Partner banks make a difference
An Interest on Lawyer Account (IOLA account) is a type of attorney escrow account in which lawyers can pool the small or briefly held deposits of multiple clients. Collectively, the interest from IOLA accounts is used for grants to civil legal aid organizations across New York State.
Joining the IOLA Program
To participate in the IOLA program, a bank should submit a Comparability Report along with all other required application materials. IOLA laws and regulations require that the interest paid on IOLA account products shall be not less than the rate paid on comparable account products offered by the bank to its best customer. Comparable products include account products that bear interest and have check-writing capabilities (including accounts for business, personal and high wealth clients).
Alternatively, a participating bank may elect the Safe Harbor interest rate option, which is equal to 60% of the Federal Funds Target Rate or 1.00%, whichever is higher.
Remaining in Compliance
To insure that the approved IOLA product remains in compliance, participating banks must submit updated Comparability Reports and any supporting documentation to receive approval for any changes. Any proposed change that would result in a reduction in the effective rate of an IOLA product requires a minimum 30 days advance notice. The IOLA Fund conducts periodic reviews of the interest remittances and account reporting provided by participating banks. Participating banks must also submit Comparability Reports and any supporting documentation whenever requested by the IOLA Fund.
Bank Resources
- Submit Remittance Report
- Participating Bank Forms, Instructions, and Samples
- Become a Participating Bank
Submit Remittance Report
Participating Bank Forms, Instructions and Samples
Become a Participating Bank
Platinum and Gold Partner Banks
(As of November 2024)
Platinum Partners
Platinum Partner Banks pay the greater of 60% of the Federal Funds Target Rate or 1.00% or more
*Banks With an Asterisk Waive Fees
1st Century Bank, a division of MidFirst Bank* Alpine National Bank* Amalgamated Bank of New York* Apple Bank for Savings BMO Bank, N.A.* Eastbank Genesee Co-op FCU* Glen Falls National Bank and Trust Company | Kearny Bank* M&T Bank* Metropolitan Commercial Bank* NBT Bank N.A.* NewBank* New York Community Bank Newtek Bank* Northwest Savings Bank* Provident Bank* Safra National Bank of New York* Savannah Bank N.A.* Spring Bank* St. Lawrence Federal Credit Union Woori America Bank* |
Gold Partners
Gold Partner Banks pay the greater of 50% of the Federal Funds Target Rate or 0.50% or more
*Banks With an Asterisk Waive Fees
Citizens and Northern Bank HSBC | New Millennium Bank* |