•

Savings and demand accounts consist of money market deposit accounts, negotiable order of withdrawal accounts and demand deposit accounts that have no stated maturity or expiration date.

•

Time deposits included $16.18 billion as of December 2020 and $17.77 billion as of December 2019 of deposits accounted for at fair value under the fair value option. See Note 10 for further information about deposits accounted for at fair value.

•

Time deposits had a weighted average maturity of approximately 1.3 years as of December 2020 and 1.7 years as of December 2019.

•

Deposit sweep programs include long-term contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits. As of December 2020, the firm had 12 such deposit sweep program agreements.

•

Transaction banking deposits consists of deposits that the firm raised through its cash management services business for corporate and other institutional clients.

•

Other deposits represent deposits from institutional clients.

•

Deposits insured by the FDIC were $123.03 billion as of December 2020 and $103.98 billion as of December 2019.

•

Deposits insured by non-U.S. insurance programs were $27.52 billion as of December 2020 and $15.86 billion as of December 2019.

The table below presents the location of deposits.



	As of December

$ in millions		2020	2019
U.S. offices		$206,356	$150,759
Non-U.S. offices		53,606	39,260
Total		$259,962	$190,019

In the table above, U.S. deposits were held at Goldman Sachs Bank USA (GS Bank USA) and substantially all

non-U.S.

deposits were held at Goldman Sachs International Bank (GSIB).

The table below presents maturities of time deposits held in U.S. and

non-U.S.

offices.



	As of December 2020

$ in millions		U.S.	Non-U.S.	Total
2021		$35,115	$11,995	$47,110
2022		9,685	485	10,170
2023		6,377	126	6,503
2024		4,138	138	4,276
2025		2,089	281	2,370
2026 - thereafter		2,119	995	3,114
Total		$59,523	$14,020	$73,543

As of December 2020, deposits in U.S. offices included $11.71 billion and deposits in

non-U.S.

offices included $12.25 billion of time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance.

The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest, which approximates fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of time deposits not accounted for at fair value approximated fair value as of both December 2020 and December 2019. As these savings and demand deposits and time deposits are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both December 2020 and December 2019.