SkyOne Federal Credit Union (SkyOne) has unveiled its new High-Yield Savings (HYS) account, which earns 2.25% APY. The minimum opening deposit is only $1, but to earn the stated APY, an on-going minimum $1k monthly deposit is required. This deposit can go into any SkyOne account(s), as long as the aggregate is $1k per month.
There is a lack of complete documentation on SkyOne’s website for the HYS. There’s an All-In-One disclosure, but information specific to the HYS has not been added. The HYS landing page has “open an account” buttons, but these buttons just open a contact form which asks “Ready for sky-high earnings? Just complete this form and we’ll get back to you.” The form requires the customer to provide name and email address.
The following information comes from a conversation with a SkyOne representative.
- The HYS account is fee-free.
- A debit card is provided.
- There is no excessive transaction fee for withdrawals beyond the six allowed per month, because a seventh withdrawal will not be processed.
- There are no limits on outgoing ACH transfers.
- Deposits can be done by ACH, in-branch transaction, ATM, mail, remote deposit capture, and shared branching transaction.
In addition to participating in both the CO-OP Shared Branch and ATM networks, SkyOne is also a member of the Allpoint, and STARsf 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.
Headquartered in Hawthorne, California, SkyOne Federal Credit Union has recently received NCUA approval to expand its field of membership. According to a SkyOne representative, “Anyone can join through WAI (Women in Aviation International), and we pay any fees, if applicable.” WAI is a nonprofit organization that encourages the advancement of women in all aviation career fields and interests.
Other routes to membership include:
Living, working, worshipping, attending school, or conducting business on a regular basis near the Hawthorne branch location;
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.
While SkyOne has an online application, it hasn’t yet been updated to include either the WAI membership option or the new High-Yield Savings account. A SkyOne representative stated that the best work-around for joining the Credit Union through a WAI membership and/or opening a High-Yield Savings account would be to call 800.421.7111. If you live in Southern California or New York City, there are branches located in Hawthorne (CA) and Briarwood (Queens, NY).
The Membership Application is also available as a download, and can be returned by mail.
To establish your SkyOne Membership, simply open a
Regular Savings Account with a minimum $5 deposit.
Credit Union Overview
SkyOne Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 11.05% (excellent) based on June 30, 2019 data. In the past year, SkyOne has increased its total non-brokered deposits by $9.83 million, an above average annual growth rate of 2.33%. 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 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 California’s 83rd largest credit union, with more than 37,500 members and assets in excess of $485 million.
How the High-Yield Savings Compares
When compared to the nationally available Savings Accounts tracked by DepositAccounts.com that do not require a large minimum balance, SkyOne Federal Credit Union’s High-Yield Savings APY currently ranks fifth.
The above rates are accurate as of 10/18/2019.
To search for the best Savings Accounts rates, either nationwide or state-specific, please refer to DA’s Savings Account Rates page.