UPDATE 6/23/16: No longer available.
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 also available as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements.
According to Element Financial’s Truth-in-Savings Disclosure, the Early Withdrawal Penalty reads as follows:
Terms of 1 year to 5 years - 180 days' dividends
Thanks to DA reader, Oldguy, for his Forum post about this promotional certificate.
High Interest Checking
Three months ago, Elements Financial changed the terms and conditions on its High Interest Checking account, which now earns 2.00% APY on qualifying balances up to $20k. While the APY was lowered from 4.00% APY, the qualifying balance ceiling increase from $1k to $20k far out-weighs the dropped rate. For a more in-depth look at the High Interest Checking account, please refer to my February 2016 blog post.
Headquartered in Indianapolis, Elements Financial’s membership eligibility is based on employment status and/or organizational relationship. Individuals who are employees, students, retirees or members of Eli Lilly & Company and 95 other organizations (including Tru Direction, Inc.), are eligible for membership.
Tru Direction, Inc., is a not-for-profit organization dedicated to improving financial literacy. The general public is invited to join this association and enjoy its benefits – including eligibility for Elements Financial membership – for a low one-time dues payment of $5.
Opening a Grass is Greener Certificate can be done online, by phone (800.621.2105), or by visiting any of the above mentioned branches.
Credit Union Overview
Elements Financial (NCUA Certificate # 22468) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.53% (excellent) based on December 31, 2015 data. In the past year, Elements Financial increased its total deposits by $66.88 million, an excellent annual growth rate of 7.25%. Please refer to our financial overview of Elements Financial for more details.
Elements Financial was established in 1976 as the Eli Lilly Credit Union, for the benefit for the employees of Eli Lilly & Company. Elements Financial currently serves over 83,000 members, with assets in excess of $1.2 billion.
It has been more than a year since Eli Lilly Credit Union became Elements Financial. Prior to the re-brand, the following was posted on the Credit Union’s website:
To embrace the 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.
How the CD Compares
When compared to the 160 similar length-of-term CDs tracked by DepositAccounts.com that have similar minimum deposit requirements and are available nationwide, Elements Financial’s 22-month Grass is Greener Certificate currently ranks fourth.
These rates are accurate as of 5/18/2016.