Escrow accounts are typically used by attorneys/law firms, real estate companies, commercial landlords, and nursing homes to keep client funds separate and apart from an operating or other business account.
Santander offers two types of escrow accounts:
- Escrow Standalone Savings Account—holds funds for a single client. This service is typically used by residential landlords for tenant security deposits and/or last month's rent.
- Escrow Master/Sub Relationship—designed for an escrow agent with multiple clients. Individual savings sub-accounts are opened and linked to a single master account. All accounts appear on a combined monthly statement that provides a convenient "paper trail." Annual 1099 forms are prepared by Santander Bank for individual sub-accounts deposit.
Interest On Lawyer´s Trust Account (IOLTA)
The IOLTA checking product is typically used for short-term, low-dollar fiduciary funds. Monthly statements serve as a paper-trail of deposited funds, disbursements, and interest earned and remitted.
Santander Bank remits monthly interest earned on these deposits to individual state IOLTA committees or state bar foundations as required. Our IOLTA product does not require a minimum balance, and you will not incur transaction fees.
Santander offers IOLTA checking in every state within our footprint, and certain states have recognized Santander as a preferred or top-honor institution with regard to IOLTA status. For more information about our status, please contact your state IOLTA resource directly.