BANK DEPOSITS

3 Months Ended

Dec. 31, 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.


	December 31, 2021				September 30, 2021
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Savings and money market accounts	$	33,103	0.01	%	$	31,415	0.01	%
Certificates of deposit	789		1.89	%	878		1.87	%
NOW accounts	164		1.84	%	164		1.84	%
Demand deposits (non-interest-bearing)	36		—		38		—
Total bank deposits	$	34,092	0.06	%	$	32,495	0.07	%

Total bank deposits in the preceding table exclude affiliate deposits of $302 million and $301 million at December 31, 2021 and September 30, 2021, respectively. As of December 31, 2021, these affiliate deposits included $229 million and $73 million held in deposit accounts at Raymond James Bank on behalf of RJF and Raymond James Trust Company of New Hampshire, respectively.

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 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 December 31, 2021 was approximately $43 million.

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


	December 31, 2021				September 30, 2021
$ 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	$	28	$	78	$	22	$	87
Over three through six months	20		30		21		76
Over six through twelve months	36		112		32		54
Over one through two years	95		171		93		170
Over two through three years	18		160		37		166
Over three through four years	6		18		6		99
Over four through five years	10		7		9		6
Total certificates of deposit	$	213	$	576	$	220	$	658

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


	Three months ended December 31,
$ in millions	2021		2020
Savings, money market, and NOW accounts	$	2	$	1
Certificates of deposit	4		5
Total interest expense on deposits	$	6	$	6