Lawyer’s Trust Account (IOLTA / IOLA)
Designed to easily manage the distribution of interest for client’s funds to the state bar.*
IOLTA / IOLA Rates
Effective Date: Thursday, July 2, 2020
|On Balances||APY*||APY* |
|$0.01 - $99,999.99||0.03%|
|$100,000 - $149,999.99||0.03%||0.05%|
|$150,000 - $199,999.99||0.05%||0.07%|
|$200,000 - $599,999.99||0.07%||0.12%|
|$600,000 - $1,099,999.99||0.12%||0.15%|
|$1,100,000 and over||0.15%||0.19%|
* APY is defined to mean Annual Percentage Yield. Interest is compounded daily, credited monthly and paid to the State Agency designated by statute.
This is a blended rate account. The interest rate and annual percentage yield for your account depend upon the amount in each of the rate tiers. The interest rate and annual percentage yield for these tiers may change. Minimum balance required to obtain disclosed annual percentage yield is $.01. At our discretion, we may change the interest rate on your account at any time.
Frequency - interest will be compounded daily and credited monthly and paid to the State Agency designated by statute. If you close your account before interest is credited, you will receive the accrued interest.
We use the “daily balance method” to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Interest begins to accrue on the first business day after the business day you deposit non-cash items (for example, checks).
Please see our separate Fee Schedule for other fees that may apply to this account.