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BANK DEPOSITS | 9 Months Ended
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Jun. 30, 2026
Deposits [Abstract] |
BANK DEPOSITS | BANK DEPOSITS 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, 2026 |  | September 30, 2025
$ in millions |  | Balance |  | Weighted-average rate |  | Balance |  | Weighted-average rate
Money market and savings accounts |  | $ | 34,132 |  |  | 1.33 | % |  | $ | 33,881 |  |  | 1.60 | %
Interest-bearing demand deposits |  | 25,254 |  |  | 3.52 | % |  | 22,532 |  |  | 3.86 | %
Certificates of deposit |  | 3,326 |  |  | 3.92 | % |  | 1,937 |  |  | 4.21 | %
Non-interest-bearing demand deposits |  | 607 |  |  | — |  |  | 547 |  |  | — |
Total bank deposits |  | $ | 63,319 |  |  | 2.35 | % |  | $ | 58,897 |  |  | 2.56 | %
Total bank deposits included $26.00 billion and $26.56 billion as of June 30, 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. Total bank deposits in the preceding table included $14.91 billion and $13.47 billion of deposits as of June 30, 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. Substantially all of the ESP balances were reflected in interest-bearing demand deposits in the preceding table. 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 |  | June 30, 2026 |  | September 30, 2025
FDIC-insured bank deposits |  | $ | 52,461 |  |  | $ | 49,117 |
Bank deposits exceeding FDIC insurance limit (1) (2) |  | 10,858 |  |  | 9,780 |
Total bank deposits |  | $ | 63,319 |  |  | $ | 58,897 |
FDIC-insured bank deposits as a % of total bank deposits |  | 83 | % |  | 83 | %
(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 $1.34 billion and $1.24 billion as of June 30, 2026 and September 30, 2025, 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, 2026.
$ in millions |  | June 30, 2026
Three months or less |  | $ | 73 |
Over three through six months |  | 92 |
Over six through twelve months |  | 32 |
Over twelve months |  | 313 |
Total certificates of deposit that exceeded the FDIC insurance limit (1) |  | $ | 510 |
(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, 2026 are presented in the following table.
|  | $ in millions
Remainder of 2026 |  | $ | 652 |
2027 |  | 1,413 |
2028 |  | 877 |
2029 |  | 228 |
2030 |  | 88 |
Thereafter |  | 68 |
Total certificates of deposit |  | $ | 3,326 |
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 |  | 2026 |  | 2025 |  | 2026 |  | 2025
Money market and savings accounts |  | $ | 117 |  |  | $ | 142 |  |  | $ | 359 |  |  | $ | 446 |
Interest-bearing demand deposits |  | 204 |  |  | 212 |  |  | 589 |  |  | 646 |
Certificates of deposit |  | 27 |  |  | 19 |  |  | 69 |  |  | 71 |
Total interest expense on deposits |  | $ | 348 |  |  | $ | 373 |  |  | $ | 1,017 |  |  | $ | 1,163 |
During the nine months ended June 30, 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.

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 405 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478353/942-405-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph e -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC + Details
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