Taylor Scott
Edward Jones is not a bank or FDIC-insured institution, but it has recently entered into a strategic partnership with U.S. Bank to serve its clients' banking needs. This alliance will allow Edward Jones financial advisors to offer co-branded U.S. Bank deposit and credit card products to their clients. Previously, Edward Jones had a similar partnership with Citi, which was disbanded during a reorganization.
| Characteristics | Values |
|---|---|
| Edward Jones' affiliation with U.S. Bank | Strategic partnership to serve Edward Jones' clients' banking needs |
| Type of partnership | Co-branded U.S. Bank deposit and credit card products |
| Availability | Available to Edward Jones' U.S. clients through its financial advisors |
| Number of Advisors | Over 19,000 financial advisors |
| Number of Clients | 8 million clients |
| Client Assets | $2 trillion in client assets under care across North America |
| Previous Affiliation | Citi Alliance (disbanded in 2023) |
| Edward Jones' Status | Not a bank or FDIC-insured institution |
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What You'll Learn
Edward Jones and U.S. Bank's strategic partnership
Edward Jones is an investment firm that serves around 8 million clients with $2 trillion in client assets under care across North America. It is not a bank or FDIC-insured institution. In 2020, Edward Jones sought to enter the banking space and pursued partnerships with banks to provide its clients with access to banking products.
U.S. Bank is a Minneapolis-based super-regional bank that has been in a card-issuing relationship with Edward Jones since 2012 through its Elan Financial Services division. In August 2024, U.S. Bank announced a strategic partnership with Edward Jones to serve the investment firm's clients' banking needs. Through this alliance, Edward Jones financial advisors will be able to introduce co-branded U.S. Bank deposit and credit card products to their clients. This expanded alliance will also feature new co-branded credit card products with enhanced rewards for consumer and small business clients.
The partnership between U.S. Bank and Edward Jones is a part of U.S. Bank's alliance strategy to extend its geographic reach and serve more clients. U.S. Bank has also entered into similar alliances with other companies, such as State Farm in 2020, to offer deposit and credit card products. These alliances allow U.S. Bank to meet consumers where they are and offer a simplified experience around core deposit products.
For Edward Jones, the partnership with U.S. Bank is an opportunity to provide its clients with comprehensive saving, spending, and borrowing capabilities. Through U.S. Bank's expanded alliance strategy, Edward Jones' clients will gain access to a range of banking products, including checking accounts and credit cards. This partnership is expected to begin in late 2025.
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U.S. Bank's expansion of alliance strategy
U.S. Bank has recently expanded its alliance strategy by partnering with Edward Jones to serve the investment company's clients' banking needs. The partnership, which will come into effect in late 2025, will see Edward Jones' 19,000 financial advisors offer co-branded U.S. Bank deposit and credit card products to their 8 million clients across North America.
This alliance is a significant step for U.S. Bank's expansion strategy, as it broadens its geographic reach and introduces its banking products to more potential customers. The bank has been focused on meeting consumers where they are and offering simplified experiences around core deposit products. This partnership is an extension of the relationship U.S. Bank has had with Edward Jones since 2012, when it began issuing the company's credit cards through its Elan division.
For Edward Jones, the partnership provides comprehensive saving, spending, and borrowing capabilities, allowing them to better serve their clients' financial goals. This collaboration comes after Edward Jones' previous partnership with Citi, which was disbanded during the latter's reorganization in 2023.
U.S. Bank has also recently launched other alliances, such as its partnership with Greenlight to provide complimentary access to the Greenlight debit card and money app for families with kids and teens. Additionally, in 2020, U.S. Bank entered into an alliance with State Farm to offer deposit and credit card products to consumers and small businesses.
These strategic partnerships demonstrate U.S. Bank's commitment to expanding its reach and providing accessible and simplified banking solutions to a wider range of customers.
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Edward Jones' previous affiliation with Citi
Edward Jones is an investment firm that serves about 8 million clients and sought to enter the banking space in 2020. In August 2023, Edward Jones announced a partnership with Citi, which was expected to offer checking and savings services to its clients. However, in September 2023, Citi underwent a reorganization and decided to disband the program. As a result, Edward Jones' partnership with Citi was discontinued, and the firm began seeking other partnerships to bring market-leading banking capabilities to its clients.
Citi's decision to disband the program was part of a wider reorganization strategy led by Andy Sieg, Citi's new head of wealth, who joined in September 2023. Sieg's focus was on core clients, businesses, and products, which led to the bank's decision to cut costs and boost profits.
Following the dissolution of the partnership with Citi, Edward Jones entered into a strategic partnership with U.S. Bank in October 2024. This partnership aimed to serve Edward Jones' clients' banking needs with U.S. Bank deposit and credit card solutions. The launch of these co-branded products is planned for late 2025.
Prior to the Citi partnership, U.S. Bank had an existing relationship with Edward Jones through its Elan division since 2012, issuing the company's credit cards. This new expanded alliance will further enhance the relationship between Edward Jones and U.S. Bank, providing Edward Jones' clients with access to U.S. Bank's products and services.
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U.S. Bank's relationship with Edward Jones since 2012
U.S. Bank and Edward Jones have had a relationship since 2012, with the former issuing Edward Jones' credit cards through its Elan Financial Services division. This card-issuing relationship has continued through to the present, with U.S. Bank and Edward Jones expanding their alliance in 2024 to feature new co-branded credit card products with enhanced rewards for consumer and small business clients.
Prior to its partnership with U.S. Bank, Edward Jones had a short-lived arrangement with Citi, which began in August 2023 and was disbanded within months during Citi's reorganization. Edward Jones had intended to offer checking and savings services through its partnership with Citi.
The expanded alliance between U.S. Bank and Edward Jones, announced in August 2024, will allow Edward Jones' financial advisors to introduce co-branded U.S. Bank deposit and credit card products to their U.S. clients. This will include expanded banking products powered by U.S. Bank, such as checking accounts, which will be made available to Edward Jones' clients through the firm's financial advisors.
The launch of these new co-branded products is expected to begin in late 2025, serving Edward Jones' 8 million clients with $2 trillion in client assets under care across North America. Through this expanded alliance, U.S. Bank and Edward Jones aim to improve the financial lives of their clients by helping them achieve their financial goals with simple and easy-to-use banking solutions.
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Edward Jones' attempt to obtain its own charter
Edward Jones is an investment company that has been seeking to expand its investment products to attract higher-end clients. In April 2025, the firm submitted an application to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions to establish Edward Jones Bank. This was the firm's second attempt to obtain a bank charter, having first applied for the same license in 2020 before withdrawing the application in 2022.
David Chubak, Edward Jones’ head of branch development and U.S. business, stated that a banking charter would "simplify our clients' financial lives and reflects our firm's focus on meeting their evolving needs." The charter would allow Edward Jones to offer an expanded range of products, including certificates of deposit, margin loans, credit cards, and several cash management options.
Alison Carnie, principal and head of the banking business unit at Edward Jones, emphasized that an affiliated bank would enable the firm to better meet the increasingly complex financial needs of its clients and help them achieve their long-term financial goals. She added that the offerings would "complement" Edward Jones' co-branded checking accounts and credit cards offered through its partnership with U.S. Bank.
The establishment of Edward Jones Bank would mark the firm's first attempt at establishing its own de novo bank. If approved, the bank will be headquartered in Salt Lake City, Utah, and veteran banker Andrea Moss, CEO of Nelnet Bank, will serve as its CEO.
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Frequently asked questions
Edward Jones has been affiliated with U.S. Bank since 2012, when the bank began issuing Edward Jones credit cards through its Elan Financial Services division.
The two companies have a strategic partnership to serve Edward Jones’ clients' banking needs with U.S. Bank deposit and credit card solutions.
The alliance aims to improve the financial lives of clients by helping them save, spend, invest and borrow in a coordinated way to achieve their financial goals.
Edward Jones previously attempted to enter the banking space on its own in 2020, pursuing an industrial loan company charter. In 2022, it partnered with Citi Alliance, but the bank disbanded the program during its reorganization in 2023.
