BANK DEPOSITS

3 Months Ended

Dec. 31, 2022

Bank deposits include money market and savings accounts, interest-bearing checking accounts, which include Negotiable Order of Withdrawal accounts, certificates of deposit, 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.


	December 31, 2022				September 30, 2022
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	44,767	1.20	%	$	44,446	1.01	%
Interest-bearing checking accounts	5,309		4.10	%	5,286		2.77	%
Certificates of deposit	1,415		3.09	%	999		1.85	%
Non-interest-bearing checking accounts	488		—		626		—
Total bank deposits	$	51,979	1.55	%	$	51,357	1.21	%

At December 31, 2022 and September 30, 2022, money market and savings accounts in the preceding table included $39.10 billion and $38.71 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 Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”). As of December 31, 2022 and 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 December 31, 2022 and September 30, 2022, the estimated amount of total bank deposits that exceeded the FDIC insurance limit was $8.18 billion and $7.84 billion, respectively. The following table sets forth the estimated amount of certificates of deposit that exceeded the FDIC insurance limit by time remaining until maturity as of December 31, 2022.


$ in millions	December 31, 2022
Three months or less	$	37
Over three through six months	16
Over six through twelve months	15
Over twelve months	12
Total estimated certificates of deposit that exceeded the FDIC insurance limit	$	80

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


	Three months ended December 31,
$ in millions	2022		2021
Money market and savings accounts	$	117	$	1
Interest-bearing checking accounts	47		1
Certificates of deposit	8		4
Total interest expense on deposits	$	172	$	6

We use an interest rate swap to manage the risk of increases in interest rates associated with certain bank deposits by converting the balances subject to variable interest rates to a fixed interest rate. Refer to Note 5 of this Form 10-Q for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge.