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.
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
- 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 of 1.14-1.30%, which is equal to 65% of the Federal Funds Target Rate. The Maine Justice Foundation thanks the following financial institutions for participating at this higher level:
- Bank of America, N.A.
- Bar Harbor Bank & Trust - 1.50%
- Damariscotta Bank & Trust Co.
- Gorham Savings Bank
- Katahdin Trust Company
- Machias Savings Bank
- 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:
|Acadia Federal Credit Union||0.10-.030|
|Androscoggin Savings Bank||0.50|
|Atlantic Federal Credit Union||0.10-0.30|
|Bangor Savings Bank||0.08-0.70|
|Bath Savings Institution||0.10-0.12|
|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|
|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||0.30|
|Norway Savings Bank||0.75|
|People’s United Bank||0.50|
|Sanford Institution for Savings||0.03-0.15|
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.