Interest on Lawyers’ Trust Accounts (IOLTA)

An Interest on Lawyers’ Trust Account (IOLTA) 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 IOLTA accounts is used for grants to civil legal aid organizations across Virginia to expand access to justice for people living in poverty.

IOLTA Rule

LSCV administers Virginia’s IOLTA program in partnership with the Virginia State Bar. The IOLTA Rule, effective July 1, 2022, requires any Virginia lawyer who receives client or third-party funds to place those funds in pooled, interest-bearing accounts and removes from the Rule the previous option of non-interest-bearing client trust accounts.

 

Prime Partners Program

Across the Commonwealth (and the nation), IOLTA revenue is a significant source of funding for civil legal aid programs working on behalf of low-income individuals and families. For this reason, where you bank matters.

LSCV is grateful for the partnership of the financial institutions in Virginia who participate in the IOLTA program. The list below celebrates our Prime Partners who have agreed to waive fees and offer Virginia’s most competitive interest rates on IOLTA accounts. These rates translate directly to more money for legal aid programs to help Virginia residents in need of assistance.

If your IOLTA bank is not on this list, please take a moment to ask them to raise their interest rates on IOLTA accounts. It’s a simple way to improve access to justice for all Virginians.

IOLTA interest rates of at least 3.38% (75% of the Fed Funds Rate)

IOLTA interest rates from 2.93% up to 3.38% (at least 65% of the Fed Funds Rate)

  • Bank of Tennessee

  • Pinnacle Bank

IOLTA interest rates from 2.48% up to 2.93% (at least 55% of the Fed Funds Rate)

  • Bank of America

  • Bank of Charles Town

  • Bank of Clarke

  • BankUnited, N.A.

  • BMO Bank, N.A.

  • Citibank, N.A.

  • EagleBank

  • Encore Bank

  • Fulton Bank

  • JP Morgan Chase

  • Legacy Bank

  • MainStreet Bank

  • Manufacturers and Traders Trust Co. (M&T Bank)

  • Mountain Commerce Bank

  • PNC Bank, N.A.

  • Renasant Bank

  • Sandy Spring Bank

  • TD Bank, N.A.

  • Trustar Bank

  • United Bank

Rates as reported to LSCV by 2/4/2025.

Note to financial institutions —

LSCV will recognize participating financial institutions through the Virginia IOLTA Prime Partners Program as follows:

  •  Financial institutions that waive fees and pay an interest rate on IOLTA accounts of at least 55% of the Fed Funds Rate (FFR) will be listed on this webpage.

  • Financial institutions that waive fees and pay an interest rate on IOLTA accounts of at least 65% of the FFR will be listed on this webpage and will also receive a Community Reinvestment Act (CRA) letter each year detailing their IOLTA contributions in support of Virginia’s low-income communities.

  • Financial institutions that waive fees and pay an interest rate on IOLTA accounts of at least 75% of the FFR will be listed on this webpage, will receive a CRA letter each year detailing their IOLTA contributions in support of Virginia’s low-income communities, and will have their hyperlinked bank logos displayed on this webpage for additional visibility. 

LSCV will use the upper limit of the FFR range for determining recognition tiers. (For example, 55% of the upper limit of the current FFR of 4.25-4.5 is equivalent to 2.48%.) LSCV will update the website by the first of the month following any change in the FFR.

Please send any changes or corrections to info@lscv.org.


If you need legal information or want to apply for services at your nearest legal aid office, visit valegalaid.org.