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
- Gorham Savings Bank
- Kennebec Savings Bank
- Maine Savings Federal Credit Union
- Norway Savings Bank
- 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:
- Bank of America
- Bank of New England
- Katahdin Trust Company
- Key Bank, N.A.
- M&T Bank
- Machias Savings Bank
- NBT Bank, N.A.
- Northeast Bank
- Skowhegan Savings Bank
- TD Bank
- University Credit Union
- Washington Savings Bank (located in MA)
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 Savings & Loan | |
| Atlantic Federal Credit Union | |
| Auburn Savings Bank | |
| Bangor Savings Bank | |
| Bar Harbor Bank and Trust | |
| Bath Savings Institution | |
| Biddeford Savings Bank - A Division of Maine Community Bank | |
| Camden National Bank | |
| First American Trust, FSB (located in CA, NV, TN & WA) | |
| First National Bank | |
| Five County Credit Union | |
| Franklin Savings Bank | |
| GFA Federal Credit Union (located in NH & MA) | |
| JP Morgan Chase & Co. N.A. | |
| Katahdin Federal Credit Union | |
| Kennebunk Savings Bank | |
| Lincoln Maine Federal Credit Union | |
| Mechanics Savings Bank - A Division of Maine Community Bank | |
| New Dimensions Federal Credit Union | |
| NorState Federal Credit Union | |
| Partners Bank | |
| Saco & Biddeford Savings Institution | |
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.
“In giving you are throwing a bridge across the chasm of your solitude.”
Antoine de Saint-Exupéry, The Wisdom of the Sands