Many thanks to DA reader, me1004, for the recent Forum post about the new and very competitive 18-month Share Certificate (1.00% APY) offered by SkyOne Federal Credit Union (SkyOne). The 18-month Share Certificate is one of the many promotions currently being offered in celebration of SkyOne’s new branch location in El Segundo.
The 18-month Share Certificate can be opened with a $1k minimum deposit and requires new money, which is defined as “funds from external financial institutions only;” there is no stated balance cap. According to the fine print in an LA Times advertisement this weekend, this limited-time offer ends on October 31, 2021, but “is subject to change without notice.” The ad listed this SkyOne landing page, which provides the promotion details.
As stated on the Certificates page, the Early Withdrawal Penalty reads as follows,
In the event of a withdrawal before your certificate term matures: certificates with terms from six months to one year are subject to a penalty equal to a loss of 90 days dividends; certificate terms greater than one year are subject to a penalty equal to a loss of 180 days dividends; dividends will be paid prior to imposing the penalty.
Funding a Share Certificate can be done by ACH, wire transfer, check, or internal transfer. SkyOne is a member of the CO-OP Shared Branch network, facilitating the transfer of funds. Maturing funds will be distributed by check to the address on file or transferred to a SkyOne savings or checking account. Unlimited beneficiaries (equal shares) can be named, with Social Security numbers required for all named beneficiaries.
Other SkyOne Promotions
All the promotions currently being offered can be found on the “Hello, Neighbor!” page.
Get $25 when you become a member and open a Savings Account.
- To receive $25 account opening bonus, you must open account online using promo code LAX, deposit your par share value of $5 into a Primary Savings Account, and deposit the minimum opening balance amount of $5.
- The $25 cash bonus will be deposited into SkyOne Primary Savings account within 10 business days of the referral criteria being met.
Get $100 when you open an Advantage Checking Account and set up direct deposit.
- You are not eligible for this offer if you are a current owner of a SkyOne checking account and have direct deposit.
- Open a new, eligible SkyOne checking account by October 31, 2021.
- Within 90 days of account opening, receive a total of $1,000 or more in qualifying direct deposits per statement cycles for two consecutive cycles within the first two months into your new checking account during the qualification period. A qualifying direct deposit is a direct deposit of your salary, pension, Social Security, or other regular monthly income, electronically deposited through the Automated Clearing House (ACH) network to this checking account. Transfers from one account to another, mobile deposits, or deposits made at a banking location or ATM do not qualify.
- $100 will be credited to their primary savings account within 30 days of the 2nd direct deposit.
Headquartered in Hawthorne, California, SkyOne Federal Credit Union’s field of membership (FOM) expanded more than two years ago, making virtually all U.S. citizens/resident aliens eligible for membership.
That being said, it’s not easy finding information about the membership requirements on SkyOne’s website. SkyOne’s Our History page states the FOM was expanded in April 2019 to include “those who live, work, worship, go to school, or conduct business regularly near our Main Office in Hawthorne, CA,” but there’s not much more information readily available. Searching for “membership” on the website, I found the following:
Why have membership eligibility requirements changed?
The NCUA has approved SkyOne to add Friends of Madrona Marsh (FOMM) and Surfrider Foundation to our Field of Membership! This means that anyone can now join SkyOne.
How does it work?
As a potential member, you may select the Surfrider Foundation or Friends of Madrona Marsh (FOMM) as your eligibility. We’ll pay the fee for your one-year membership and take care of everything for you.
- When applying online, select the checkbox indicating that you would like to join the Surfrider Foundation or FOMM.
- When applying in-person, the branch rep or BDO will adjust your application for you.
We will open your account and fund your membership to FOMM or the Surfrider Foundation through Operations Support. You will then receive a letter from us with more information about the details of your membership.
Other routes to membership include:
- working for one of more than 40 Select Employer Groups (all related to the aviation industry, or
- being an immediate family member or roommate of a current SkyOne member.
Joining SkyOne and/or opening a 18-month Share Certificate can be done online or at either the the Hawthorne branch or the newly-opened El Segundo branch.
The Membership Application is also available as a download, which can be returned by snail-mail or in-person. An additional way to qualify is listed on that Membership Application:
I am a member of a Parent Teacher Association (PTA) in the state of CALIFORNIA, or agree to join one within 10 days of joining SkyOne.
Opening a Regular Savings Account with a minimum $5 deposit establishes a SkyOne Membership.
In addition to participating in the CO-OP Shared Branch and ATM networks, SkyOne is a member of the Allpoint and STARsf ATM networks.
SkyOne is part of a nationwide network of credit unions that share their services, so you can manage your account wherever you go. You also have access to over 66,000 surcharge-free ATMs with the CO-OP, Allpoint, and STARsf Networks.
Credit Union Overview
SkyOne Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 14.68% (above average) based on June 30, 2021 data. In the past year, SkyOne has increased its total non-brokered deposits by $60.38 million, an excellent annual growth rate of 12.63%. Please refer to our financial overview of SkyOne Federal Credit Union (NCUA Charter # 6248) for more details.
Established in 1949 as the CAA Region 6 Federal Credit Union, the original FOM included Civil Aeronautics Administration employees living in the Western states. At the end of the first year, there were 200 members and assets of $19,887. There have been three name changes, with the SkyOne rebrand occurring in 2010, to “better reflect our field of membership at the time — the nationwide air transportation industry.” SkyOne is currently 84th largest credit union headquartered in California, with more than 45,000 members and assets in excess of $622 million.
How the Share Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, SkyOne Federal Credit Union’s 18-month Share Certificate APY currently shares the top spot with USALLIANCE Financial’s Certificate Special APY.
The above information and rates are accurate as of 9/27/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.