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.
“No one is useless in this world who lightens the burdens of another.”
Charles Dickens