Banking Partners

The strength of our IOLTA program is attributable in part to the generous support of participating financial institutions.  Effective April 1, 2008, the Supreme Court of Maine updated certain provisions of Rule 6(2) governing IOLTA accounts.  Per the revised Rule, IOLTA accounts must now earn the same interest rates generally available to similarly-situated non-IOLTA accounts.

We would like to thank our participating financial institutions for insuring a smooth transition under the revised Rule.  We would also like to specifically recognize those institutions identified below that went above and beyond the basic requirements of the Rule, to expand access to justice in their communities.

To open an account, please print the Notice to Financial Institution and submit this form to your bank/credit union.  

For a PDF of IOLTA Questions & Answers for Attorneys, click here.

For a PDF of IOLTA Questions & Answers for Financial Institutions, click here.

The following Prime Partner financial institutions participate in the Bar Foundation's IOLTA program.  

For a listing of all participating financial institutions, click here.  

 

PRIME PARTNERS

Prime Partner institutions are those that go above and beyond the eligibility requirements of the revised Rule to support the IOLTA program in its mission to ensure that low-income Maine residents have access to critically needed legal aid.  Prime Partners pay a net interest rate on all IOLTA funds of at least 75% of the Federal Funds Target Rate or 2.00% APR, whichever is higher.  The current Prime Partner interest rate is 2.00%.  Prime Partners will be highlighted throughout the year at Bar events and publications.  

The following are our Maine Prime Partner institutions - please click on the institution for a link to their home page:

2.50%  -  Bar Harbor Bank and Trust Company

2.03%  -  Auburn Savings Bank, FSB

2.00%  -  Biddeford Savings Bank

2.00%  -  First Federal Savings & Loan Assoc. of Bath

2.00%  -  Katahdin Trust Company

2.00%  -  Machias Savings Bank

2.00%  -  Maine Savings Federal Credit Union

2.00%  -  Mechanics Savings Bank

2.00%  -  Rockland Savings Bank, FSB

2.00%  -  Saco & Biddeford Savings Institution

2.00%  -  TD Bank

Updated July 2010