BANK DEPOSITS

12 Months Ended

Sep. 30, 2021

Bank deposits include savings and money market accounts, certificates of deposit with Raymond James 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,
	2021				2020
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Savings and money market accounts	$	31,415	0.01	%	$	25,604	0.01	%
Certificates of deposit	878		1.87	%	1,017		1.94	%
NOW accounts	164		1.84	%	156		1.92	%
Demand deposits (non-interest-bearing)	38		—		24		—
Total bank deposits	$	32,495	0.07	%	$	26,801	0.09	%

Total bank deposits in the preceding table exclude affiliate deposits of $301 million and $185 million at September 30, 2021 and 2020, respectively. As of September 30, 2021, these affiliate deposits included $229 million and $72 million held in deposit accounts at Raymond James Bank on behalf of RJF and Raymond James Trust Company of New Hampshire, respectively. As of September 30, 2020, these affiliate deposits were held by Raymond James Bank on behalf of RJF. See Note 27 for additional information.

Savings and money market accounts in the preceding table consist primarily of deposits that are cash balances swept to Raymond James Bank from the client investment accounts maintained at RJ&A. These balances are held in 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, 2021 was approximately $42 million.

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


	September 30,
	2021				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	$	22	$	87	$	59	$	76
Over three through six months	21		76		26		18
Over six through twelve months	32		54		19		26
Over one through two years	93		170		43		206
Over two through three years	37		166		67		170
Over three through four years	6		99		37		165
Over four through five years	9		6		7		98
Total certificates of deposit	$	220	$	658	$	258	$	759

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


	Year ended September 30,
$ in millions	2021		2020		2019
Savings, money market, and NOW accounts	$	6	$	21	$	120
Certificates of deposit	17		20		12
Total interest expense on deposits	$	23	$	41	$	132