BANK DEPOSITS

9 Months Ended

Jun. 30, 2020

Bank deposits include savings and money market accounts, certificates of deposit with RJ Bank, Negotiable Order of Withdrawal (“NOW”) accounts and demand deposits. The following table presents a summary of bank deposits including the weighted-average rate, the calculation of which was based on the actual deposit balances at each respective period.


	June 30, 2020						September 30, 2019
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Savings and money market accounts	$	24,106	0.01	%	$	21,654	0.25	%
Certificates of deposit	1,088		1.98	%	605		2.33	%
NOW accounts	156		1.92	%	6		0.01	%
Demand deposits (non-interest-bearing)	22		—		16		—
Total	$	25,372	0.11	%	$	22,281	0.31	%

Total bank deposits in the preceding table exclude affiliate deposits of $185 million at June 30, 2020 and $163 million at September 30, 2019, all of which were held in a deposit account at RJ Bank on behalf of RJF.

Savings and money market accounts in the preceding table consist primarily of deposits that are cash balances swept from the client investment accounts maintained at Raymond James & Associates, Inc. (“RJ&A”) to RJ Bank. These balances are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”). The aggregate amount of individual time deposit account balances that exceeded the FDIC insurance limit at June 30, 2020 was approximately $47 million.

The following table sets forth the scheduled maturities of certificates of deposit.


	June 30, 2020						September 30, 2019
$ in millions	Denominations greater than or equal to $100,000		Denominations less than $100,000		Denominations greater than or equal to $100,000		Denominations less than $100,000
Three months or less	$	71	$	30	$	24	$	19
Over three through six months	55		73		26		21
Over six through twelve months	28		22		75		37
Over one through two years	36		198		32		36
Over two through three years	58		149		40		93
Over three through four years	56		156		66		47
Over four through five years	7		149		38		51
Total certificates of deposit	$	311	$	777	$	301	$	304

Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table.


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2020		2019		2020		2019
Savings, money market, and NOW accounts	$	2	$	29	$	20	$	96
Certificates of deposit	5		4		15		9
Total interest expense on deposits	$	7	$	33	$	35	$	105