SkyOne FCU Review August 2024: A California-based credit union with decent interest-earning accounts

Other residents of Southern California can become eligible for membership by joining the Friends of Madrona Marsh (FOMM), and people outside of Southern California can join the Surfrider Foundation and utilize online banking. The geographic eligibility may increase soon as the credit union is opening a branch in Lewisville, Texas, to go with California branches in Hawthorne and El Segundo.

SkyOne FCU was established in 1949 as the CAA Region 6 Federal Credit Union. It was renamed SkyOne in 2010. The credit union welcomed its 60,000th member in 2023. Now in its 75th year of operation, the credit union reported total assets over $938 million at the end of 2023, an increase from $884 million in 2022 and $703 million in 2021. The credit union supports the California State PTA and the Hermosa Beach Chamber Foundation, in addition to FOMM and the Surfrider Foundation.

The credit union also serves affinity partners, which include the Federal Aviation Administration (FAA), the Transportation Security Administration (TSA), Los Angeles World Airports, and The National Air Traffic Controllers Association (NATCA).

All rates and fees are current as of August 15, 2024, and are subject to change. 

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SkyOne FCU

Checking accounts:	Starting at $0 per month
Savings accounts:	Open with as little as $1
Certificate of deposit rates:	Earn up to 3.60% annual percentage yield (APY)

Pros and Cons

Pros

• Wide range of banking products and services
• Bonus APY for accounts receiving large, monthly direct deposits
• A free ATM network of over 66,000 machines makes depositing and accessing funds easy

Cons

• A limited number of branches
• Interest yield is low compared to other credit unions and banks
• The mobile app isn’t very highly rated
• If you don’t meet geographic or employment eligibility requirements, you must pay to join an organization to be eligible for the credit union

Who is SkyOne FCU good for?

If you live near a SkyOne branch and are interested in a credit union for your banking needs, SkyOne is a good choice, thanks to an extensive list of banking products and services that may exceed many local banks. It is also a great choice if you receive large direct deposits each month, as you can earn a bonus APY for large, regular direct deposits.  

One other perk to SkyOne FCU is the ability to join the credit union outside of Southern California or Texas by joining the Surfrider Foundation. In addition, you can access funds surcharge-free at Co-Op ATMs, MoneyCenter, Allpoint (the United Kingdom and Puerto Rico), and iSky ATMs.

Who shouldn’t use SkyOne FCU?

You must live near one of the three branch locations if you want in-person banking. Otherwise, you should choose a bank with physical locations nearby instead. Also, the interest yield on all its products is low compared to other nationwide credit unions and some banks.

SkyOne’s mobile apps aren’t very highly rated compared to other credit unions and banks. This is especially challenging if you count on using SkyOne as an online-only credit union.

Finally, if you don’t meet the geographic or employment requirements, you must pay to join FOMM or the Surfrider Foundation to open an account. While SkyOne pays for this for the first year, that will be an additional expense in year two.

SkyOne FCU rates and products

While it doesn’t offer a free checking account, SkyOne’s checking product has a monthly fee that is easily waivable. The credit union also offers two savings accounts, a money market savings account, and two types of CDs. All accounts earn interest.

One unique benefit that SkyOne FCU offers is a direct deposit bonus. You can earn 5.00% APY for direct deposit relationships above $5,000 a month, 4.00% APY for direct deposit relationships between $2,500 and $4,999 a month, and 0.05% for direct deposit relationships below $2,500 per month. The credit union offers a promotional rate of 7.50% APY for the first 90 days with at least $2,500 in direct deposits each month.

Checking accounts 

SkyOne FCU only offers one checking product: the Advantage Checking Account. It’s not a free checking account, but it comes with a waivable monthly fee. No checking account sign-up bonus is offered.

SkyOne FCU Advantage Checking Account

While not technically a free checking account, SkyOne FCU offers many ways to waive its $5 monthly fee. To waive the fee, you must meet one of the following criteria:

• Be 25 years old or younger
• Be 65 years old or older
• Have an active credit line, including a home equity line of credit (HELOC)
• Have a current consumer loan, including a mortgage
• Have a minimum average daily share balance of $2,500 across all primary account holder’s accounts
• Make monthly aggregate deposits of $1,000 or more into a checking account
• Make a minimum of 20 debit point-of-sale (POS) transactions

The account earns a minimal interest yield of 0.05% APY when you have an average daily balance (ADB) of $2,500 or more. However, combined with the direct deposit bonus listed above, you could have a solid interest return on your checking deposits.

With this account, you get free e-statements, online and mobile banking, mobile check deposit, and custom account alerts, as well as access to funds at more than 66,000 in-network ATMs.

Savings accounts

SkyOne FCU offers two savings accounts, but neither would qualify as a high-yield savings account. For more information, check out our primer on high-yield savings accounts.

SkyOne FCU Savings Account

With an ADB of at least $500, you will earn 0.05% APY with the SkyOne FCU Savings account. The account requires at least $5 to open the account. You can access funds in the account through your ATM debit card.

SkyOne FCU Sky-High Savings Account

The Sky-High savings account earns 1.00% APY, which is higher than many traditional banks but lower than many credit unions, online banks, and financial technology (fintech) companies. There are no monthly fees, and you can access your funds via ATM. To earn the 1.00% APY, you must deposit $1,000 or more per month.

SkyOne FCU savings rates compared to current top rates*

While SkyOne FCU is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Money market accounts (MMAs) 

The SkyOne Money Market account earns up to 0.40% APY, which still wouldn’t make it a high-yield savings account.

SkyOne FCU Money Market account

While earning more than standard savings, the SkyOne FCU Money Market account has smaller interest yields than many of the top MMA providers. Unlike savings, which allows you to access your money without limits, SkyOne limits you to six monthly transactions in its money market. 

The account has tiered rates, with balances of $2,500 to $24,999.99, earning 0.10% APY, increasing up to 0.40% APY on balances of $100,000 or more. You must deposit at least $2,500 to open this account.

Certificates of deposit

SkyOne FCU has two types of share CDs, including a liquid share account that allows you access up to 50% of your daily balance at any time. 

SkyOne FCU Share CDs

While SkyOne’s CDs have solid rates of return, you may find better CD rates with other banks and credit unions. You can earn between 3.00% APY and 3.60% APY on CDs ranging from 6 to 60 months. You must deposit at least $1,000 to open a CD.

SkyOne charges an early withdrawal penalty for this CD account. However, you can make penalty-free and fee-free daily withdrawals of up to 50% of the start-of-day balance beginning on day 7. Withdrawals exceeding 50% are subject to penalties.

SkyOne FCU Liquid Share CDs

If you want access to your funds during the length of a CD, you can choose the SkyOne FCU Liquid Share Certificate. It is an 11-month CD that earns 3.00% APY. You can access your funds at any time during the length of the CD without penalty. You can also make additional deposits during the CD term.

Other services SkyOne FCU offers 

SkyOne FCU offers a wide range of additional banking products and services, including:

• Credit cards: SkyOne offers eight different credit card products. These cards have many benefits, including cash back rewards, low interest rates, bonus points, and travel rewards.
• Vehicle loans: You can get auto, motorcycle, aircraft, RV, and boat loans with SkyOne. It offers automobile insurance through a partnership with TruStage Auto Insurance Program.
• Home loans: SkyOne FCU has mortgages, jumbo mortgages, home equity loans, and HELOCs. It also offers access to home and renters insurance through TruStage.
• Business products: Your business can open a business checking, savings, or credit card account. SkyOne also offers cash management and merchant services.
• Wealth products: SkyOne offers wealth management, and trust and estate planning.

Online banking

You can access SkyOne’s digital banking services, which include online banking and bill pay. Online banking is free and allows you to check balances, view transactions, and review e-statements. You can also link external accounts to keep track of balances at other banks and credit unions. You can set budget goals for significant milestones and see spending categories. 

Primary and joint account holders each get unique login credentials, and both can manage cards and view rewards points through online banking. You can also use Zelle to send peer-to-peer payments. 

The SkyOne FCU platform and customer support 

SkyOne FCU account information can be accessed via desktop or mobile apps. The mobile apps have average ratings. It has earned 2.7 stars out of 5 on the Apple App Store out of nearly 100 ratings and 3.2 stars out of 5 on the Google Play Store out of more than 300 reviews.

You can contact customer service toll-free Monday through Friday from 7 a.m. to 5 p.m. Pacific time and Saturday from 9 a.m. to 2 p.m. PT. You can also send secure messages through online banking or email them at [email protected]. 

Is SkyOne FCU secure?

Credit union accounts have multiple security features in addition to standard encryption used on the SkyOne FCU website and mobile app. You can set up custom alerts for a wide range of transactions, including international transactions, ATM withdrawals, and transactions over a certain amount. 

The credit union also has pages with educational information about phishing, spoofing, phone scams, credit card fraud, identity theft, elder abuse, and IRS scams. You can set up two-factor authentication with your accounts for additional security. Finally, deposits with SkyOne FCU are insured by the National Credit Union Administration (NCUA) for up to $250,000 per depositor.

SkyOne FCU user reviews

While there are a limited number of reviews, SkyOne FCU has mixed reviews. It has been rated 2 stars out of 5 based on about 10 reviews on DepositAccounts and 2.9 stars out of 5 based on 20 reviews on WalletHub. Positive reviews raved about how easy it was to open accounts online. Negative reviews noted difficulties in reaching SkyOne’s customer service department.

Compare SkyOne FCU alternatives

SkyOne FCU	PenFed Credit Union	Quorum
Top savings APY	Top savings APY	Top savings APY
1.00%	3.00%	4.25%
Top checking APY	Top checking APY	Top checking APY
0.50%	0.35%	4.00%
Top CD APY	Top CD APY	Top CD APY
3.60%	4.00%	5.10%
Other services	Other services	Other services
Credit cards Vehicle loans Home loans Business products Wealth products	Credit cards Auto loans Mortgages Personal loans Student loans	Credit cards Lending products Low insurance rates Financial counseling services
Learn more	Learn more	Learn more
Compare more online bank alternatives	View offer at MoneyLion	View offer at MoneyLion

Is SkyOne FCU right for you?

If you live near one of SkyOne FCU’s branch locations, it is a solid choice for banking products and services. However, because SkyOne has lower APY rates than many other credit unions and online fintechs, and because its mobile app is rated lower than competitors, SkyOne might not be the best option. It is only best if you qualify based on geography or employment and, even then, you should shop around for better rates if you have the option.

Frequently asked questions