Complex businesses need tailored solutions. Maspeth Federal Savings Bank assists lawyers and law firms throughout New York to establish Interest on Lawyers Accounts (IOLA). IOLA accounts are to designed to allow Lawyers to deposit client escrow money and improve the quality of Justice by using the interest accrued to support legal aid, legal education for the public, and other activities. Before you open an account, we encourage you to visit our FAQ page to review a list of required documentation and disclosures.
- No minimum balance requirement*
- No monthly service fees
- Unlimited deposits and withdrawals
- Competitive interest paid to the IOLA committee monthly. The interest earned on each IOLA account will be transmitted by Maspeth Federal Savings to the New York State Interest on Lawyer Account Fund (the “IOLA Fund”). The interest accrued is pooled and provides money for grants made by the IOLA Fund to non-profit civil legal services across the State of New York.
- Checking account limited to be used by lawyers and law firms to deposit funds received from their clients’ in interest bearing accounts
*A $1.00 deposit is required to open account, plus check printing charges.
To qualify for a Maspeth Federal Savings IOLA account, you or your law firm must be registered to practice law within the state of New York