IOLTA Rule

LSCV administers Virginia’s IOLTA (Interest On Lawyers’ Trust Accounts) 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.

Establishing an IOLTA account

Under the IOLTA program, interest earned on lawyers’ pooled client trust accounts is remitted by the banks directly to LSCV to fund the provision of civil legal services to individuals living in poverty. It takes about three minutes to complete the “Request to Establish an IOLTA Account” form linked below (you can also use this form to convert an existing non-interest bearing account). Once completed, submit the form to your financial institution to establish an IOLTA account.

Resources for attorneys and banks

If you have any questions about setting up or converting to an IOLTA account, or want information about which banks pay the best rates and waive fees for IOLTA accounts, please give us a call at 804-782-9438 and ask for our IOLTA Coordinator. Answers to Frequently Asked Questions may be found in the IOLTA Guidebook linked below, and may also be found on the Virginia State Bar website here.

Prime banking partners

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 to have the partnership of nearly 100 financial institutions in Virginia who participate in the IOLTA program. The list below celebrates those financial institutions offering 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 above 3.5%***

IOLTA interest rates between 3% and 3.5%***

***Rates as reported to LSCV by 3/4/2024. Please send any changes or corrections to info@lscv.org.