Raymond James Bank Review: Great Variety of CD Accounts

GOBankingRates Score

Raymond James Bank FSB
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
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.
  • Checking Accounts
  • Savings Accounts
  • CD Accounts
  • Banking Experience
How did we calculate this?


  • Consolidated statements
  • Dedicated advisor with an investment account


  • No branches for in-person banking
  • Customer service available only during normal business hours

Raymond James Bank Overview

Raymond James Financial was founded in 1962 as an investment bank. In 1994, Raymond James Bank opened as a way to provide retail banking products such as checking and savings accounts and mortgage loans to its investment clients.

The company is headquartered in St. Petersburg, Florida, and has about 8,400 financial advisors and $1.18 trillion in client assets. It trades on the New York Stock Exchange under the symbol RJF.

Raymond James is a finalist on GOBankingRates’ list of Best CD Accounts of 2023.

Key Features

Raymond James Bank offers checking, savings, money market and CD products to its investment clients. Mortgage loans are also available. Here’s a quick overview.

Checking Account

Raymond James Bank’s checking option is Capital Access, an everyday-spending cash-management solution with two programs to help you make the most of the account: the Bank Deposit Program and the Client Interest Program. You can use your Capital Access spending account like you would any checking account — it includes such features as mobile check deposit and mobile wallet, online bill pay, unlimited free check writing and direct deposits and ATM fee reimbursements. However, it’s specially designed to be part of an overall financial solution that includes an investment account.

Capital Access balances earn to APY through the Bank Deposit Program or the Client Interest Program.

With the Bank Deposit Program, Raymond James “sweeps,” or distributes, your deposits among up to 12 banks, including Raymond James Bank, to diversify your holdings. The benefit is that it provides up to $3 million in FDIC insurance, whereas a single account at a single bank is insured for just $250,000. However, you can designate Raymond James as the only bank to hold your deposits.

Alternatively, you can forgo the Bank Deposit Program in favor of the Client Interest Program, where you earn the same interest as you would with Raymond James Bank but without sweeping your uninvested funds to other accounts. 

The Capital Access account has a $150 annual fee beginning one year after account opening. Raymond James Bank will issue a $25 credit toward that fee when you choose online document delivery and meet eligibility requirements. The fee is waived when your eligible assets total at least $500,000, you make average monthly direct deposits of $1,000 or have other Capital Access-eligible fee based accounts.

Savings Account

The Raymond James Bank Select Savings account is a basic savings account for short-term savings goals. It pays 0.45% APY on all balances, and your balance can easily be transferred between Raymond James accounts. For a fee, this account can also be used as overdraft protection for your checking account at another bank.

Money Market Account

The Raymond James Bank Money Market account pays a 0.45% APY on all balances. Investment accounts typically have a money market component into which they sweep cash from dividends. Since this is a non-sweep account, you have to deposit cash into it. As is standard with money market accounts, rates are guaranteed. You can make up to six withdrawals per month and easily transfer funds between accounts.

CD Accounts

Raymond James Bank is a finalist in GOBankingRates’ Best CD Accounts of 2023 rankings. CD terms range from 90 days to five years, with APYs from 2.94% to 3.67%. The minimum opening deposit is $5,000 if you purchase the CD within a Raymond James brokerage account, or $1,000 if you purchase it outside a Raymond James brokerage account.

Note that CDs are deposit accounts, not securities, so they can’t be traded. Early withdrawals incur significant penalties.

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.


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.

Final Take

If you have a lot of investments and like the convenience of having your financial accounts in one place, Raymond James Bank is a great bank for you. You’ll get a consolidated statement that shows all of your assets and loans as well as guidance from a dedicated financial advisor.


Here are the answers to some commonly asked questions about Raymond James Bank and Raymond James.
  • Is Raymond James a good investment bank?
    • Yes. Raymond James has over 60 years of experience helping its clients manage their finances.
  • Is Raymond James Bank FDIC-insured?
    • Deposits in Raymond James Bank are FDIC-insured up to the allowable limit of $250,000 per account category, per depositor. Funds in a Raymond James Financial investment account are not FDIC insured, however.
  • Does Raymond James Bank offer free money for signing up for an account?
  • Does Raymond James offer online trading?
    • With the approval of the branch manager, Raymond James clients can access online trading upon request.
  • Are Raymond James' fees high?
    • The deposit-account fees are lower than many other banks'.
  • Is my money safe with Raymond James?
    • Yes. Deposit account balances are FDIC-insured.
  • Is Raymond James better than Wells Fargo?
    • They're very different banks. Raymond James is likely to appeal more to high-net-worth individuals who prefer to work with financial advisors for all aspects of their financial lives,  including standard banking. Wells Fargo is more accessible and has a larger selection of bank and loan products.

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.

Methodology: To determine rankings for the Best CD Accounts, GOBankingRates looked at the following factors from all banks (excluding credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY; (5) 60-month CD APY; and (6) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (2) were weighted 0.5 times, factor (3) was weighted 2 times, and factors (4) and (5) were weighted 4 times. 

Rates are subject to change. Information on accounts is accurate as of Jan. 5, 2023.

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.

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