Soft magnetic materials are a central component of electromagnetic devices such as step motors, magnetic sensors, transformers and magnetic recording heads. Miniaturization of these devices requires materials that can develop higher saturation flux density, B_s, so that the necessary flux densities can be preserved on reducing device dimensions, while simultaneously achieving a low coercivity. Here we report the electrochemical preparation of a CoFeNi film with a very high value of B_s=2.1T and a low coercivity. The favorable properties are achieved by avoiding the need for organic additives in the deposition process, which are typically used to reduce internal stresses. The film also undergoes very small magnetostriction, which is essential to ensure that they are not stressed when an external magnetic field is applied. Electrochemical preparation for soft magnetic material should find applications in miniaturization of electromechanical devices and in high-density magnetic data storage.