Raymond James Bank Review: Great Variety of CD Accounts
Written by
Karen Doyle
Edited by
Joe Evans
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Quick Take: Raymond James Bank is a banking option worth considering if you either have a Raymond James Financial investment account or plan to open one. By having your checking and savings accounts in the same place as your investments, you can get one consolidated statement for a more complete financial picture.
Pros
- Consolidated statements
- Dedicated advisor with an investment account
Cons
- No branches for in-person banking
- Customer service available only during normal business hours
Raymond James Bank Overview
Raymond James Bank is a federally chartered bank that operates as part of the broader Raymond James financial ecosystem. Unlike traditional retail banks, Raymond James Bank is designed primarily to support investment clients, offering deposit products that integrate closely with brokerage and wealth management services.
This review explains how Raymond James Bank works, what deposit rates and products it currently offers, and who is most likely to benefit from banking within its investment-centric model.
Raymond James Bank at a Glance
| Category | Details |
|---|---|
| Parent organization | Raymond James Financial |
| Banking model | Investment-aligned bank |
| Branch access | Limited; relationship-based |
| Deposit insurance | FDIC |
| Best known for | Integrated banking and investment services |
Savings Accounts
Raymond James Bank offers savings accounts primarily to clients who already maintain investment or advisory relationships.
Current Savings APY:
- Generally modest and variable, often below top market-leading rates, depending on balance and account type
Key Details:
- Rates may vary by relationship tier and account structure
- Designed more for liquidity and portfolio management than yield maximization
- FDIC-insured within standard limits
Savings accounts are best viewed as a cash management complement rather than a standalone growth tool.
Money Market Accounts
Money market accounts at Raymond James Bank are structured to support brokerage and advisory clients who want easy access to cash alongside their investments.
Current Money Market APY:
- Typically tiered and relationship-based, with rates improving at higher balances
- Often competitive within investment platforms, but not consistently market-leading
What To Know:
- Rates can change frequently based on market conditions
- Tiered balance structures are common
- FDIC insurance applies up to coverage limits
These accounts prioritize integration and flexibility, not aggressive yield.
Certificates of Deposit (CDs)
Raymond James Bank offers CDs across multiple terms, often accessible through advisory channels.
Current CD APY Ranges:
- Short-term CDs: generally moderate, depending on term
- Mid- to long-term CDs: higher than savings but still conservative relative to broader market options
Important Considerations:
- Early withdrawal penalties apply
- Rates may vary by term length and account relationship
- CDs may be used strategically within broader financial plans
Checking and Cash Management
Raymond James Bank does not emphasize traditional consumer checking in the same way as retail banks.
Instead, Clients Typically Access:
- Cash management features tied to brokerage accounts
- Integrated transfers between investment and deposit accounts
- Advisory-supported account management
This setup works best for clients already managing assets through Raymond James.
Banking Experience
Raymond James Bank doesn’t have branches other than its St. Petersburg location; so, for most customers, transactions must be completed by your advisor, online or on the mobile app.
Customer Service
Customer service can be reached by calling 800-718-2265 during business hours. Online access is available 24/7, and some transactions can be completed that way. You also can reach Raymond James Bank via email at raymondjamesbank@rjbank.com.
Mobile and Digital Experience
The Raymond James Bank online banking service lets you access your accounts to check balances, transfer funds between accounts, view your account history and more. The Client Access app is designed for investment clients, as it lets you access your investment accounts as well as banking products. It doesn’t rate very highly with users, however. The app gets a rating of just 1.9 stars out of 5 on Google Play and 2.9 stars on the App Store.
Fees
Regardless of whether a bank charges fees to maintain an account, most charge fees for other activities and services. At Raymond James, some fees, such as those for certified checks or cashier’s checks, are waived for customers who have over $500,000 in assets. Here’s a look at some fees you might face:
- ATM usage after allocated reimbursements: $1.25
- Bank checks: $10
- Nonsufficient Funds Item: $30
- Overdraft Protection Transfer: $5
- Domestic/foreign wire transfer
- Incoming: $10/$35
- Outgoing: $20/$50
Comparable Banking Options
To find the best bank for your needs, you’ll want to take a look at several options. Here’s how Raymond James Bank stacks up against other banks.
Bank of America
Bank of America has about 3,900 retail banking locations and 16,000 ATMs nationwide, which makes it a good choice for those who like to do their banking at a branch. Raymond James Bank doesn’t have branches, but it does offer a one-stop shop for both banking and investments, with personalized service from a financial advisor.
Ally Bank
Ally Bank is an online bank that offers great rates on savings accounts and CDs as well as a wide range of loans and investment services. But if you’re looking for a personal touch, Raymond James Bank is the way to go since you will have an advisor to help with all of your banking and investment needs.
Who Raymond James Bank Is Best For
Best Fit
- Investors with existing Raymond James advisory relationships
- Clients seeking integrated banking and investment management
- Households managing significant assets across multiple account types
Less Ideal
- Rate-focused savers chasing top APYs
- Customers who prefer self-directed, standalone banking
- Anyone seeking broad branch access or everyday retail banking
Overall Experience
Raymond James Bank delivers a relationship-driven, investment-aligned banking experience. Its value lies in coordination — allowing clients to manage cash, investments and lending under one umbrella — rather than in offering market-leading deposit rates.
Digital tools and advisor support play a larger role than branch access, making the experience best suited for higher-net-worth or professionally managed accounts.
Final Take to GO
Raymond James Bank is not designed to compete on deposit rates alone. Instead, it serves as a strategic banking partner for investors who value integration, advisory support and streamlined cash management within a larger financial relationship.
For clients already working with Raymond James, the convenience and coordination can outweigh the opportunity cost of lower yields. For rate-focused savers, however, other options may better align with growth goals.
FAQ
Here are the answers to some commonly asked questions about Raymond James Bank and Raymond James.- Is Raymond James Bank FDIC-insured?
- Yes. Deposits are insured by the FDIC up to applicable limits.
- Does Raymond James Bank offer high-yield savings accounts?
- Savings and money market rates are generally conservative and not positioned as high-yield products.
- Can anyone open an account at Raymond James Bank?
- Most accounts are offered through existing Raymond James advisory or brokerage relationships.
- Are Raymond James Bank CDs competitive?
- CDs can be useful within a broader investment plan, but rates are typically not market-leading.
- Who should consider a different bank?
- Savers focused on maximizing interest or seeking a standalone digital banking experience may find better alternatives elsewhere.
Daria Uhlig contributed to the reporting for this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change. Information on accounts is accurate as of Jan. 5, 2026.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
