BANK DEPOSITS

9 Months Ended

Jun. 30, 2023

Bank deposits include money market and savings accounts, interest-bearing demand deposits, which include Negotiable Order of Withdrawal accounts, certificates of deposit, and non-interest-bearing demand deposits. The following table presents a summary of bank deposits, excluding affiliated 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.


	June 30, 2023				September 30, 2022
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	33,636	1.54	%	$	44,446	1.01	%
Interest-bearing demand deposits	16,661		4.86	%	5,286		2.77	%
Certificates of deposit	2,739		4.23	%	999		1.85	%
Non-interest-bearing demand deposits	732		—		626		—
Total bank deposits	$	53,768	2.72	%	$	51,357	1.21	%

Money market and savings accounts in the preceding table included $27.92 billion and $38.71 billion as of June 30, 2023 and September 30, 2022, respectively, of cash balances which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc. (“RJ&A”). Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”). Money market and savings accounts also included direct accounts held by TriState Capital Bank on behalf of third-party clients. Interest-bearing demand deposits in the preceding table included $11.23 billion of deposits as of June 30, 2023 associated with our Enhanced Savings Program, in which Private Client Group clients deposit cash in a high-yield Raymond James Bank account.

The following table details the estimated amount of total bank deposits, excluding affiliated deposits, that are FDIC-insured, as well as the estimated amount that exceeded the FDIC insurance limit at each respective period.


$ in millions	June 30, 2023			September 30, 2022
FDIC-insured bank deposits	$	46,884		$	43,520
Bank deposits exceeding FDIC insurance limit	6,884			7,837
Total bank deposits	$	53,768		$	51,357
FDIC-insured bank deposits as a % of total bank deposits	87		%	85		%

The following table sets forth the estimated amount of certificates of deposit, excluding affiliated deposits, that exceeded the FDIC insurance limit by time remaining until maturity as of June 30, 2023.


$ in millions	June 30, 2023
Three months or less	$	40
Over three through six months	25
Over six through twelve months	31
Over twelve months	12
Total estimated certificates of deposit that exceeded the FDIC insurance limit	$	108

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


	Three months ended June 30,				Nine months ended June 30,
$ in millions	2023		2022		2023		2022
Money market and savings accounts	$	125	$	11	$	370	$	13
Interest-bearing demand deposits	157		6		266		8
Certificates of deposit	30		3		54		10
Total interest expense on deposits	$	312	$	20	$	690	$	31

We use an interest rate swap to manage the risk of increases in interest rates associated with certain money market and savings accounts 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.