IOLTA accounts for attorneys and law firms in Massachusetts and Rhode Island.
BankFive offers Interest on Lawyers Trust Accounts (IOLTA) for attorneys and law firms that need to hold qualifying client funds in a separate trust account. With local support, convenient account access, and IOLTA recognition in both Massachusetts and Rhode Island, BankFive can help you manage client funds with confidence.
IOLTA Account Details
- Available to eligible attorneys, law firms, and legal organizations in Massachusetts and Rhode Island
- Online and mobile banking access
- Treasury management services available
- Local, relationship-based support
- Interest is remitted to the applicable state IOLTA program
- Standard BankFive business account opening and identification requirements apply
A Higher Level of IOLTA Commitment
BankFive is proud to be recognized as an IOLTA Leadership Institution in Massachusetts and an IOLTA Honor Roll Institution in Rhode Island, distinctions reserved for financial institutions that provide enhanced support for IOLTA programs.
Current IOLTA Rates
| Product | Minimum Deposit | Minimum Required to Obtain APY* | Interest Rate | APY* |
| MA IOLTA | $10.00 | $100.00 | 2.81% | 3.00% |
RI IOLTA | $10.00 | $100.00 | 2.37% | 2.60% |
Rates effective 10/29/2026. Rate may change after account is opened. Fees may reduce earnings.
*APY - Annual Percentage Yield
Open an IOLTA Account
Interested in opening an IOLTA account with BankFive? Contact our Business Banking Team to get started or visit a BankFive branch in Massachusetts or Rhode Island.
