The MSBA recognizes banks that pay the highest rates on IOLTA accounts (as of June 2024 a minimum of 1.0% on some accounts, including higher balance accounts) and do not charge fees on those accounts. We encourage attorneys to use the following banks meeting these standards:

Alliance Bank
Arcadian Bank
Bank of America
Bell Bank
BMO
Choice Bank
Citizen’s Community Federal Bank
Community Bank Mankato
Eagle Rock Bank
Entre Bank
Farmers State Bank Underwood
J.P. Morgan Chase
Park State Bank
United Valley Bank
U.S. Bank
Wells Fargo

IOLTA revenue contributes essential funding for civil legal services and pro bono programs, which help low-income Minnesotans meet their families' basic needs for shelter, safety and health.   Watch an ABA video on the history of IOLTA.

If your bank is interesting in finding out more, including how we promote participating banks, please contact Nancy Mischel at the MSBA.