Raymond James Bank Deposit Program
Through the Raymond James Bank Deposit Program (RJBDP), uninvested cash in your brokerage account is deposited into interest-bearing deposit accounts at multiple banks, as described in the "Bank Priority Lists" section below.
Clients with accounts that are eligible for RJBDP can receive combined FDIC insurance of up to $3 million ($6 million for joint accounts). Combined FDIC insurance coverage is subject to program banks’ available capacity with Raymond James.
Once $3 million (or $6 million for joint accounts) has been deposited at the banks, or once the banks reach their RJBDP deposit threshold, excess funds are directed to one or more designated “excess” banks without limit and without regard to maximum-available FDIC coverage.
Managed IRAs and ERISA accounts are not eligible for the multibank sweep program. Managed IRA and ERISA accounts can elect RJBDP – RJ Bank only, whereby uninvested cash will sweep to Raymond James Bank for FDIC insurance coverage up to $250,000. Sweep deposits through RJBDP – RJ Bank only will bear a reasonable rate of interest.
Interest rates will remain the same between the bank deposit program and CIP, and funds are immediately available for withdrawal or reinvestment.
- Important Disclosures about Raymond James’ Cash Sweep Programs (PDF)
- Current banks participating in the Raymond James Bank Deposit Program
- Cash Sweep Program Rates
Bank priority lists
There have recently been some changes to the bank priority lists.
|Bank||Change made||Effective Date|
|First Republic Bank||Bank to be added||Coming soon|
|Israel Discount Bank of New York||Bank to be added||Coming soon|
|The Bank of New York Mellon
||Bank to be added||Coming soon|
|Simmons Bank||Bank to be removed||June 1, 2022|
|CIBC Bank USA||Bank added||April 22, 2022|
|Texas Capital Bank||Bank removed||April 1, 2022|
|Bank of India||Bank added||March 23, 2022|
|Forbright Bank||Bank added||March 23, 2022|
|Bank of Hope||Bank removed||December 15, 2021|
|Cadence Bank, N.A. (FDIC number changed to 11813)||FDIC number change||October 29, 2021|
|PNC Bank (merged with BBVA)||Bank merger||October 12, 2021|
|Simmons Bank (merged with Landmark Community Bank)||Bank merger||October 8, 2021|
|Wells Fargo Bank, N.A.
||Bank removed||September 21, 2021
|The Bryn Mawr Trust Company||Bank removed||September 8, 2021|
|Raymond James Bank (changed name from Raymond James Bank, N.A.)||Bank name change||June 11, 2021|
|Manufacturers and Traders Trust Company||Bank removed||June 11, 2021|
|NexBank (changed name from NexBank, SSB)||Bank name change||May 18, 2021|
* As with all banks in RJBDP, any participating foreign-owned banks are fully FDIC-insured with U.S. branches and charters; they are governed and operate under the same laws and regulations as all U.S. banks. For privacy and security reasons, all deposits through RJBDP are made with U.S. branches through an omnibus account so your personal information is not shared with the participating banks.
Clients whose brokerage accounts are not serviced through an advisor at an affiliated bank should refer to the regional priority lists.
(See “How the priority lists work” for information on how funds flow between banks.)
The following banks are “excess banks,” as described in the “Bank Priority List” section of the disclosures:
- General Lists: U.S. Bank N.A., Citibank, N.A., Raymond James Bank
- For Profit Lists: Raymond James Bank, PNC Bank, N.A.
Although you may decline to have funds deposited in any bank in the list, you must have a minimum of one excess bank selected for deposit.
Effective April 1, 2022
|Towne Bank||Towne Bank: For-Profit Accouns||Extraco Bank||Extraco Bank: For-Profit Accounts|
|Towne Bank||Towne Bank||Extraco Banks, N.A.||Extraco Banks, N.A.|
|Raymond James Bank||Raymond James Bank||Raymond James Bank||Raymond James Bank|
|Goldman Sachs Bank USA||HSBC Bank USA, National Association||American Express National Bank||HSBC Bank USA, National Association|
|U.S. Bank N.A.||The Bank of East Asia Ltd.||U.S. Bank N.A.||The Bank of East Asia Ltd.|
|Citibank, N.A.||Umpqua Bank||HSBC Bank USA, National Association||Towne Bank|
|American Express National Bank||Extraco Banks, N.A.||The Bank of East Asia Ltd.||Amarillo National Bank|
|HSBC Bank USA, National Association||Amarillo National Bank||Truist Bank||First Mid Bank & Trust, NA|
|Amarillo National Bank||First Mid Bank & Trust, NA||Amarillo National Bank||Cadence Bank, N.A.|
|Umpqua Bank||Cadence Bank, N.A.||First Mid Bank & Trust, NA||PNC Bank, N.A.|
|The Bank of East Asia Ltd.||PNC Bank, N.A.||Towne Bank||Truist Bank|
|Cadence Bank, N.A.||Citibank, N.A.||PNC Bank, N.A.||Umpqua Bank|
|Extraco Banks, N.A.||NexBank||Umpqua Bank||NexBank|
|First Mid Bank & Trust, NA||Synchrony Bank||NexBank||Simmons Bank|
|NexBank||West Bank||Simmons Bank||West Bank|
|PNC Bank, N.A.||Simmons Bank||Citibank, N.A.|
|Synchrony Bank||Goldman Sachs Bank USA|
|West Bank||Cadence Bank, N.A.|
|Simmons Bank||West Bank|
|Amarillo National Bank||Amarillo National Bank: For-Profit Accounts||FirstBank||FirstBank: For-Profit Accounts|
|Amarillo National Bank||Amarillo National Bank||Citibank, N.A.||Citibank, N.A.|
|Raymond James Bank||Raymond James Bank||Raymond James Bank||Raymond James Bank|
|U.S. Bank N.A.||HSBC Bank USA, National Association||HSBC Bank USA, National Association||HSBC Bank USA, National Association|
|HSBC Bank USA, National Association||Towne Bank||American Express National Bank||Umpqua Bank|
|Citibank, N.A.||The Bank of East Asia Ltd.||Umpqua Bank||First Mid Bank & Trust, NA|
|American Express National Bank||NexBank||Truist Bank||Towne Bank|
|NexBank||Extraco Banks, N.A.||First Mid Bank & Trust, NA||The Bank of East Asia Ltd.|
|Cadence Bank, N.A.||First Mid Bank & Trust, NA||Amarillo National Bank||NexBank|
|Extraco Banks, N.A.||Cadence Bank, N.A.||Extraco Banks, N.A.||Extraco Banks, N.A.|
|First Mid Bank & Trust, NA||PNC Bank, N.A.||NexBank||Amarillo National Bank|
|PNC Bank, N.A.||Citibank, N.A.||PNC Bank, N.A.||PNC Bank, N.A.|
|The Bank of East Asia Ltd.||Simmons Bank||The Bank of East Asia Ltd.||Truist Bank|
|Towne Bank||Umpqua Bank||Towne Bank||Simmons Bank|
|Simmons Bank||Simmons Bank|
|Fulton Bank||Fulton Bank: For-Profit Accounts|
|Fulton Bank NA||Fulton Bank NA|
|Raymond James Bank||Raymond James Bank|
|Goldman Sachs Bank USA||Citibank, N.A.|
|U.S. Bank N.A.||Umpqua Bank|
|Citibank, N.A.||Cadence Bank, N.A.|
|American Express National Bank||West Bank|
|Umpqua Bank||First Mid Bank & Trust NA|
|NexBank||Amarillo National Bank|
|Cadence Bank, N.A.||Extraco Banks, N.A.|
|West Bank||Synchrony Bank|
|First Mid Bank & Trust NA|
|Amarillo National Bank|
|Extraco Banks, N.A.|
How the priority lists work
Raymond James establishes contracts with multiple banks, which are included in one or more bank priority lists. Your account’s legal address of record determines which list is used to determine the order in which your uninvested cash in your brokerage account will be deposited into interest-bearing deposit accounts at one or more of the banks set forth on the predetermined list.
If your cash balance exceeds the FDIC insurance limit for all funds at the first available bank on the list, the excess cash will be deposited in the next available bank. If you still have excess cash, those funds will be deposited in the third available bank Raymond James has designated. This process continues through all available banks on the priority list, providing FDIC coverage up to $3 million, or $6 million for joint accounts.
Combined FDIC insurance coverage through RJBDP is subject to program banks’ available capacity with Raymond James. Thus, the overall amount of potential FDIC insurance protection for which you may be eligible will vary depending upon the number of banks that are accepting RJBDP cash at any point in time.
Your priority list may also include one or more excess banks that will accept funds without limit and without regard to the maximum applicable deposit insurance amount if all banks on the priority list have received funds up to the applicable deposit limit or available capacity. If all your funds are withdrawn from an excess bank, the next time your funds are available for deposit in an excess bank they may be deposited in a different excess bank. This may also apply to certain non-retirement accounts that do not elect to have excess funds swept to CIP, as described below.
For non-retirement accounts, if all banks on the priority list have received your funds up to the applicable deposit limit, your next available funds may be deposited in CIP (and covered by SIPC/Excess SIPC insurance).
The deposit insurance coverage limits refer to the total of all deposits that an account holder has in the same ownership categories at each FDIC-insured institution. Visit fdic.gov for more information.