Three years ago, Elements Financial offered a promotional 2.10% APY on the Helium Savings that was guaranteed for a year. Elements Financial has revived the Helium Savings promotion (Promo Helium), with a very competitive 3.25% APY that is guaranteed for 12 months following account opening.
The minimum opening deposit is $2.5k of new money, which is defined as funds not on deposit at Elements Financial within 90 days of account opening. Current Helium Savings account holders are not eligible for this promotion, as are those who have closed a Helium Savings account in the previous 90 days. An average daily balance of $2.5k is required to earn the 3.25% APY; balances below $2.5k earn 0.10% APY. Following the one-year promotional period, the rate will "automatically convert to the then current non-promotional Helium Savings account APY which is variable and may change at any time without notice."
There is a limit of one Promo Helium account per member and at least one account holder must be 18 years or older. While there is no monthly maintenance/service fee, there is a monthly $5 Inactive Relationship fee “if no activity has occurred for at least 12 months.” The Promo Helium account has no debit card or check writing privileges. There is no excessive transaction fee for withdrawals and/or transfers beyond the six allowed per statement cycle, but according to CSR, a Promo Helium “could be subject to closure if you exceed the transfer limit in any statement cycle.
DA reader, Striker, posted in the Forum what I thought when I read about the Promo Helium.
The Helium Savings Account sounds like a great option for a 12 month, no penalty, add-on CD paying 3.25% - with no fees or any limits on transfers in and out. Maybe I'm missing something - but at first glance it looks like a great savings account opportunity to park funds in while waiting on higher CD rates to lock in to long term. If rates rise over the next couple months elsewhere and this one remains stagnant - just shift to the higher payer.
DA reader, Rickny, posted a cautionary comment in response to the Forum post about the Promo Helium.
Just be careful as they will probably drop that rate like a rock after 12 months if rates go down.
I had a savings account with them when they guaranteed 2.1% for 1 year. When the year was up they dropped the rate to .3%.
High Interest Checking Promo
Elements Financial is also offering a 4.00% APY promotional rate on its rewards checking account, High Interest Checking. Like the Promo Helium, the High Interest Checking 4.00% APY is guaranteed for 12 months following account opening. The 4.00% APY applies to qualifying balances up to $20k; qualifying balances over $20k earn 0.10% APY, with non-qualifying balances earning 0.05% APY.
There are only one qualifying requirement:
- 15 qualifying transactions per statement cycle, including all debit card purchases, checks, bill payments, ATM withdrawals, and ACH withdrawals.
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.
There is a limit of one Promo High Interest Checking account per member and at least one account holder must be 18 years or older. Current High Interest Checking account holders are not eligible for this promotion, as are those who have closed a Helium Savings account in the previous 180 days.
Headquartered in Indianapolis, Elements Financial offers a way for almost any U.S. citizen/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, Roche, and more than 150 other organizations are 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 opening a Helium Savings Promo account can be done online, by phone (800.621.2105), or at either of two Indiana branches located on W. Washington Street and S. East Street in Indianapolis.
Note: the Lilly Technology Center North branch is temporarily closed. Both the Lilly Corporate Center and the Lilly Technology Center South branches have restricted access and are not open to the public.
The Membership Application is also available as a download, and can be returned by mail or in person at any of the above mentioned branch locations.
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 is a part of both the CO-OP Shared Branch and ATM networks.
We have a global footprint. We serve members in all 50 states and 50 countries. Through the credit union shared branch and ATM network, we provide 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 "B+" at DepositAccounts.com, with a Texas Ratio of 1.46% (excellent) based on June 30, 2022 data. In the past year, Elements Financial has increased its total non-brokered deposits by $31.75 million, an above average annual growth rate of 1.84%. Please refer to our financial overview of Elements Financial (NCUA Charter # 22468) 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. (Known today as Lilly, it was the first company to mass-produce penicillin, insulin, and the Salk polio vaccine.) It’s been more than seven years since the Elements Financial re-brand, which was done “to embrace the growth and diversification of our membership.” Elements Financial is currently the fourth largest credit union headquartered in Indiana, with more than 100,000 members and assets in excess of $2.2 billion.
How the Helium Savings Compares
When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit and do not have small balance caps, the Elements Financial Helium Savings APY currently ranks first.
|APY||Account Name||Credit Union/Bank|
|3.25%||Helium Savings Promo ($2.5k min/no max)||Elements Financial|
|3.05%||Money Market Savings (no min/no max)||Merchants Bank of Indiana|
|3.00%||Dollar Savings Account (no min/no max)||DollarSavingsDirect|
|2.75%||Bask Interest Savings Account (no min/no max)||Bask Bank|
|2.75%||Money Market Account via SaveBetter ($1 min/no max)||mph.bank|
The above information and rates are accurate as of 9/27/2022.