BANK DEPOSITS

3 Months Ended

Dec. 31, 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 held by either of our bank subsidiaries. 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.


	December 31, 2023				September 30, 2023
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	31,315	1.96	%	$	32,268	1.85	%
Interest-bearing demand deposits	20,423		5.02	%	18,376		4.98	%
Certificates of deposit	2,885		4.63	%	2,831		4.41	%
Non-interest-bearing demand deposits	770		—		724		—
Total bank deposits	$	55,393	3.25	%	$	54,199	3.06	%

Money market and savings accounts in the preceding table included $23.91 billion and $25.36 billion as of December 31, 2023 and September 30, 2023, 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”). Total bank deposits in the preceding table included $14.48 billion and $13.59 billion of deposits as of December 31, 2023 and September 30, 2023, respectively, associated with our Enhanced Savings Program (“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 amount of total bank deposits (which excludes affiliate deposits) that are FDIC-insured, as well as the amount that exceeded the FDIC insurance limit at each respective period.


$ in millions	December 31, 2023			September 30, 2023
FDIC-insured bank deposits	$	49,152		$	48,344
Bank deposits exceeding FDIC insurance limit (1) (2)	6,241			5,855
Total bank deposits	$	55,393		$	54,199
FDIC-insured bank deposits as a % of total bank deposits	89		%	89		%

(1)Bank deposits that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements.

(2)Excluded affiliate deposits exceeding the FDIC insurance limit of $924 million and $764 million as of December 31, 2023 and September 30, 2023, respectively.

The following table sets forth the amount of certificates of deposit that exceeded the FDIC insurance limit, categorized by the time remaining until maturity, as of December 31, 2023.


$ in millions	December 31, 2023
Three months or less	$	74
Over three through six months	37
Over six through twelve months	28
Over twelve months	12
Total certificates of deposit that exceeded the FDIC insurance limit (1)	$	151

(1)Total certificates of deposit that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements.

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


	Three months ended December 31,
$ in millions	2023		2022
Money market and savings accounts	$	156	$	117
Interest-bearing demand deposits	243		47
Certificates of deposit	32		8
Total interest expense on deposits	$	431	$	172

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 of our 2023 Form 10-K for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge.