Approved IOLTA Depositories
Pursuant to a July 26, 2006 Supreme Judicial Court Order, attorneys may only hold IOLTA deposits in financial institutions that have been certified by the IOLTA Committee as an eligible financial institution. Eligible financial institutions are those that have been certified as in compliance with the interest rate comparability and other provisions of the revised Guidelines.
All participating financial institutions were required to be re-certified by February 1, 2009.
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.
The institutions appearing below have been certified by the IOLTA Committee, and are thus eligible to hold IOLTA deposits.
Leadership Institutions
Leadership 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 Massachusetts residents have access to critically needed legal aid. Leadership Institutions pay a net interest rate on all IOLTA funds of at least 75% of the Federal Funds Target Rate, or 1.00% APR, whichever is higher. The current Leadership interest rate is 1.00%. Leadership Institutions will be highlighted throughout the year at Bar events and legal publications so that attorneys and law firms are aware of their contributions and exceptional support of the program.
The following are the Massachusetts Leadership Institutions:
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Abington Bank Bank Five BankNorth (TD Bank) Bank of Cape Cod Bank of Fall River Beverly National Bank Cambridge Savings The Community Bank Cape Cod Co-Operative Bank Cape Cod Five Cents Savings Central One Federal Credit Union Century Bank and Trust Company Citizens-Union Savings Bank Danvers Bank |
Framingham Co-Operative Bank BankGloucester Greenfield Co-Operative Bank Greenfield Savings Greylock Federal Credit Union Institution For Savings in Newburyport Lee Bank Leominster Credit Union Mercantile Bank & Trust Co. Monadnock Community Bank Nations Heritage Federal Credit Union Needham Bank North Cambridge Co-Operative Bank North Middlesex Savings Bank Northern Bank & Trust Company |
Pentucket Bank Reading Co-Operative Bank Rockland Trust Company Rockport National Bank Rollstone Bank The Savings Bank South Adams Savings Bank St. Mary's Credit Union The Village Bank Wainwright Bank & Trust Company Wellesley Bank Webster Bank Westfield Bank |
Safe Harbor Institutions
The revised IOLTA Rule also allows eligible financial institution to apply an index, or "Safe Harbor" rate equal to the higher of 55% of the Federal Funds Target Rate or 1.00%. Institutions chosing the Safe Harbor rate are helping to meet the legal needs of Massachusetts residents by insuring their rate maintains a minimum level at all times and increases with other market rates.
The following institutions have been certified as eligible by selecting the "Safe Harbor" index rate option:
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Athol Savings Bank Avidia Bank Bank of New England Barre Savings Bank Bay State Savings Bank Berkshire Bank Beverly Co-Operative Bank BNY Mellon Bridgewater Savings Bank Brookline Bank Butler Bank Central Bank Chelsea-Provident Co-Operatative Chicopee Savings Bank Citizens Bank Commerce Bank and Trust Crescent Credit Union |
Dean Co-Operative Bank Eagle Bank Edgartown National Bank Enterprise Bank and Trust Everett Co-Operative Bank First Federal Savings Bank First National Bank of Ipswich First Republic Bank Florence Savings Bank Hampden Bank Leader Bank Legacy Banks Marlborough Savings Bank Martha's Vineyard Savings Bank Monson Savings Bank New Alliance Bank' Newburyport Five Cents Savings Bank |
North Brookfield Savings Bank North Shore Bank Northern Trust Norwood Co-Operative Bank Nuvo Bank PeoplesBank Salem Five Cents Savings Bank Southbridge Savings Bank South Coastal Bank South Shore Savings Sovereign Bank St. Jean's Credit Union Unibank for Savings Walpole Co-Operative Bank Washington Savings Bank Weymouth Bank Williamstown Savings Bank
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Other Notable Institutions
The following institutions are currently applying an exceptional interest rate (over 2.00%) in support of the IOLTA Program:
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Equitable Co-Operative Bank
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Mutual Bank People's Federal Savings Bank |
Webster First Federal C.U.
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Other Eligible Institutions
For a list of other institutions that have also been certified as eligible to hold IOLTA funds in Massachusetts pursuant to the revised Rule please use the following link: Other Eligible Banks