Deposits

6 Months Ended

Jun. 30, 2021

Banking and Thrift, Other Disclosures [Abstract]

The following table summarizes total deposits at June 30, 2021 and December 31, 2020.


	June 30,		December 31,
	2021		2020
Deposits - interest bearing	$	21,121,810	$	22,664,899
Deposits - non-interest bearing	2,566		1,140
Total deposits	$	21,124,376	$	22,666,039

Our total deposits of $21.1 billion were comprised of $11.5 billion in brokered deposits and $9.6 billion in retail and other deposits at June 30, 2021, compared to total deposits of $22.7 billion, which were comprised of $11.9 billion in brokered deposits and $10.8 billion in retail and other deposits, at December 31, 2020.

Interest bearing deposits as of June 30, 2021 and December 31, 2020 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”), and retail and brokered certificates of deposit (“CDs”). Interest bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and additional deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.9 billion and $7.1 billion of our deposit total as of June 30, 2021 and December 31, 2020, respectively.

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 $4 million and $5 million in the three months ended June 30, 2021 and 2020, respectively, and placement fee expense of $8 million and $10 million in the six months ended June 30, 2021 and 2020, respectively. Fees paid to third-party brokers related to brokered CDs were $1 million and $1 million for the three months ended June 30, 2021 and 2020, respectively, and fees paid to third-party brokers related to brokered CDs were $1 million and $3 million for the six months ended June 30, 2021 and 2020, respectively.

Interest bearing deposits at June 30, 2021 and December 31, 2020 are summarized as follows:


	June 30, 2021				December 31, 2020
	Amount		Qtr.-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,910,755	0.67	%	$	10,159,657	0.83	%
Savings	958,052		0.42		907,976		0.55
Certificates of deposit	9,253,003		1.21		11,597,266		1.34
Deposits - interest bearing	$	21,121,810			$	22,664,899

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

As of June 30, 2021, and December 31, 2020, there were $587 million and $571 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $41 million and $50 million at June 30, 2021 and December 31, 2020, respectively.