John Stumpf, chief executive officer of Wells Fargo & Co, who spoke on his own call with analysts after his bank posted results on Tuesday, said Wells Fargo will have an easier time keeping depositors.
"We've modeled this," Stumpf said. "One of the great undervalued parts of our business today is the quality of our deposit franchise and you'll see that in the backup" of interest rates.
Dimon said JPMorgan Chase has been going through "intensive analysis" to estimate how much more rivals would have to offer to woo away customers. While few people may switch when the Federal Reserve first lifts overnight rates by one-quarter of a percentage point, many more will change after the third such hike, Dimon said.
When interest rates rise closer to historical levels, having to pay more for deposits is a key reason JPMorgan expects its profit margin on loans, known as "net interest margin," to widen to about 2.7 percent instead of a full 3 percent. Its net interest margin was 2.09 percent in the second-quarter, down from 2.19 percent a year earlier, the bank said.
Some banks have quietly tested the market by selectively offering higher rates to see how many deposits they attract, according to a report by analyst Ken Usdin of Jefferies.
A JPMorgan spokeswoman declined to say if the bank has made such offers.