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)1. Combined FDIC insurance coverage is subject to program banks’ available capacity with Raymond James1. 

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.

Clients with eligible accounts have the option to elect the combination program, RJBDP with the Client Interest Program (CIP), whereby cash balances that are not deposited into RJBDP will be directed to CIP.

CIP is a short-term alternative for cash awaiting investment. CIP balances are eligible for SIPC coverage up to $500,000 (including $250,000 for claims of cash) and excess SIPC coverage (aggregate firm limit of $750 million, including a sub-limit of $1.9 million per customer for cash above basic SIPC).

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 $250,0001. Sweep deposits through RJBDP – RJ Bank Only will bear a reasonable rate of interest. 

A special sweep offer is currently available for eligible Ambassador account clients seeking FDIC coverage with at least one holding of at least $100,000 of certain money market funds1. This is a limited time offer; restrictions apply.  Please contact your financial advisor about the Ambassador opportunity for further information, including whether your Ambassador account is eligible.

Bank priority lists

Recent and upcoming changes to the bank priority lists:

Bank Change Effective Date
Wilson Bank and Trust Bank addition Coming soon
JPMorgan Chase Bank, N.A. Bank removed February 28, 2024
First Foundation Bank Bank added February 27, 2024
The Bank of New York Mellon Bank added February 27, 2024
State Street Bank and Trust Company Bank added February 27, 2024
Wells Fargo Bank Bank added February 15, 2024
UMB Bank, NA Bank added December 13, 2023
Atlantic Union Bank Bank added December 4, 2023
Barclays Bank Delaware Bank added November 1, 2023
Pinnacle Bank Bank added November 1, 2023
The Huntington National Bank Bank added October 6, 2023
Forbright Bank Bank removed July 31, 2023
Bank of Baroda Bank removed June 30, 2023

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.

Current priority lists by U.S. state or other location are provided below. For each state/location, there are different priority lists for the following three categories of accounts:

  • Business Accounts: Corporations, LLCs, partnerships, unincorporated associations, foundations, investment clubs, not-for-profit entities, tax exempt entities, and municipalities (whether such entity is carrying a business or not ).
  • Qualified: Retirement accounts, including IRAs and Retirement Plans (401k, PSP, ERISA, Money Purchase Plan, Defined Benefit Plan).
  • Non-Qualified: Any accounts not within Business Accounts or Qualified; this includes individual and joint accounts. 

Raymond James clients whose brokerage accounts are through an advisor at a bank within the Raymond James Financial Institutions Division have priority lists specific to those banks. Access those lists here.

(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:

  • Non-Qualified Lists: U.S. Bank N.A., Citibank, Raymond James Bank
  • Qualified Lists: U.S. Bank N.A., Citibank, Raymond James Bank
  • For Profit Lists: Wells Fargo Bank, Citibank, Raymond James Bank

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. Contact your advisor if you wish to opt out of any program bank.

Effective October 23, 2024

Bank Priority Lists by U.S. State or Other Location

Type "District of Columbia” for Washington, D.C., and "Other" for any other location than a U.S. state; please note that priority lists are assigned based upon the legal address of record on each account.

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.

Cash will be deposited in the first program bank with available capacity. Remaining cash will then be deposited in the next available bank. If you still have cash that cannot be deposited in the previous banks, 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 combined 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 the Raymond James Client Interest Program (CIP), as described here.

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 protection).

Important Information for Raymond James’ Clients (PDF) 

Disclosures

Client Interest Program® (CIP) 

Raymond James & Associates is a member of the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). An explanatory brochure is available upon request or at sipc.org or by calling (202) 371-8300.

Raymond James has purchased excess-SIPC coverage through various syndicates of Lloyd's, a London-based firm. Excess SIPC is fully protected by the Lloyd's trust funds and Lloyd's Central Fund. The additional protection currently provided has an aggregate firm limit of $750 million, including a sub-limit of $1.9 million per customer for cash above basic SIPC for the wrongful abstraction of customer funds. Account protection applies when a SIPC-member firm fails financially and is unable to meet obligations to securities clients, but it does not protect against market fluctuations.

The Client Interest Program (CIP) is a cash feature. Because CIP is an option for some accounts to earn interest on funds awaiting investment we are including CIP in the Cash Sweep Program. Through CIP, a significant portion of cash is set aside for the client and held in certain high-quality U.S. Treasury securities or in qualifying trust and/or cash accounts with major U.S. banks. The remaining balance is used in the company’s business operations. We refer to both RJBDP (including RJBDP-RJ Bank Only) and CIP as “sweep options” in our agreements with you.

Raymond James Deposit Program

1References made to FDIC insurance coverage under Raymond James Bank Deposit Program (RJBDP) address FDIC insurance coverage, up to applicable limits, at the insured depository institutions that participate in RJBDP. Funds held at Raymond James Bank (Member FDIC), TriState Capital Bank (Member FDIC), and third-party FDIC-insured banks participating in the Bank Deposit Program are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per insured bank, for each account ownership category. The current list of participating FDIC-insured depository institutions can be found here. Certain conditions must be satisfied for pass-through FDIC deposit insurance coverage to apply. The Raymond James Bank Deposit Program relies on the services of IntraFi Network, LLC for the placement of deposits at insured depository institutions. If you maintain funds separately with banks in the program, you should monitor your total deposits at the applicable bank(s) to determine your FDIC coverage.  Additional information regarding FDIC insurance can be found at fdic.gov or by calling 877. ASK.FDIC (877.275.3342).

Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. are not FDIC-insured banking entities. FDIC insurance only covers the failure of FDIC-insured depository institutions and does not cover Raymond James & Associates, Inc. or Raymond James Financial Services, Inc. Unless otherwise specified, products purchased from or held at affiliated Raymond James Financial, Inc., companies are not insured by the FDIC or any other government agency, are not deposits or other obligations of Raymond James Bank or TriState Capital Bank, are not guaranteed by Raymond James Bank or TriState Capital Bank, may lose value, and are subject to investment risks, including the possible loss of the principal invested.

All deposits and withdrawals at the banks within the Raymond James Bank Deposit Program will be made by Raymond James on your behalf. If you maintain funds separately with banks in the program, you should monitor your total deposits at the applicable bank(s) to ensure they do not exceed FDIC insurance limits of $250,000 ($500,000 for joint accounts). Your funds will earn the same interest rate at all of the banks, based on your total relationship cash balances with Raymond James. Interest rate tiers and current rates are available online at raymondjames.com/sweeprates and through your financial advisor.