IOLTA (Interest on Lawyers Trust Accounts)
The IOLTA (Interest on Lawyers Trust Accounts) is a program created by the CT Legislature that requires Connecticut attorneys to deposit qualifying client funds into an interest-bearing account. Interest earned is remitted to the Connecticut Bar Foundation, which funds legal aid for low-income individuals and law school scholarships across Connecticut. Thomaston Savings Bank is designated a Leadership Bank in the IOLTA program by the Connecticut Bar Foundation, meaning it offers one of the highest interest rates in the state, currently 2.23% (2.25% APY) on all balances, with no monthly maintenance fees and no wire transfer fees.
Supporting Legal Aid While Earning Interest
Designated by the Connecticut Bar Foundation, Thomaston Savings Bank is a Leadership Bank in the IOLTA program. This means that we offer one of the highest interest rates on IOLTA balances, and we waive all service fees. So, more of your money goes to supporting legal aid in Connecticut, helping to make a positive difference.
IOLTA Highlights
Competitive Interest Rate
Earn more interest on your client funds and support legal aid at the same time.
No Monthly Maintenance Service Fees
Save money on banking fees with your IOLTA account.
No Wire Transfer Service Fees
Easily transfer money to and from your IOLTA account without paying any fees.
Convenience Services
Manage your account from anywhere with our easy-to-use online banking and cash management services.
Current Interest on Lawyers Trust Accounts (IOLTA) Rates
Frequently Asked Questions: IOLTA (Interest on Lawyers Trust Accounts)
IOLTA stands for Interest on Lawyers Trust Accounts. It is an interest-bearing checking account that Connecticut attorneys are required to use for holding certain client funds. The interest earned does not belong to the attorney or the client. It is automatically remitted to the Connecticut Bar Foundation to fund legal aid services and law school scholarships statewide.
Yes. The CT Legislature requires Connecticut attorneys to deposit qualifying client funds into an IOLTA account at a participating financial institution.
The current rate is 2.23% with an APY of 2.25%, effective June 24, 2026, on all balances of $0.01 and above. Rates are subject to change. Visit thomastonsavingsbank.com or contact a branch for the most current rate.
The Connecticut Bar Foundation designates certain financial institutions as Leadership Banks based on the interest rates they offer on IOLTA balances. As a Leadership Bank, Thomaston Savings Bank offers one of the highest rates available and waives all service fees, directing more interest toward legal aid in Connecticut.
No. Monthly maintenance fees and wire transfer fees are both waived on IOLTA accounts at Thomaston Savings Bank.
Interest is remitted to the Connecticut Bar Foundation, which distributes it to legal aid organizations and law school scholarship programs across Connecticut.
Because the interest goes to the Connecticut Bar Foundation rather than to you or your client, a higher rate means more money flowing to legal aid in Connecticut. Choosing a Leadership Bank like Thomaston Savings Bank maximizes that community impact at no cost to your practice.
Yes. The account includes online banking and cash management tools accessible from anywhere.
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