BANK DEPOSITS

6 Months Ended

Mar. 31, 2021

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.


	March 31, 2021				September 30, 2020
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Savings and money market accounts	$	28,180	0.01	%	$	25,604	0.01	%
Certificates of deposit	889		1.91	%	1,017		1.94	%
NOW accounts	163		1.84	%	156		1.92	%
Demand deposits (non-interest-bearing)	22		—		24		—
Total bank deposits	$	29,254	0.08	%	$	26,801	0.09	%

Total bank deposits in the preceding table exclude affiliate deposits of $185 million at both March 31, 2021 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 Raymond James & Associates, Inc. (“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 March 31, 2021 was approximately $23 million.

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


	March 31, 2021				September 30, 2020
$ 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	$	31	$	14	$	59	$	76
Over three through six months	12		21		26		18
Over six through twelve months	25		159		19		26
Over one through two years	58		161		43		206
Over two through three years	67		171		67		170
Over three through four years	7		150		37		165
Over four through five years	9		4		7		98
Total certificates of deposit	$	209	$	680	$	258	$	759

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


	Three months ended March 31,				Six months ended March 31,
$ in millions	2021		2020		2021		2020
Savings, money market, and NOW accounts	$	2	$	6	$	3	$	18
Certificates of deposit	4		6		9		10
Total interest expense on deposits	$	6	$	12	$	12	$	28