Interest on Lawyers’ Trust Accounts (IOLTA): Banking Partners in Maine

The Maine Justice Foundation gives special recognition and thanks to the Prime Partners and Index Rate Institutions listed below, because they pay interest rates on IOLTA accounts that go above and beyond the basic requirements.

 

 


Leading Prime Partner

Prime Partners pay an interest rate on all IOLTA funds of at least 75% of the Federal Funds Target Rate or 2.00%, whichever is higher. The current Prime Partner interest rate paid on IOLTA accounts is 2.00%. The Maine Justice Foundation offers kudos to one Maine bank, in particular, for paying 3.00% interest on IOLTA funds and for being Maine’s Leading Prime Partner.

  • Bar Harbor Bank & Trust

Prime Partners

The Maine Justice Foundation is also very grateful to the following financial institutions for being Prime Partners, paying 2.00% interest on IOLTA funds.

  • Auburn Savings Bank, FSB
  • First Federal Savings & Loan Assoc. of Bath
  • Kennebec Savings Bank
  • Machias Savings Bank
  • Maine Savings Federal Credit Union
  • Rockland Savings Bank, FSB
  • The County Federal Credit Union

Index Rate Institutions

Index Rate Institutions pay interest on IOLTA accounts based on an index rate equal to 65% of the Federal Funds Target Rate or 1.00%, whichever is higher. The current index rate paid on IOLTA accounts is 1.00%. The Maine Justice Foundation thanks the following financial institutions for being Index Rate Institutions:

  • Damariscotta Bank & Trust Co.
  • Gorham Savings Bank
  • Katahdin Trust Company
  • NBT, N.A.
  • Saco & Biddeford Savings Institution
  • Skowhegan Savings Bank
  • University Credit Union

Other Eligible Institutions

The Maine Justice Foundation has determined that the following financial institutions also are eligible to hold IOLTA funds:

Name Rate
Acadia Federal Credit Union 0.10
Androscoggin Savings Bank 0.50
Atlantic Federal Credit Union 0.10-0.25
Bangor Savings Bank 0.08-0.70
Bank of America, N.A. 0.10-0.20
Bath Savings Institution 0.10
Biddeford Savings Bank 0.03-0.41
Camden National Bank 0.50
Evergreen Credit Union 0.10
First National Bank 0.50
Five County Credit Union 0.025
Franklin Savings Bank 0.10-0.25
Katahdin Federal Credit Union 0.25
Kennebec Federal Savings 0.05-0.10
Name Rate
Kennebunk Savings Bank 0.05
Key Bank, N.A. 0.50
Lincoln Maine Federal Credit Union 0.10
Maine Family Federal Credit Union 0.10
Mechanics Savings Bank 0.75
New Dimensions Federal Credit Union 0.10
NorState Federal Credit Union 0.20
Northeast Bank 0.30
Norway Savings Bank 0.75
People’s United Bank 0.50
Sanford Institution for Savings 0.03-0.15
Sebasticook Valley Federal Credit Union 0.05
Taconnet Federal Credit Union 0.25
TD Bank 0.60
Winthrop Area Federal Credit Union 0.20

Banking Partners

Interest on Lawyers’ Trust Accounts (IOLTA) is a critical ongoing source of funding for civil legal services for low-income Mainers. IOLTA depends on the support of participating financial institutions in Maine. Based on Rule 6 of the Maine Bar Rules, IOLTA accounts must earn at least the same interest rates generally available to similarly-situated non-IOLTA accounts.