BANK DEPOSITS

12 Months Ended

Sep. 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, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates were based on the actual deposit balances and rates at each respective period end.


	September 30,
	2020				2019
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Savings and money market accounts	$	25,604	0.01	%	$	21,654	0.25	%
Certificates of deposit	1,017		1.94	%	605		2.33	%
NOW accounts	156		1.92	%	6		0.01	%
Demand deposits (non-interest-bearing)	24		—		16		—
Total bank deposits	$	26,801	0.09	%	$	22,281	0.31	%

Total bank deposits in the preceding table exclude affiliate deposits of $185 million and $163 million at September 30, 2020 and 2019, respectively, all of which were held in a deposit account at RJ Bank on behalf of RJF. See Note 25 for additional information.

Savings and money market accounts in the preceding table consist primarily of deposits that are cash balances swept to RJ Bank from the client investment accounts maintained at RJ&A. These balances are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the RJBDP. The aggregate amount of individual time deposit account balances that exceeded the FDIC insurance limit at September 30, 2020 was $23 million.

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


	September 30,
	2020				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	$	59	$	76	$	24	$	19
Over three through six months	26		18		26		21
Over six through twelve months	19		26		75		37
Over one through two years	43		206		32		36
Over two through three years	67		170		40		93
Over three through four years	37		165		66		47
Over four through five years	7		98		38		51
Total certificates of deposit	$	258	$	759	$	301	$	304

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


	Year ended September 30,
$ in millions	2020		2019		2018
Savings, money market, and NOW accounts	$	21	$	120	$	60
Certificates of deposit	20		12		6
Total interest expense on deposits	$	41	$	132	$	66