Deposits

The following table summarizes total deposits at September 30, 2017 and December 31, 2016.



	September 30,		December 31,
	2017		2016
Deposits - interest bearing	$	15,033,524	$	13,434,990
Deposits - non-interest bearing	528		677
Total deposits	$	15,034,052	$	13,435,667

Interest bearing deposits as of September 30, 2017 and December 31, 2016 consisted of retail non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”) and brokered and retail certificates of deposit (“CDs”). Interest bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and add deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $5.5 billion of our deposit total as of September 30, 2017.

Some of our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $2.5 million and $2.6 million in the three months ended September 30, 2017 and 2016, respectively, and placement fee expense of $6.8 million and $7.8 million in the nine months ended September 30, 2017 and 2016, respectively. Fees paid to third-party brokers related to brokered CDs were $4.4 million and $1.1 million for the three months ended September 30, 2017 and 2016, respectively, and fees paid to third-party brokers related to brokered CDs were $9.7 million and $4.0 million for the nine months ended September 30, 2017 and 2016, respectively.

Interest bearing deposits at September 30, 2017 and December 31, 2016 are summarized as follows:



	September 30, 2017				December 31, 2016
	Amount		Qtr.-End Weighted Average Stated Rate⁽¹⁾		Amount		Year-End Weighted Average Stated Rate⁽¹⁾

Money market	$	7,656,169	1.72	%	$	7,129,404	1.22	%
Savings	824,308		1.09		834,521		0.84
Certificates of deposit	6,553,047		1.83		5,471,065		1.41
Deposits - interest bearing	$	15,033,524			$	13,434,990

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⁽¹⁾ Includes the effect of interest rate swaps in effective hedge relationships.

As of September 30, 2017 and December 31, 2016, there were $422.4 million and $304.5 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $28.2 million and $18.9 million at September 30, 2017 and December 31, 2016, respectively.