BANK DEPOSITS

12 Months Ended

Sep. 30, 2022

Bank deposits include money market and savings accounts, certificates of deposit, interest-bearing checking accounts, which include Negotiable Order of Withdrawal accounts, and non-interest-bearing checking accounts. 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 was based on the actual deposit balances and rates at each respective period end.


	September 30,
	2022				2021
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	44,446	1.01	%	$	31,415	0.01	%
Interest-bearing checking accounts	5,286		2.77	%	164		1.84	%
Certificates of deposit	999		1.85	%	878		1.87	%
Non-interest-bearing checking accounts	626		—		38		—
Total bank deposits	$	51,357	1.21	%	$	32,495	0.07	%

At September 30, 2022 and 2021, money market and savings accounts in the preceding table included $38.71 billion and $31.41 billion, respectively, of deposits that are cash balances swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc. (“RJ&A”), which are held in FDIC-insured bank accounts through the RJBDP. As of September 30, 2022, money market and savings accounts also included direct accounts held by TriState Capital Bank on behalf of third-party clients.

As of September 30, 2022 and September 30, 2021, the estimated amount of total bank deposits that exceeded the FDIC insurance limit was $7.84 billion and $3.08 billion, respectively. The following table sets forth the amount of estimated certificates of deposit that exceeded the FDIC insurance limit by time remaining until maturity as of September 30, 2022.


$ in millions	September 30, 2022
Three months or less	$	45
Over three through six months	14
Over six through twelve months	9
Over twelve months	9
Total estimated certificates of deposit that exceeded the FDIC insurance limit	$	77

The maturities by fiscal year of our certificates of deposit as of September 30, 2022 are presented in the following table.


Fiscal year ended September 30,	$ in millions
2023	$	600
2024	253
2025	129
2026	11
2027	6

Total certificates of deposit	$	999

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


	Year ended September 30,
$ in millions	2022		2021		2020
Money market and savings accounts	$	78	$	3	$	19
Interest-bearing checking accounts	38		3		2
Certificates of deposit	15		17		20
Total interest expense on deposits	$	131	$	23	$	41