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||$20k||Elements Financial||High Interest Checking|
|OTHER TIERS: 0.10% → $20k+|
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.
|Interest Rate||Account Name||Credit Union/Bank|
|4.00% APY||Kasasa Cash Checking ($50k max)||TAB Bank|
|3.33% APY||eCentive Account ($25k max)||Heritage Bank|
|3.25% APY||Kasasa Cash ($30k max)||Dover Federal Credit Union|
|3.00% APY||High Interest Checking ($20k max)||Elements Financial|
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.