Update 2/24/20: Rate decreased from 2.10% to 1.90%.
Offer at a glance
- Interest Rate: 2.10% APY, guaranteed for 1 year
- Availability: Nationwide
- Hard/soft pull: Soft
- ChexSystems: Yes (note: they are Chex sensitive).
- Credit card funding: None
- Monthly fees: None
- Min/Max: Minimum $2,500; max $250,000
- Insured: NCUA
- Elements Financial is offering their Helium Savings accounts with a rate of 2.10% APY. Rate guaranteed for one year.
The Fine Print
- Helium Savings Annual Percentage Yield (APY) effective as of October 1, 2019.
- Helium Savings Promotion APY of 2.10% is for new Helium accountholders depositing a maximum $250,000 new money from other financial institutions.
- Rate is good for the first 1 year (12 statement cycles) from account opening.
- Money on deposit with Elements financial over the last 90 days is not eligible for the Promotion APY.
- Existing Helium accountholders do not qualify for offer.
- After the 1-year promo period, dividend rate will reset to the then current Helium Savings rate and may change without notice.
- Average daily balance of $2,500 required to earn dividends.
- Fees may reduce earnings.
Currently, there are a few other banks offering rates in the 2%+ range, but having the year-guarantee is pretty nice for the event of rates going down. This could be worthwhile for someone with a lot of cash on hand.
The closest thing to this deal would be the Marcus 11-month no-penalty-CD, but this offer is for longer, a slightly better rate, and the money is fluid.
Hat tip EDUARDO BAEZ