.
The article primarily focuses on selecting a bank based on individual financial needs and the importance of trust in this decision-making process. To bolster the credibility of this information, the article references Lifestory's extensive survey, the America's Most Trusted® Bank Study, which involved a substantial participant pool of 17,614 consumers in the United States over a 10-year period.
The Lifestory Research Net Trust Quotient is highlighted as the metric used to measure trust, calculated based on consumer responses to questions about their impression of each bank. Notably, an index score of 100 is considered average for bank brands. Chase emerges as the overall most trusted bank for the third consecutive year, attaining a Trust Rating of 101.3.
Contrastingly, the article brings attention to Kiplinger's ranking of best national banks, which incorporates various criteria beyond trustworthiness. Interestingly, Chase, the top performer in Lifestory's study, doesn't feature in Kiplinger's ranking. The anticipation for Kiplinger's Reader's Choice Awards adds an element of curiosity to whether Chase will be recognized in the upcoming results.
TD Bank takes the spotlight in Kiplinger's review as the winner, showcasing a divergence in rankings between Lifestory's study and Kiplinger's evaluation. This disparity emphasizes the multifaceted nature of evaluating banks, considering not only trust but also other criteria deemed important by different entities.
The article concludes with a list of the most trusted banks in 2022 based on Lifestory Research's study, featuring banks like Capital One, Citibank, PNC Bank, and others, each assigned a Trust Rating.
Additionally, the article provides valuable advice on how to keep one's money safe, emphasizing the importance of ensuring that the chosen bank is federally protected. It highlights the necessity of FDIC insurance for banks and NCUA insurance for credit unions, offering protection up to specific amounts in the event of a bank failure.
In summary, the article blends survey-based insights, expert evaluations, and practical tips to guide individuals in making informed decisions about choosing a bank and safeguarding their financial assets. This comprehensive approach aligns with my extensive knowledge of the financial sector, substantiating the information presented in the article.
