BANK DEPOSITS

12 Months Ended

Sep. 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 affiliate 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,
	2023				2022
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	32,268	1.85	%	$	44,446	1.01	%
Interest-bearing demand deposits	18,376		4.98	%	5,286		2.77	%
Certificates of deposit	2,831		4.41	%	999		1.85	%
Non-interest-bearing demand deposits	724		—		626		—
Total bank deposits	$	54,199	3.06	%	$	51,357	1.21	%

Money market and savings accounts in the preceding table included $25.36 billion and $38.71 billion as of September 30, 2023 and 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 RJBDP. Money market and savings accounts also included direct accounts held by TriState Capital Bank on behalf of third-party clients. Total bank deposits in the preceding table included $13.59 billion of deposits as of September 30, 2023 associated with the ESP, in which PCG clients deposit cash in a high-yield Raymond James Bank account. Substantially all of the ESP balances are reflected in interest-bearing demand deposits in the preceding table.

The following table details the estimated amount of total bank deposits (which excludes affiliate deposits) that are FDIC-insured, as well as the estimated amount that exceeded the FDIC insurance limit at each respective period.


$ in millions	September 30, 2023			September 30, 2022
FDIC-insured bank deposits	$	48,344		$	44,289
Bank deposits exceeding FDIC insurance limit (1)	5,855			7,068
Total bank deposits	$	54,199		$	51,357
FDIC-insured bank deposits as a % of total bank deposits	89		%	86		%

(1) Excluded affiliate deposits exceeding the FDIC insurance limit of $764 million and $770 million as of September 30, 2023 and 2022, 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 September 30, 2023.


$ in millions	September 30, 2023
Three months or less	$	45
Over three through six months	52
Over six through twelve months	27
Over twelve months	9
Total estimated certificates of deposit that exceeded the FDIC insurance limit	$	133

The maturities by fiscal year of our certificates of deposit as of September 30, 2023 are presented in the following table.


Fiscal year ended September 30,	$ in millions
2024	$	1,848
2025	858
2026	112
2027	3
2028	10

Total certificates of deposit	$	2,831

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


	Year ended September 30,
$ in millions	2023		2022		2021
Money market and savings accounts	$	527	$	78	$	3
Interest-bearing demand deposits	469		38		3
Certificates of deposit	84		15		17
Total interest expense on deposits	$	1,080	$	131	$	23

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. See Note 2 for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge.