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I was with Elements Financial in late 2022 when 3.25% APY was one of the leading rates in the USA. Transfer of money in was smooth, they paid interest every month, and I eventually left them to go with another bank that had a higher rate in late quarter 1 2023, Elements did not continue to increase their savings rate as other banks were. I called to close my account eventually and the customer service was reasonable, no issues. If they had a higher savings interest rate I would have stayed with them. But that's how the game goes, after all.
NOTE helium acct is limited to $500,000. If your account goes over that maximum your interest drops drastically
I opened and maxed out the High Interest Checking and the Promo Helium Savings accounts and it was really effortless to apply, get approved and fund with ACH transfers from my funding bank (took two days). It shows 4% APY on checking and 3.25% on savings. It was as smooth and clean as any account I've ever opened and funded.
Nowhere near matching CPI, but it's halfway there and a good place to park cash until rates exceed its yield in a few months. The rates are also set for 12 months, so shouldn't be any downside surprises before I shift the funds.
We're in another of those upward interest rate environments where we have to move cash often as we chase basis points, but I'm only shifting funds when I can get at least 25 basis points better yield, so this account might survive the Fed's next 75 basis point increase in November.
I had an excellent customer service experience with Elements Financial. They have 24/7 customer service representative on duty. I contacted them over the weekend and the issue was resolved on Monday morning.
The Promo rate is 3.25% on anything over $2500. I'm over $2500 and the rate shows .10%. I called this morning and they're looking into it, but I would still check your Details & Settings page.
EDIT: Got correct interest amt.
Money showed up in Helium acct but listed interest rate as .10%. I called and was told that I will be earning the 3.25% as of today but it may take a day or two for the system to show it.
NOTE, I received the member acct before the helium acct and linked that to my funding account figuring that I would pull the money in, then just transfer it into the helium. NO! luckily I called 1st. I was told that if I did it that way the money would not be considered new money and I wouldn't get the high rate.
Tried opening Helium Savings Account.
Received email asking for more info (Driver's license + Rent or Utility bill).
The email was a "noreply" address and the tab at the bottom of the page takes you to a START APPLICATION page.
Honestly, these people are screwed-up.
I asked if their Chief Financial Officer is aware that new applicants are receiving a bogus page link after going through online account application.
Seriously, I am discovering a lot of banks and credit unions like Elements Financial are poorly run financial organizations. The regulators and Congress need to clean house. Obviously 2008 financial crisis wasn't a wake-up call to anyone in the banking system.
I cannot make a transfer for any amount into this account. C/S says only $2000 a day/ $5000/mo.
What a joke!
9-29-22 A personal bank representative reached out to me and after make a few adjustments i elected to keep the account open, so I feel whole again with Elements.
9-24-21 I have had a elements helium savings account, that I had kept open even when their rates fell to near zero, with a balance over 1K in it for over two years to maintain a on going relationship with them.
So I inquired about the the new rate promo (When I finally got to speak a person), after "a long wait time on hold" I was told I would not qualify since I was already a member, and would not be able to add more funds to the account for the new rate. That lesson was learned the hard way. After 90 days you reapply for a new account they said.
Were does that make any sense on their part ?
I immediately closed the account !
So the Helium Savings rate has been at 0.70% forever while the Fed has been raising interest rates. Now they are offering a deal on 1-year certificates when you can get 3.9%+on a 6-month T Bill.
Hello,
Is anyone awake over there?
The online application process was very effective. I had my debit card in less than a week. I had a question over the Memorial Day weekend and didn't expect a response until the following Tuesday but got an almost immediate response. Very impressed. The HINT bonus is only for 12 months. Overall a very efficient operation.