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.


	March 31, 2026				September 30, 2025
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	37,532	1.30	%	$	33,881	1.60	%
Interest-bearing demand deposits	22,032		3.38	%	22,532		3.86	%
Certificates of deposit	2,320		3.90	%	1,937		4.21	%
Non-interest-bearing demand deposits	539		—		547		—
Total bank deposits	$	62,423	2.14	%	$	58,897	2.56	%

Total bank deposits included $29.83 billion and $26.56 billion as of March 31, 2026 and September 30, 2025, 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”), and substantially all of these deposits were included in money market and savings accounts in the preceding table. Interest-bearing demand deposits in the preceding table included $12.49 billion and $13.47 billion of deposits as of March 31, 2026 and September 30, 2025, respectively, associated with our Enhanced Savings Program (“ESP”), in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account.

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


$ in millions	March 31, 2026			September 30, 2025
FDIC-insured bank deposits	$	52,188		$	49,117
Bank deposits exceeding FDIC insurance limit (1) (2)	10,235			9,780
Total bank deposits	$	62,423		$	58,897
FDIC-insured bank deposits as a % of total bank deposits	84		%	83		%

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 March 31, 2026.


$ in millions	March 31, 2026
Three months or less	$	70
Over three through six months	51
Over six through twelve months	21
Over twelve months	278
Total certificates of deposit that exceeded the FDIC insurance limit (1)	$	420


	Three months ended March 31,				Six months ended March 31,
$ in millions	2026		2025		2026		2025
Money market and savings accounts	$	115	$	140	$	242	$	304
Interest-bearing demand deposits	182		206		385		434
Certificates of deposit	22		24		42		52
Total interest expense on deposits	$	319	$	370	$	669	$	790

During the six months ended March 31, 2026 and 2025, we used 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. This interest rate swap matured during the three months ended March 31, 2026 and was not renewed. See Note 2 of our 2025 Form 10-K for information regarding this interest rate swap, which was designated and accounted for as a cash flow hedge.