Protect your clients while supporting opportunity
If you’re a lawyer or a realtor, you need an account that will keep your client’s deposits safe. Why not support the Vermont Bar Foundation or the Vermont Housing Authority with higher dividends while you’re at it?
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IOLTA
Dividends on Lawyers Trust Accounts (IOLTAs) are accounts developed from a program mandated by the Vermont Supreme Court. It requires lawyers or law firms to establish pooled dividend-bearing accounts for client deposits. VSECU will send all dividends earned to the Vermont Bar Foundation (VBF). This money is used to support civil legal services and justice programs for those who are unable to afford such services.
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IORTA
Dividends On Realtors Trust Accounts (IORTAs) are available for Realtors who are required by law to maintain a dividend-bearing account for client deposits and down payments on the purchase of a home. All dividends earned on IORTA accounts are sent to the Vermont Housing Finance Authority (VHFA). The VHFA uses this money to support grants that provide housing opportunities for individuals/families that are unable to afford such services.
Benefits
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Free and Flexible
Get access to free checking, unlimited transactions, and free online and mobile banking—all for no monthly fee!
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Streamlined bookkeeping
Connect your bookkeeping platform with online banking to simplify your finances.
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Higher dividends
The more you earn, the more you can help the VBF or VHFA provide access to legal services, justice programs, or housing opportunities to underserved communities.
Current rates
|
Type |
APY |
|---|---|
|
APY = annual percentage yield, effective as of 4/19/2024 and reflects the current minimum APY offered. |
|
|
Type IOLTA Checking |
APY 1.51% |
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Type IORTA Checking |
APY 1.51% |
Open an IOLTA or IORTA account
You can apply by completing the application and mailing it to VSECU, Attn: VBiz, PO Box 67, Montpelier, VT 05601-0067. You can also drop it off at any branch location.
Disclosures
- 1
- – Fees may reduce earnings.