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BANK DEPOSITS
 3 Months Ended
Dec. 31, 2020
Deposits [Abstract]  
BANK DEPOSITS BANK DEPOSITS
Bank deposits include savings and money market accounts, certificates of deposit with RJ Bank, N.A., 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.
December 31, 2020September 30, 2020
$ in millionsBalanceWeighted-average rateBalanceWeighted-average rate
Savings and money market accounts$26,702 0.01 %$25,604 0.01 %
Certificates of deposit912 1.93 %1,017 1.94 %
NOW accounts
158 1.90 %156 1.92 %
Demand deposits (non-interest-bearing)
18 — 24 — 
Total bank deposits
$27,790 0.08 %$26,801 0.09 %

Total bank deposits in the preceding table exclude affiliate deposits of $185 million at both December 31, 2020 and September 30, 2020, all of which were held in a deposit account at RJ Bank, N.A. on behalf of RJF.

Savings and money market accounts in the preceding table consist primarily of deposits that are cash balances swept to RJ Bank, N.A. from the client investment accounts maintained at RJ&A. 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 December 31, 2020 was approximately $22 million.

The following table sets forth the scheduled maturities of certificates of deposit.
December 31, 2020September 30, 2020
$ in millionsDenominations
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
$37 $22 $59 $76 
Over three through six months
16 9 26 18 
Over six through twelve months
17 103 19 26 
Over one through two years
54 210 43 206 
Over two through three years
69 171 67 170 
Over three through four years
19 160 37 165 
Over four through five years
7 18 7 98 
Total certificates of deposit$219 $693 $258 $759 

Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table.
Three months ended December 31,
$ in millions20202019
Savings, money market, and NOW accounts$1 $12 
Certificates of deposit5 4 
Total interest expense on deposits
$6 $16