Elements Financial Ups High Interest Checking To 3.00% APY


Deal Summary: High Interest Checking, 3.00% APY on qualifying balances up to $20k

Availability: Easy membership requirement

Indiana-based Elements Financial began July by raising the rate on its High Interest Checking account: qualifying balances up to $20k now earn 3.00% APY. Qualifying balances over $20k continue to earn 0.10% APY, with non-qualifying balances earning 0.05% APY.

3.00*%$100$20kElements FinancialHigh Interest Checking
OTHER TIERS: 0.10% $20k+
Rates as of September 17, 2019.

In 2012, the High Interest Checking earned 4.00% APY, but only on qualifying balances up to $1k. While the rate was lowered to 2.00% APY in 2016, the qualifying balance cap was raised to $20k, increasing the potential annual earnings tenfold. This week’s rate increase adds $200 to the annual earnings.

There are only two qualifying requirements:

  • 15 qualifying transactions per statement cycle, including all debit card purchases, checks, bill payments, ATM withdrawals, and ACH withdrawals.
  • Minimum average daily balance of $100

The High Interest Checking account has no minimum opening deposit requirement. The first 50 checks are provided for free and there is unlimited check writing. The $5 monthly maintenance fee will be waived if eStatements are received.


Headquartered in Indianapolis, Elements Financial’s field of membership (FOM) includes a way for almost US citizen or resident alien to join through Tru Direction, Inc., a not-for-profit organization dedicated to improving financial literacy. Joining Tru Direction, Inc., with a one-time $5 membership fee, qualifies for membership in Elements Financial.

Employees, students, retirees or members of Eli Lilly & Company and more than 100 other organizations are also eligible for membership.

Immediate family members (spouse, child, sibling, parent, grandparent, grandchild, step- and adoptive relationships) and household members (shared residence and income) of membership-eligible individuals also qualify for membership.

Joining Elements Financial and or opening a High Interest Checking account can be done online or by printing out the membership application and returning it to any of six Indiana branches located in Greenfield and Indianapolis (5).

During the application process, we will open you an Elements savings account (that’s the part that makes your membership official). We’ll even put $5 in to get you started — no need to transfer funds from an existing account!

Elements Financial participates in the CO-OP Shared Branch/ATM network, providing members with,

access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

Credit Union Overview

Elements Financial has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 1.46% (excellent) based on March 31, 2019 data. In the past year, Elements Financial increased its total non-brokered deposits by $109.34 million, an excellent annual growth rate of 8.23%. Please refer to our financial overview of Elements Financial (NCUA Charter # 22468) for more details.

Elements Financial was chartered in 1976 as the Eli Lilly Credit Union, for the benefit for the employees of Eli Lilly & Company. In January 2015, Eli Lilly Credit Union became Elements Financial. In anticipation of the re-brand, the Credit Union released the following statement:

We’ve provided widely-accessible financial wellness solutions to individuals through our original partner, Eli Lilly and Company, since 1930 and more recently to a variety of other companies across Indiana and nationwide.

To embrace this growth and diversification of our membership, we are progressing to a new company name. No other financial institutions are involved — no mergers, no buyouts — we’re the same credit union. We want to make it well-known that companies beyond Lilly may partner with us to provide financial wellness to their employees.

Elements Financial is currently Indiana’s fourth largest credit union, with more than 108,000 members and assets in excess of $1.7 billion.

How the High Interest Checking Compares

When compared to the nationally available High Yield Reward Checking Accounts tracked by DepositAccounts.com that have minimum balances of at least $20k, Elements Financial's High Interest Checking APY currently ranks fourth.

The above rates are accurate as of 7/2/2019.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Indianapolis checking accounts, reward checking accounts, nationwide deals

Never Trump Republican
Never Trump Republican   |     |   Comment #1
I had used Elements Financial's account in the past. With others offering better rates I had placed this in near dormant status. With this increase perhaps I will need to evaluate it again.

Positive point about this is that even the ACHs count as "transaction" for the monthly requirements, instead of "Purchases-only".
AnnO   |     |   Comment #2
Nice, that is rare!
Never Trump Republican
Never Trump Republican   |     |   Comment #7
#2: In the past I had setup a few "weekly recurring" ACHs going from Hub Account to Elements Financial, and back. That's a one-time effort only.

After that it was sit-back/relax and collect interest from Elements Financial ....
Jim   |     |   Comment #3
Keep the 20K in saving account and the difference will be less than $10 per month, not worth my time to even get involved in purchases or bill pays or balance transfers, every month after month and counting the transactions.
I can do better using reward credit cards and a saving account of 20K.
sam diggle
sam diggle   |     |   Comment #4
Whoa, seriously? How do you figure that?? I don't think so!
dantheman46   |     |   Comment #5
This is accurate. Yearly interest on 20k at 3% is $600 while yearly interest on 20k at 2.5% is $500 so $8.33 a month. There are a number of savings accounts paying 2.5%. For example, NBD is guaranteed at 2.5% through the end of the calendar year.
sam diggle
sam diggle   |     |   Comment #6
some fancy math, but no, 3% is more!
51hh   |     |   Comment #8
Further, NBD allows up to (less than) $250K, where this one is $20K per account/effort only.

On the extreme side:  Imagine doing those (maybe simple and automatic) RCA drills twelve times a month for twelve accounts (even if they allow twelve RCA accounts).  :)

I would do it for multiple RCAs with a 4% APY though:D
Never Trump Republican
Never Trump Republican   |     |   Comment #9
#8: Your last line reminded me of a joke attributed to Churchill ...


:-) :-) :-)
51hh   |     |   Comment #10

It is actually trade-offs that differ for each person's financial situation. For example, multiple RCAs at a high rate like 4% have advantages in liquidity as well as "profit margin" (vs. 2.5%). I am doing that currently along with NBD; just for different purposes.
Elements Financial Ups Rates on 34- and 54-month Rate Climber CDs
Deal Summary: Rate Climber Certificates – 34-month (1.75% APY) and 54-month (2.25% APY), $1k min/$250k max per certificate, $1m max per household.

Availability: Easy Membership Requirement

It’s been more than a year since Elements Financial had any rates or products that warranted a blog post. That changed at the beginning of July, when Elements Financial raised the rates on its 34-month (1.75% APY) and 54-month (2.25% APY) Rate Climber Certificates by a uniform 25 bps. The minimum opening deposit is $1k ($500 for those under 18),...

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Elements Financial Offers "Grass Is Greener" 22-Month Certificate

UPDATE 6/23/16: No longer available.

Availability: Easy Membership Requirements

Spring is here and Elements Financial (formerly Eli Lilly Credit Union) is celebrating the season with a Grass is Greener Certificate, a 22-month Certificate earning 1.50% APY.

The minimum opening deposit is $1k, with a balance cap of $250k per certificate. There is also a $1 million maximum deposit per household. The fine print on the promotion page states this is a limited time offer, although no specific expiration date is mentioned.

The 22-month Grass is Greener Certificate is...

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Elements Financial To Improve High Interest Checking Account
Availability: Easy membership

In the past four years, I’ve written six different blog posts about the Indiana-based Elements Financial, highlighting its Helium Savings account, HSA, and a variety of CDs, but I’ve never had occasion to write about the High Interest Checking Account.

While Elements Financial’s High Interest Checking Account has earned 4.00% APY since June 2012, the $1K qualifying balance dampened any enthusiasm I had for the account.

That all changed yesterday when Elements Financial announced new terms and conditions for the High Interest Checking Accounts, effective March 1,...

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Elements Financial Offers 32-month Harvest Certificate Special

UPDATE 12/9/2015: Harvest Certificate Special is no longer available.

Availability: Easy membership

Elements Financial (formerly Eli Lilly Credit Union) has just announced the addition of its Harvest Certificate Special – a 32-month Savings Certificate (2.00% APY).

This is a limited time offer and while no expiration date is specifically stated, it’s unlikely the Harvest Certificate Special will be available much beyond Thanksgiving.

The minimum opening deposit is $1K, with a maximum deposit of $250K per certificate. Additionally, there is a $1M maximum deposit per household. The 32-month Harvest...

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Elements Financial Offers September Special 26-Month CD
Availability: Easy membership

As the end of August quickly approaches, Elements Financial (formerly Eli Lilly Credit Union) announced its September Special – a 26-month Savings Certificate (1.50% APY).

This is a limited time offer and while no expiration date is stated, it’s highly unlikely the September Special will be offered beyond September.

The minimum opening deposit is $1K, with a maximum deposit of $250K per certificate. Additionally, there is a $1M maximum deposit per household. The 26-month Savings Certificate is also available as an IRA (Traditional, Roth, and...

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