Please Stop Banking at JPMorgan (Literally Bank Anywhere Else, I Am So Serious)

If there’s one lesson we should’ve taken from the Great Recession, it’s this: we should probably stop banking at JPMorgan. No, this has nothing to do with whether it’s “woke,” or its customer service, or its app. I’m not even actually really mad at JPMorgan — I’m mad at everybody who continues to bank with them.

I’ll explain: We should’ve learned a lot from the Great Recession. But arguably, the biggest takeaway might be that everyday people continue to support the same financial institutions — often with mediocre services — that scored huge bailouts after helping create the very crisis that caused millions of Americans to suffer.

Call it the power of a brand. But really, nearly two decades after the GFC, I think we can call it what it really is: a wake-up call.

Banks, man: I’m not really mad at JPMorgan Chase. They’re just in the enviable position of being extremely successful. Deposits have doubled in the last 10 years, and it’s now the largest bank in the US, surpassing Bank of America in 2021. But trust me — you do not need to bank at JPMorgan Chase (or any other big bank, for that matter). They are big enough. And for all the reasons you might give to excuse staying with your megabank, consider: what is it you really get (at all)?

• “Well, it’s convenient!” How? Because they have ‘everything in one place’ and ‘an app’ they told you about in a TV ad? 0.01% interest on deposits? Sure — but plenty of banks offer that, just without the fees.
• “But I get perks!” Great if you qualify for Private Bank freebies, but, respectfully, similar perks exist in plenty of other high-net-worth departments.
• “I need a branch!” How many times have you visited a bank branch in the last 12 months, really? If you love paying a megacorp’s commercial lease with the interest you don’t get and the fees you do pay, go for it.

What Can You Do About It?

Yes, I’m saying Chase — but really, this is about all the big banks: Bank of America, Wells Fargo, Citibank. They offer convenience, or perks, sure, but there are tons of alternatives — often better ones.

• If you don’t want to sacrifice the benefits of a big bank, consider smaller ‘big banks’ like Capital One or Citizens — they’re paying 3.5% and 3.7% on savings, with many great features (including branches).
• If you’re comfortable with smaller but online-first banks, you could check out neobanks like SoFi or Ally, which are paying 3.8% and 3.5% on savings right now.
• And if you’re up for a real adventure, do your research on local credit unions or banks in your area, which could offer even better service and interest.

TL;DR: You can bank anywhere else — or not! But if I were you, I’d at least consider it. There are ample options, including ones that could help you make or save more money, with many of the same great benefits you know from your current go-to. Maybe give it a go? Worst case, you can always try another.