California-based SkyOne Federal Credit Union (SkyOne) substantially increased the rates on all its Certificates earlier this month. Following an increase of 135 bps, the 1-year Certificate’s current 2.00% APY is the most competitive rate in the CD product line. The minimum opening deposit is $1k, with no stated balance cap.
SkyOne offers a one-time rate increase option on Certificates with terms of two years or more. As stated in the Truth-in-Savings disclosure,
If our certificate rates go up any time during the original term of your certificate, you may request a one-time bump-up rate for the remainder of the original term by notifying SkyOne. The bump-up rate only applies to certificates with terms of 24 months or longer and will not be retroactive.
As stated on the Savings Rates page, the Early Withdrawal Penalty reads as follows,
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.
As stated in the Terms and Conditions document,
Compounding frequency – Dividends will be compounded every quarter.
Crediting frequency – Dividends will be credited to your account every quarter. Alternatively, you may choose to have dividends paid to a savings or checking account every month rather than credited to this account.
Unlimited beneficiaries (equal shares) can be named, with Social Security numbers required for all named beneficiaries.
Funding a 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. There is a short 7 calendar day grace period before the Certificate automatically renews.
Headquartered in Hawthorne, California, SkyOne Federal Credit Union’s field of membership (FOM) expanded almost three 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 the SkyOne website. The 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. In a previous search for “membership” on the SkyOne 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.
While that explanation is no longer on the website, a search for “membership” brings up the following:
Any potential member who would like to join SkyOne but would not otherwise qualify can join Surfrider and become a member of SkyOne.
Any potential member who would like to join SkyOne but would not otherwise qualify can join Friends of Madrona Marsh and become a member of SkyOne.
There are also two other easy membership requirements that qualify for SkyOne membership: being a member of the American Consumer Council or the California State PTA (CAPTA). Both of these organizations are listed on the SkyOne membership application.
Other routes to membership include:
- being an employee/member of any of 12 Select Employer Groups (listed on the online application)
- being a family member of or live with a current SkyOne member.
Joining SkyOne and/or opening a 1-year Certificate can be done online (there’s a “Become A Member” button on the top of every SkyOne website page) or at either of two full-service California branches, located in El Segundo and Hawthorne.
The Membership Application is also available as a download, which can be returned by snail-mail or in-person.
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 "C+" at DepositAccounts.com, with a Texas Ratio of 22.57% (average) based on March 31, 2022 data. In the past year, SkyOne has increased its total non-brokered deposits by $71.91 million, an excellent annual growth rate of 14%. 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 78th largest credit union headquartered in California, with nearly 50,000 members and assets in excess of $705 million.
How the 1-Year Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the SkyOne Federal Credit Union 1-Year Certificate. The following table compares the 1-Year Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|2.26%||12-Month Certificate (EWP=90 days)||Connexus Credit Union|
|2.01%||1-Year CD (EWP=365 days)||Quontic Bank|
|2.00%||12-month Certificate (EWP=90 days)||SkyOne Federal Credit Union|
|2.00%||12-Month CD (EWP=90 days)||Limelight Bank|
|2.00%||14-Month CD Special (EWP=50% of dividends to be earned during remaining term length)||Pima Federal Credit Union|
The above information and rates are accurate as of 6/16/2022.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.