Bank Deposits

9 Months Ended

Sep. 30, 2020

Deposits Liabilities Balance Sheet Reported Amounts [Abstract]

Bank Deposits

NOTE 11 – Bank Deposits

Deposits consist of money market and savings accounts, certificates of deposit, and demand deposits. Deposits at September 30, 2020 and December 31, 2019 were as follows (in thousands):

	September 30, 2020		December 31, 2019
Money market and savings accounts	$	15,653,048	$	13,530,670
Demand deposits (interest-bearing)		363,999		1,113,296
Demand deposits (non-interest-bearing)		271,056		165,657
Certificates of deposit		111,898		522,958
	$	16,400,001	$	15,332,581

The weighted-average interest rate on deposits was 0.11% and 0.64% at September 30, 2020 and December 31, 2019, respectively.

Scheduled maturities of certificates of deposit at September 30, 2020 and December 31, 2019 were as follows (in thousands):

	September 30, 2020		December 31, 2019
Certificates of deposit, less than $100,000:
Within one year	$	3,120	$	5,305
One to three years		244		360
Three to five years		13		13
	$	3,377	$	5,678
Certificates of deposit, $100,000 and greater:
Within one year	$	74,158	$	441,341
One to three years		34,163		68,855
Three to five years		200		7,084
		108,521		517,280
	$	111,898	$	522,958

At September 30, 2020 and December 31, 2019, the amount of deposits includes related party deposits, primarily interest-bearing and time deposits of executive officers, directors, and their affiliates of $8.8 million and $6.7 million, respectively. Brokerage customers’ deposits were $15.4 billion and $13.9 billion, respectively.