Trust Account Management Made Easy

Designed to meet the unique needs of legal professionals, our Interest on Lawyers' Trust Account (IOLTA) account keeps your pooled clients' funds safe and comes with all the tools you need to manage them.

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Streamlined Fund Management

Easily manage client funds and track all transactions using our user-friendly online banking tools.

Meet All Requirements

Meet all state bar, recordkeeping, and remittance requirements for appropriate handling of client funds.

$100 to Open

Open with as little as $100 and enjoy no monthly maintenance fee.

Why BayFirst?

BayFirst understands the strict requirements for handling client funds and is proud to be a premier partner for legal professionals, offering tailored financial solutions and exceptional service to meet your unique needs. With our IOLTA account, you can safely and easily manage your pooled client funds while they earn a great interest rate for charitable purposes. Leave the reporting and interest payments to us while you focus on your firm.
 

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A checking account that raises the bar.

Account Features

  • Earn 2.23% APY on all balances1
    • $100 minimum to open
  • No monthly maintenance fees
  • Unlimited transactions
  • Automatic remittance of interest to State of Florida Bar Foundation

Online & Mobile Banking

  • BayFirst Mobile Banking App
  • 24/7 Online and Mobile Banking
  • Online bill pay
  • Mobile deposit and free eStatements

Other Benefits

  • Notary services
  • Up to $250,000 insured by the FDIC
    • Access to additional FDIC insurance protection well into the millions
  • Customer support through the BayFirst Call Center
  • Access to other checking options for your employees

Banking that sets the bar high.

Opening your IOLTA is easy. Just visit your nearest BayFirst Banking Center to get started. Then take advantage of all the perks that come with banking at BayFirst, including access to other great business banking accounts and services.

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Still have questions?

IOLTA FAQs

Interest on Lawyers' Trust Accounts (IOLTAs) are special type of trust account used by attorneys to hold client funds that are not individually significant enough to earn interest for the client. Instead of paying interest to individual clients, the interest earned on these accounts is pooled and donated to fund legal aid and other public interest projects. Our IOLTA account is structured to comply with Florida Bar requirements and allows for easy management of client funds, ensuring that they are kept separate from your business or personal finances.

No. Our IOLTA accounts have no maintenance fees, ensuring that all interest generated can be directed to the Florida Bar Foundation. Additionally, there are no minimum balance requirements or transaction fees, making it easy for you to manage client funds without any added costs.

You can visit any of our banking centers or contact our business banking team directly. We will guide you through the process, ensuring that all necessary documentation is completed and that your account is set up to meet all regulatory requirements.

To open an IOLTA account at BayFirst, you will need to provide a government-issued ID, and your firm's tax identification number. Additional documentation may be required depending on your specific circumstances.

Yes, BayFirst offers a range of banking solutions tailored for law firms and their employees. In addition to IOLTA accounts for your clients, we provide business checking and savings accounts, as well as specialized accounts for your employees, including personal checking accounts with direct deposit and Forward Pay. Our team can work with you to develop a customized banking package that meets the unique needs of your firm and its staff.
1 Interest on Lawyers’ Trust Account (IOLTA) Checking Account: The IOLTA Checking is an interest-bearing checking account. The account will receive 2.23% APY (Annual Percentage Yield) on all balances. Rates are variable and are subject to change at the bank’s discretion. Rates are calculated on a daily balance method. Minimum $100 to open. Rate is effective as of 12/23/2024. Fees could reduce earnings.