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
  • 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
  • Skowhegan Savings 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
NBT Bank, N.A.
New Dimensions Federal Credit Union
NorState Federal Credit Union
Northeast Bank
Partners Bank
Saco & Biddeford Savings Institution
Sebasticook Valley Federal Credit Union
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.