Elements Financial
Popular Accounts at this Credit Union
| APY | ACCOUNT TYPE | HOW THEY COMPARE |
|---|---|---|
| 2.00% | Reward Checking | 2.01% - National Average |
| 2.25% | 5-year CD | 3.10% - Synchrony Bank 60 Month CD |
| 1.00% | Savings |
Elements Financial is headquartered in Indianapolis and is the 4th largest credit union in the state of Indiana. It is also the 186th largest credit union in the nation. It was established in 1976 and as of June of 2018, it had grown to 182 employees and 102,728 members at 6 locations. Elements Financial's savings rates are 92% higher than the national average, and it has an A health rating.
Field of Membership Restrictions
Elements Financial is open to employees, students, retirees, or members of eligible Elements partners including Lilly, The Heritage Group, OneAmerica, Indy Chamber, Indiana Chamber, College Park Church, Butler University and many other select employer groups (a complete list can be found on the credit union's website). Immediate family and household members may also join.
See current membership details
Related Posts
8/2 - Rate Climber Increased
6/1 - 57-Month CD
7/1 - Rate Increases On Rate Climber Cds
5/18 - Grass Is Greener Certificate 1.50% APY 22-Month CD From Elements Financial
5/18 - Elements Financial And Velocity CU CD Promotions
3/1 - 2.00% APY* Checking On Up To $20,000 From Elements Financial
2/19 - Elements Financial To Improve High Interest Checking Account
2/18 - On 3/1/16 Rca Balance Up To $20K Was $1K, 4.00% To 2.00% APY
11/4/15 - Harvest Certificate - 2.00% APY* 32-Month Savings Certificate From Elements Financial
8/29/15 - Elements Financial Offers September Special 26-Month CD
8/26/15 - September Certificate Special From Elements Financial
3/20/15 - Rate Climber IRA From Elements Financial
2/25/15 - Elements Financial Shamrock Special 32-month Certificate Has Top Rate
2/24/15 - Elements Financial Shamrock Special Certificate (32-Mo CD, 2.0% APY)
11/25/14 - Eli Lily CU's Black Friday 18-month CD Is Competitive - Nationally Available
11/25/14 - A Black Friday Special That Pays!
10/8/14 - Eli Lilly CU Offers High Rate Helium Savings Account - Nationally Available
1/21/14 - Best HSA Provider For Investing HSA Money
9/11/12 - Top 5-Year CD Rate at Eli Lilly Federal Credit Union - Easy Membership
Very Good For HSA
I took an extremely long time to open our HSA accounts because as I reviewed all the ones out there, I was not happy with any. Most have tons of fees for doing anything, or nothing at all. My primary objective was to find one where there would be no fees if I simply deposit funds and don't do anything. Elements provided that.
These days most folks are looking for the ability to use their HSA to participate in the stock market, either utilizing a brokerage account of being able to invest in mutual funds. Elements provides that ability. Yes, there are fees - as there will be with any HSA which provides for it.
My only nitpick is that during the account opening process, for a new member, they limit the initial deposit to the HSA...that limit is below their minimum for avoiding the monthly fee. I wanted to contribute the full year maximum, which was above their minimum to avoid the monthly fee. Couldn't do it - had to open it with initial limit they imposed, then do a second transfer to bring the balance up - and get hit with a fee the first month. When I opened my spouse's HSA, I figured a way around this - first funding the member savings account (required to open the HSA) and then doing an internal transfer to the new HSA for the one year maximum contribution. Elements should either raise the maximum allowable initial deposit to the HSA, or post a tip how to open it and avoid the monthly fee. I opened our accounts almost 2 years ago, so maybe they have changed that since.
Anyhow, the interest rate on savings is not competitive, and again there are fees for using a brokerage account. However, if you're looking for a safe place to put your HSA money and not have it eaten away with fees for having it simply having sit dormant, this is a good one.
Generally satisfied customer.
Generally, I have been very happy with Elements Financial Credit Union. I have been with this bank for over a decade. When I originally signed up for an account using a bank that was primarily online was a very uncommon thing to do. When I originally opened my account the bank was called Eli Lilly Federal Credit Union. There are branches available inside Lilly pharmaceutical, but are unavailable to me as a non employee. I only had a problem finding a service center during one period when I lived in Florida for a brief time. I was eventually able to find a service center, but it was quite inconvenient. There are a large variety of deposit options and they are all accessible via web or phone contact only. All in all, I was satisfied enough with my experience that I have opened an account with a different credit union under similar circumstances.
Transfers To External Accounts
1. They have $10,000 limit per day for outgoing ACH transfers
2. In my case, Wire Transfer Department took three attempts to type my account number correctly. Their email to me presented a correct number, but in wire transfer computer they typed incorrect. Wasted all day talking to both institutions.
General customer service is great and supportive.
For HSA Investing, Clunky And Expensive
Elements (formerly Eli Lilly FCU) used to be a good place to have an HSA investment account. These days, not good at all.
Most HSAs that allow investments have a banking side (here, Elements) and an investment side (either a small menu of mutual funds or a brokerage partner, here TDAmeritrade). Elements requires you to keep $2500 on the credit union side or pay $4/mo to invest. That's higher than many other providers. It also charges $25 per transfer to the investment (TDAmeritrade) side. That's quite unusual.
Also unusual is that instead of having two logins (one for Elements and one for TDA), you need three. The third is for a third party site (pilothsa.com) that handles the transfers.
That site imposes a three business day lag between the time a trade settles at TDA (i.e. the time that TDA says you can withdraw cash), and the time the transfer site will allow you to transfer the money. It also gets confused if you place multiple transfers too close together (even if there is enough money available). I'm still working on resolving that problem.
The final concern is that TDAmeritrade recently changed its list of NTF ETFs, replacing lots of inexpensive ones from Vanguard and iShares with more expensive ones.
If you just want to keep cash on the Elements side, it seems fine. But if you want to use this for investing within an HSA, it's not the most efficient or user friendly place to do so.
Data as of Q2 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 22468 |
| Year Chartered | 1976 |
| Employees | 182 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.73% |
| Return on Equity - YTD | 8.99% |
| Annual Interest Income | $25.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2018vs Q2 2017 | $1.51B$1.43B |
| Loans | Q2 2018vs Q2 2017 | $1.20B$1.13B |
| Deposits | Q2 2018vs Q2 2017 | $1.26B$1.19B |
| Equity Capital | Q2 2018vs Q2 2017 | $126.0MM$120.7MM |
| Loan Loss Allowance | Q2 2018vs Q2 2017 | $10.4MM$10.6MM |
| Unbacked Noncurrent Loans | Q2 2018vs Q2 2017 | $3.0MM$2.1MM |
| Real Estate Owned | Q2 2018vs Q2 2017 | $26.00K$0 |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Summer Certificate Specials From Elements Financial
• 2.75% APY1 34-Month Certificate
• 2.50% APY 22-Month Certificate
• 2.00% APY 14-Month Certificate
All three certificate specials require only $1,000 minimum to open2. This highly competitive offer will be available for a limited time only.
The timing of the promotion is perfectly aligned with summertime. It’s a good time to put some cash into competitively-priced, secure certificates. At Elements, we believe there is no better way to improve one’s personal financial wellness than to save.
Consumers can open one of these certificates now at elements.org/2018SummerSpecial or by calling Elements Member Service at (800) 621-2105.
More About Elements Financial Elements Financial is a diversified federal credit union with assets of more than $1.5 billion and 100,000 members in all 50 states and 50 countries. As a financial wellness provider, Elements serves individuals through our original sponsor Eli Lilly and Company and more than 120 companies across Indiana and nationally. Based on mortgage loans, Elements ranks 7th among all financial institutions in the Indianapolis market. Beyond six Elements branches in Central Indiana, we provide access to more than 5,000 shared branch locations nationally and 78,000 surcharge-free ATMs globally. Elements Wealth Management is a full-service investment management and financial planning firm with $550 million in assets under management. Join us at elements.org to learn more.
Federally Insured by the NCUA
1) Certificate Annual Percentage Yield (APY) effective as of August 1, 2018, and may change without notice. Fees may reduce earnings. Penalty for early withdrawal. *Summer Certificates Special— Limited time offer may be withdrawn at any time. Unless redeemed, upon maturity 14-month certificate will automatically renew into the traditional 12-month certificate at the then current APY; upon maturity 22-month certificate will automatically renew into the traditional 24-month certificate at the then current APY; upon maturity 34-month certificate will automatically renew into the traditional 36-month certificate at the then current APY. 2) Minimum certificate deposit of $1,000. Maximum is $250,000 deposit per certificate; $1 million per household. Minimum required to open a child’s certificate is $500; child must be under 18 years of age. Minimum of $500 balance required to earn dividends. We may impose a penalty if you withdraw any of the principal before maturity. Elements Membership Required.
Rate Climber Increased
Increased to 1.70% APY
54-Month Rate Climber
Increased to 2.20% APY
https://www.elements.org/rates/
Always verify rates and promotions with the bank or credit union. We are not Elements Financial; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Elements Financial Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.00%* | $10k* | - | Health Savings Account (HSA) | ||
| OTHER TIERS: 0.25% → $100 - $2.5k | 0.50% → $2.5k - $10k | |||||
| 1.00% | $2.5k | - | Helium Savings | ||
| 0.25% | $100 | - | The Grow Account | ||
| 0.21% | - | - | IRA Savings | ||
| 0.20%* | $50k* | - | HideAway Savings | ||
| OTHER TIERS: 0.10% → $100 - $25k | 0.15% → $25k - $50k | |||||
| 0.20%* | $50k* | - | Member Savings | ||
| OTHER TIERS: 0.10% → $100 - $25k | 0.15% → $25k - $50k | |||||
Elements Financial Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.50%* | $100k* | - | Business Premium Money Market | ||
| OTHER TIERS: 0.10% → $2.5k - $25k | 0.25% → $25k - $100k | |||||
| 0.45%* | $250k* | - | Premium Money Market Account | ||
| OTHER TIERS: 0.05% → $100 - $2.5k | 0.10% → $2.5k - $10k | 0.15% → $10k - $25k | 0.21% → $25k - $50k | 0.31% → $50k - $100k | 0.40% → $100k - $250k | |||||
Elements Financial Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 2.00%* | $100* | $20k | High Interest Checking | ||
| OTHER TIERS: 0.10% → $20k+ | |||||
Elements Financial CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.90% | $1k | $250k | 54 Month Rate Climber CD | |
| 2.90% | $500 | $250k | 54 Month Rate Climber Youth CD | |
| 2.85% | $1k | $250k | 34 Month Rate Climber CD | |
| 2.85% | $500 | $250k | 34 Month Rate Climber Youth CD | |
| 2.85% | $1k | $250k | 34 Month CD Special | |
| 2.85% | $500 | - | 34 Month Youth CD Special | |
| 2.75% | $1k | $250k | 22 Month CD Special | |
| 2.75% | $500 | $250k | 22 Month Youth CD Special | |
| 2.60% | $1k | $250k | 14 Month CD Special | |
| 2.60% | $500 | $250k | 14 Month Youth CD Special | |
| 2.25% | $1k | $250k | 5 Year CD | |
| 2.25% | $500 | $250k | 5 Year Youth CD | |
| 2.00% | $1k | $250k | 4 Year CD | |
| 2.00% | $500 | $250k | 4 Year Youth CD | |
| 1.50% | $1k | $250k | 3 Year CD | |
| 1.50% | $1k | $250k | 7 Year CD | |
| 1.50% | $500 | $250k | 3 Year Youth CD | |
| 1.50% | $500 | $250k | 7 Year Youth CD | |
| 1.35% | $1k | $250k | 2 Year CD | |
| 1.35% | $500 | $250k | 2 Year Youth CD | |
| 1.30% | $1k | $250k | 18 Month CD | |
| 1.30% | $500 | $250k | 18 Month Youth CD | |
| 1.25% | $1k | $250k | 1 Year CD | |
| 1.25% | $500 | $250k | 1 Year Youth CD | |
| 0.85% | $1k | $250k | 6 Month CD | |
| 0.85% | $500 | $250k | 6 Month Youth CD |
Elements Financial IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.85% | $1k | - | 34 Month IRA Special | |
| 2.75% | $1k | - | 22 Month IRA Special | |
| 2.60% | $1k | - | 14 Month IRA Special | |
| 2.25% | $1k | - | 5 Year IRA | |
| 2.00% | $1k | - | 4 Year IRA | |
| 1.50% | $1k | - | 3 Year IRA | |
| 1.50% | $1k | - | 7 Year IRA | |
| 1.35% | $1k | - | 2 Year IRA | |
| 1.30% | $1k | - | 18 Month IRA | |
| 1.25% | $1k | - | 1 Year IRA | |
| 0.85% | $1k | - | 6 Month IRA |
| Elements Financial Locations | ||
|---|---|---|
| Branch Office | 639 S Delaware St | Indianapolis, IN 46225 |
| Branch Office | 2500 Innovation Way N Bldg C | Greenfield, IN 46140 |
| Branch Office | 225 S East St Ste 300 | Indianapolis, IN 46202 |
| Branch Office | 1400 W Raymond St | Indianapolis, IN 46221-2004 |
| Branch Office | 302 W Washington St Rm E030 | Indianapolis, IN 46204 |
| Branch Office | 1200 W Morris St | Indianapolis, IN 46221-1710 |