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Deposits

12 Months Ended

Dec. 31, 2019

NOTE 12—DEPOSITS

The following table presents the significant components of deposits (dollars in millions):



	December 31,
	2019		2018
Sweep deposits:
Brokerage sweep deposits	$	27,949	$	39,322
Bank sweep deposits⁽¹⁾	6,355		—
Savings deposits⁽²⁾	2,592		4,133
Other deposits⁽³⁾	1,710		1,858
Total deposits	$	38,606	$	45,313


(1)	Beginning November 2019, bank sweep deposits include Premium Savings Accounts participating in the newly established bank sweep deposit account program.


(2)	Savings deposits include $1.0 billion and $2.0 billion of deposits at December 31, 2019, and 2018, respectively, in our Premium Savings Account product.


(3)	Includes checking deposits, money market deposits and certificates of deposit. As of December 31, 2019 and 2018, the Company had $197 million and $193 million in non-interest bearing deposits, respectively.

The decrease in deposits during the year ended December 31, 2019 was primarily driven by the balance sheet repositioning during the second quarter 2019, partially offset by growth in our Premium Savings Account product. The bank sweep deposit program, which launched in November 2019, provides the Company with the ability to transfer amounts held on deposit in E*TRADE Bank Premium Savings Accounts to an FDIC-insured account at one or more participating banks if desired. As the bank sweep deposit program was established to allow for reciprocal deposits, E*TRADE Bank may also accept deposits from customers of the participating third-party banks. Bank sweep deposits included $1.0 billion of reciprocal deposits received from third-party banks at December 31, 2019. See Note 6—Available-for-Sale and Held-to-Maturity Securities for additional information.