Interest on Lawyers Account (IOLA)

Meet state bar guidelines for depositing client funds.

Interest pays for legal services for the poor.

IOLA accounts help New York attorneys fulfill state bar requirements by separating client funds from those of their legal practice.

  • Meets New York bar criteria
  • Pays variable interest
  • Funds legal services

Raise money for a good cause and fulfill your responsibilities 

Interest on Lawyers Accounts are designed to raise money for legal services for low-income individuals and to improve the justice system. Under New York bar rules, attorneys must keep client and third-party funds in interest-bearing accounts that are separate from a legal practice's operating funds. Patriot Bank's IOLA accounts fulfill all requirements.

  • Variable rate account
  • No minimum balance requirement
  • Pays interest monthly to the applicable state program (may have permissible fees deducted)
  • May require attorneys to be responsible for other fees that the state program does not allow to be deducted from interest.

    For complete details of all account terms and conditions, please review the disclosure information.
     

Patriot Bank is a full-service financial institution with branches in the Connecticut counties of Fairfield and New Haven, as well as in Scarsdale, New York.