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BANK DEPOSITS
 9 Months Ended
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, 2026September 30, 2025
$ in millionsBalanceWeighted-average rateBalanceWeighted-average rate
Money market and savings accounts$34,132 1.33 %$33,881 1.60 %
Interest-bearing demand deposits25,254 3.52 %22,532 3.86 %
Certificates of deposit3,326 3.92 %1,937 4.21 %
Non-interest-bearing demand deposits607 — 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 millionsJune 30, 2026September 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 deposits83 %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 millionsJune 30, 2026
Three months or less
$73 
Over three through six months
92 
Over six through twelve months
32 
Over twelve months313 
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 
20271,413 
2028877 
2029228 
203088 
Thereafter68 
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 millions2026202520262025
Money market and savings accounts$117 $142 $359 $446 
Interest-bearing demand deposits204 212 589 646 
Certificates of deposit27 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.