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Bank Deposits
 12 Months Ended
Dec. 31, 2024
Deposits [Abstract]  
Bank Deposits Bank Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits. As of December 31, 2024 and 2023, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $68.5 million and $104.0 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
As of December 31,
20242023
Retail and other savings$916,475 520,017 
Brokered CDs, net of brokered deposit fees247,872 203,522 
Retail and other CDs, net of issuance fees21,784 20,060 
Total interest-bearing deposits$1,186,131 743,599 
Brokered deposit fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. The Bank recognized deposit issuance fee expense, which includes brokered deposit fees, of $0.3 million, $0.2 million, and $0.3 million during the years ended December 31, 2024, 2023, and 2022, respectively. Fees paid to third parties related to these deposits were $0.4 million and $0.6 million during the years ended December 31, 2024 and 2022, respectively. There were no fees paid to third parties for the year ended December 31, 2023.
The following table presents certificates of deposit remaining maturities as of December 31, 2024:
One year or less$3,451 
After one year to two years146,397 
After two years to three years75,004 
After three years to four years348 
After four years to five years44,456 
After five years— 
Total$269,656 
Retail and other savings deposits include deposits from Educational 529 College Savings and Health Savings plans, Short Term Federal Investment Trust (STFIT), and FDIC sweep deposits. These deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. The deposits exceeding the FDIC insurance limits as of December 31, 2024 and 2023 were $44.3 million and $44.2 million, respectively, the majority of which are intercompany deposits from Nelnet, Inc. and its subsidiaries.
Accrued interest on deposits was $1.3 million and $0.7 million as of December 31, 2024 and 2023, respectively, which is included in “accrued interest payable” on the consolidated balance sheets.