[Expired] Elements Financial $200 Checking Bonus & 3% APY Rewards Checking on up to $20,000 – Nationwide

Update 07/28/19: The checking rate has increased from 2% to 3%. Unclear if the $200 bonus is still available.

Update 07/12/18: looks like the Trudirection work around is no longer working.

Update 07/04/18: Reposting with instructions on how to bypass the ChexSystems sensitivity as it seems to be reliably working. Keep in mind it isn’t working for everybody still, there are quite a few denial data points in the comments below.

Update 3/19/18: The $200 signup bonus is back, see below. 

Offer at a glance

• Maximum bonus amount: 2% APY
• Availability: Nationwide
• Additional requirements: 15 transactions
• Hard/soft pull: Soft
• ChexSystems: Yes (note: they are Chex sensitive). See how to avoid the sensitivity below.
• Credit card funding: None
• Monthly fees: None with e-statements
• Household limit: One (not enforced)
• Early account termination fee: Bonus forfeit if closed within six months (should not affect 2% APY rate)
• Insured: NCUA

The Offer

Direct Link to offer

• Element Financial Credit Union offers a rewards checking with a 2% APY rate on balances up to $20,000

To be eligible for the 2% rate:

• You must have at least 15 transaction on the account each month; this includes the following: debit card purchases, checks, bill payments, ATM withdrawals
• You must have a balance of $100 or more

$200 Bonus

There’s also a $200 bonus for opening up the checking account if you use promo code: CHECK200

Direct Link

The promo page is for State of Indiana employees and family members, but readers note they got the bonus by using the promo code despite not being an employee or family so it might work for anyone. Other readers signed up first for a savings account, and got the $200 sent their way via email.

The only requirement mentioned is that you get a $500 recurring monthly direct deposit within 60 days of checking account opening and submission of applicable promo code at application.

See what counts as direct deposit here.

Avoiding ChexSystems Sensitivity

Looks like the Trudirection work around is no longer working

Keep in mind it isn’t working for everybody still, there are quite a few denial data points in the comments below. 

This bank is very sensitive when it comes to having too many ChexSystems inquiries and will deny people if this is the case. There is a way around this thankfully (and this works even if you’ve previously been denied for an account. You just need to apply again). Here’s what you need to do:

• Join TruDirection for $5 (this needs to be done directly through the TruDirection website).
• During the application process indicate you are a TruDirection Member

For more information, read helpful comments by Josh, Casey & Gadget.

The Fine Print

• Annual Percentage Yield is variable and may change after account is opened. APY is 2.00% on balances up to $20,000, 0.10% on balances greater than $20,000.
• Dividends will be paid per statement cycle requirement.
• At least one accountholder must be at least 18 years old.
• You must maintain a minimum average daily balance of $100 to earn dividends. Accounts not meeting the qualifying threshold will earn 0.05% APY.
• One product offer of each type per household.

Avoiding Fees

To save yourself from the $5 monthly fee, be sure to enroll in e-statements. You need to keep the account open for six months to avoid forfeiting the bonus.

Membership Requirements

The credit union is available to anyone nationwide. Most people will only be eligible to join the credit union by paying a $5 fee to Tru Direction.

Our Verdict

This isn’t the best rewards checking account but the $200 bonus makes it worth signing up for. Because of that I will be adding this to our list of the best checking account bonuses. Elements also has a number of credit cards that offer a $300 cash bonus.