BANK DEPOSITS

9 Months Ended

Jun. 30, 2024

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 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.


	June 30, 2024				September 30, 2023
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	30,963	2.23	%	$	32,268	1.85	%
Interest-bearing demand deposits	20,411		5.00	%	18,376		4.98	%
Certificates of deposit	2,562		4.70	%	2,831		4.41	%
Non-interest-bearing demand deposits	465		—		724		—
Total bank deposits	$	54,401	3.39	%	$	54,199	3.06	%

Money market and savings accounts in the preceding table included $23.37 billion and $25.36 billion as of June 30, 2024 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 $14.04 billion and $13.59 billion of deposits as of June 30, 2024 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 end.


$ in millions	June 30, 2024			September 30, 2023
FDIC-insured bank deposits	$	48,167		$	48,344
Bank deposits exceeding FDIC insurance limit (1) (2)	6,234			5,855
Total bank deposits	$	54,401		$	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 $962 million and $764 million as of June 30, 2024 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 June 30, 2024.


$ in millions	June 30, 2024
Three months or less	$	64
Over three through six months	45
Over six through twelve months	36
Over twelve months	15
Total certificates of deposit that exceeded the FDIC insurance limit (1)	$	160

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

The maturities by fiscal year of our certificates of deposit as of June 30, 2024 are presented in the following table.


	$ in millions
Remainder of 2024	$	508
2025	1,743
2026	268
2027	20
2028	15
Thereafter	8
Total certificates of deposit	$	2,562

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


	Three months ended June 30,				Nine months ended June 30,
$ in millions	2024		2023		2024		2023
Money market and savings accounts	$	169	$	125	$	484	$	370
Interest-bearing demand deposits	247		157		742		266
Certificates of deposit	30		30		92		54
Total interest expense on deposits	$	446	$	312	$	1,318	$	690

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.