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Customer Deposits
 12 Months Ended
Dec. 31, 2024
Deposits [Abstract]  
Customer Deposits Customer Deposits
Customer deposits consisted of the following:
 December 31,
20242023
(in millions)
Fixed rate certificates$11,083 $13,284 
Other
104 151 
Total investment certificate reserves11,187 13,435 
Interest bearing checking
1,438 1,258 
Money market
20,232 19,940 
Savings
637 301 
Brokerage deposits
2,332 2,387 
Total banking and brokerage deposits
24,639 23,886 
Total$35,826 $37,321 
Investment Certificates
The Company offers fixed rate investment certificates primarily in amounts ranging from $1 thousand to $2 million with interest crediting rate terms ranging from 3 months to 36 months. Investment certificates may be purchased either with a lump sum payment or installment payments. Certificate owners are entitled to receive a fixed sum at either maturity or upon demand depending on the type of certificate. Payments from certificate owners are credited to investment certificate reserves, which generally accumulate interest at specified percentage rates. Certain investment certificates allow for a surrender charge on premature surrenders. Reserves for certificates that do not allow for a surrender charge were $1.2 billion and $1.5 billion as of December 31, 2024 and 2023, respectively. The Company generally invests the proceeds from investment certificates in fixed and variable rate securities. The interest paid to certificate owners is included in Banking and deposit interest expense.
Banking and Brokerage Deposits
Banking and brokerage deposits are amounts payable to customers related to funds deposited by customers in checking and savings, brokerage sweep balances, free credit balances, and funds accruing to customers as a result of trades or contracts. Money market deposits represent brokerage sweep for client balances held at Ameriprise Bank. Brokerage deposits primarily represent our client’s free credit balances. The Company pays interest on certain customer deposit balances and the interest is included in Banking and deposit interest expense.