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.

 

 


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.

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

Index Rate Institutions

Index Rate Institutions elect to pay an amount equal to the greater of: (1) a 1% interest rate, or (2) 65% of the Federal Funds Target Rate. The Maine Justice Foundation thanks the following financial institutions for participating at this higher level:

  • Gorham Savings Bank
  • Katahdin Trust Company
  • NBT, N.A.
  • 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:

Acadia Federal Credit Union
Androscoggin Savings Bank
Aroostook County Federal Savings and Loan Association
Atlantic Federal Credit Union
Auburn Savings Bank
Bank of America
Bangor Savings Bank
Bar Harbor Bank and Trust
Bath Savings Institution
Biddeford Savings Bank - A Division of Maine Community Bank
Camden National Bank
First National Bank
Five County Credit Union
Franklin Savings Bank
GFA Credit Union
Katahdin Federal Credit Union
Kennebunk Savings Bank
Key Bank, N.A.
Lincoln Maine Federal Credit Union
Machias Savings
Maine Family Federal Credit Union
Mechanics Savings Bank - A Division of Maine Community Bank
New Dimensions Federal Credit Union
NorState Federal Credit Union
Northeast Bank
Norway Savings Bank
Partners Bank
People’s United Bank
Saco & Biddeford Savings Institution
TD Bank

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.