Update 3/1/23: Rate is now 5%. Hat tip to SV
Offer at a glance
- Interest Rate: 5% APY, guaranteed for 1 year
- Availability:Â Nationwide
- Hard/soft pull:Â Soft
- ChexSystems: Yes (note: they are Chex sensitive).
- Credit card funding:Â None
- Monthly fees: None
- Min/Max: $20,000 maximum
- Insured: NCUA
The Offer
- Elements Financial High Interest Checking account is offering 5% APY on balances up to $20,000. Must make 15 qualifying transactions per month (Debit card purchases, checks, bill payments, ATM withdrawals and ACH withdrawals.)
Avoiding Fees
This account has no monthly fees as long as you have paperless statements.
Our Verdict
It’s nice that the rate is guaranteed for at least a year, looks like it drops to 2% after that first year. The requirements to trigger the 4% APY are also very easy with a nice high maximum. I suspect a lot of readers will be interested in this account and we will add this to our list of the best savings accounts.
Hat tip to reader Paul W
As far as I know–they no longer offer the 5% checking account. It’s now 2% for new people and once your guaranteed 5% ends. Hoping they bring it back but doesn’t look like it. Their savings account was 4% not sure on status of that since the latest rate decrease.
I have savings and closed this HY checking over a year ago. I applied with frozen Chex and was rejected.
Thank you for considering Elements Financial. We use multiple data verification sources including ChexSystems to verify both the identity and eligibility of account applicants. After the review of your application and those resources, we have determined we are unable to approve your application at this time.
I was informed that if you are a member and want to open a new checking account that you could freeze your ChexSystem and they would still open it for you. They still have the 5% checking account good for a year and also have 8 month CD @ 5.50%
I was informed today that Elements Financial High Yield Savings will remain/continue at 4.25%. It appears that those that have it will not have to do anything to keep it at that rate. I know it’s less then most other places but super easy to to move $$ in and out, pay bills etc. No limit on transactions per month. If you have that account you should still verify as it shows rate expires on 10/31/2023. They do have 8 & 13 month CD’s at 5.30%.
The good about Elements—5% guaranteed for a year, pretty easy to move $$$ I’ve been moving 20K a day (10K by 2 5K transactions from P1 and 2 from P2. This has been from the savings account to external acct. Moved over 60K in a week. The bad–the 5% expires and once it expires you have no other choice but to close the account or accept the low interest rate of 2%. The 4.25 savings account has no strings attached and is super easy to use for ACH transfers and payments. Just not high enough interest but guaranteed until 10/31. Still stuck in the 4% checking & closing this month.
With other savings accounts over the 5% and no qualifications –you have to decide if the checking account is worth it to you.
I have 15 recurring withdrawals every month to get the rate and it’s been working automatically ok every month BUT I just noticed that 10 of them didn’t work for May just who knows why… and all 15 scheduled for June already.. will call them today and if they can’t readjust rate for the previous month I’ll just cash out. So be careful.
I also had 15 ACH withdrawals in May and 0% APY on that statement. Wondering if it is an error.
I emailed them and they readjusted my rate immediately
Just FYI. I chatted with CSR. I will be considered as a new customer in 180 days after checking is closed. Savings can be opened. Marcus gives more than 4% now.
You actually can easily get more than 5% at Marcus with referral and AARP now..
Hate the 180 day wait after closing the account. So stupid to have to close the account and then open another one. What a waste of time and $$$. I do really like Element and have closed account for P2 and still have P1 open at 4% and using the savings account to get 4.25% but still well below what can be earned somewhere else. They do offer CD’s at 5%. Currently looking for another bank that offers higher checking interest along with higher savings account interest so $$$ can be moved back and forth easily. Currently taking advantage of the $150 bonus from Discover, $525 bonus at Wells Fargo, 6% checking at Origin, 5% CD at Navy Federal so any other suggestions would be appreciated—Banks that are easy to move $$$. I have no complaints about Element other then being forced to close accounts to get a higher interest rate.
Has anyone opened this account for an LLC using an EIN?
Guys, I want to move all my money out of this 4% account. What is the minimum balance for this account? Do you close the account? Are there any fees?
Min Bal… $0 (or, $5 if it’s your membership share account)
You can close it if you want.
No fees.
Has anyone tried to do ACH withdrawals? Is there a minimum amount ( planning to do 50cent each), and is it only ach pulls out of another bank? Or a push will work too? And can I do ach withdrawals to/ from helium savings? (inside elements)
I have been doing ACH pushes from my Elements checking account in the amount of $0.01 each out to my Barclays savings account. It’s easy to set it to run automatically. I can’t speak to Helium savings since I don’t have that.
Thanks!!!! I was thinking to do pushes to my chase or primis.
I would say no to the withdrawals from/to Helium savings per requirements of ACH. Only the following are qualifying transactions: Debit card purchases, checks, bill payments, ATM withdrawals and ACH withdrawals. No other transactions qualify. Have you looked into converting your Helium to the High Yield savings account? I set up CC payments from CC website. I usually set them up a month in advance and do them out of Chase or Discover. I have everything set up for April. I’m stuck in the 4% checking so it’s better for me to keep most of my $$$ in the High Yield Savings account. Will probably open another account at a bank offering 5% or more.