BANK DEPOSITS

6 Months Ended

Mar. 31, 2022

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.


	March 31, 2022				September 30, 2021
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Savings and money market accounts	$	33,574	0.01	%	$	31,415	0.01	%
Certificates of deposit	701		1.83	%	878		1.87	%
NOW accounts	371		1.00	%	164		1.84	%
Demand deposits (non-interest-bearing)	39		—		38		—
Total bank deposits	$	34,685	0.06	%	$	32,495	0.07	%

Total bank deposits in the preceding table exclude affiliate deposits of $409 million and $301 million at March 31, 2022 and September 30, 2021, respectively. As of March 31, 2022, these affiliate deposits included $255 million, $89 million, and $65 million held in deposit accounts at Raymond James Bank on behalf of RJF, Raymond James Trust Company of New Hampshire, and Raymond James Capital Services, 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 March 31, 2022 was approximately $43 million.

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


	March 31, 2022				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	$	50	$	30	$	22	$	87
Over three through six months	20		27		21		76
Over six through twelve months	35		112		32		54
Over one through two years	69		172		93		170
Over two through three years	7		151		37		166
Over three through four years	8		5		6		99
Over four through five years	9		6		9		6
Total certificates of deposit	$	198	$	503	$	220	$	658

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	2022		2021		2022		2021
Savings, money market, and NOW accounts	$	2	$	2	$	4	$	3
Certificates of deposit	3		4		7		9
Total interest expense on deposits	$	5	$	6	$	11	$	12