Credit unions have a reputation for providing members with accounts that offer more rewards and loans with lower interest rates. When it comes to SkyOne Federal Credit Union, you’ll find relatively high APYs ready to help you build your savings.
Ready to learn more about what this credit union has to offer? Let’s dive in.
What Is SkyOne Federal Credit Union?
Founded in 1949 with the intention of serving Civil Aeronautics Administration employees, SkyOne Federal Credit Union has provided financial services to its members. As of writing, the credit union has over 40,000 members and holds over 600 million in assets.
For over 70 years, the credit union expanded its membership requirements to include more of the air transportation industry. In 2019, the company opened the doors even further to allow more to join. At the moment, there are many ways to join and save.
What Does It Offer?
If you meet the membership qualifications, you’ll find several worthwhile product offerings. Here’s what stands out at SkyOne Federal Credit Union
When putting your funds in a Share Certificate, you’ll earn dividends when it matures. The rates offered are very competitive.
For SkyOne, you’ll find the highest rewards on certificates of at least two years.
SkyOne Advantage Checking Account
If you like to keep a buffer in your checking account, the SkyOne Advantage Checking account can reward you for that choice. If you maintain a balance of $2,500, you’ll have the chance of earning dividends of up to 0.05% APY.
Although there is a $5 monthly fee, you can have it waived for a variety of reasons such as:
- Making $1,000 in deposits
- Making a minimum of 10 transactions
- Being under 25 or over 65 years of age
- Having a line of credit open with SkyOne
SkyOne High Yield Money Market
SkyOne has one of the most competitive money market accounts right now. You can currently earn 2.75% APY on your money with just a $1 minimum opening deposit.
That’s one of the best money market accounts available right now.
Open a SkyOne Money Market here >>
Sky-High Savings Account
A high-yield savings account offers a useful way to set aside funds without missing out on the chance to earn interest. Instead of allowing your savings to collect next to nothing in a big-bank savings account, put your funds to work in a high-yield account.
As of September 2022, the Sky-High savings account offers 1% APY. But there’s a catch. Although you only need one dollar to open the account, you’ll need to deposit at least $1,000 each month to get the 1% APY.
Other savings accounts out there don’t require the $1,000 monthly deposit. So if that’s an issue, it’s worth looking for a different high-yield savings account.
SkyOne Credit Cards
SkyOne offers three different credit cards of varying levels including:
- Classic: No annual fee
- Platinum Rewards: No annual fee
- Platinum Elite: $65 annual fee
The Classic and Platinum Rewards options come with no annual fees. Although the Platinum Elite comes with a $65 annual fee, you’ll find higher credit limits and more robust rewards for your spending.
With the Platinum Elite option, you can earn 3X rewards in two categories, 2X rewards in two categories, and 1X rewards for all other spending.
Although these SkyOne cards are competitive with others on the market, they didn’t make our top 10 rewards cards list, below.
Are There Any Fees?
Each of the accounts you choose to open with SkyOne has different fees involved.
For example, the checking account comes with a $5 monthly fee that can be waived. But the Sky-High savings account doesn’t have a monthly fee at all.
Two of the three credit cards don’t have an annual fee. But each credit card has late payment fees and interest rates attached.
How Do I Contact SkyOne Federal Credit Union?
You can get in touch with SkyOne Federal Credit Union through a live chat option on the website or call 800-421-7111. Additionally, you have the option to pop into any of their 4,000+ shared branches located nationwide.
How Does SkyOne Federal Credit Union Compare?
SkyOne Federal Credit Union isn’t the only credit union out there. If you are looking for the right credit union, two other options to consider include Consumers Credit Union and PenFed.
Consumers Credit Union offers a rewards checking account that lets you earn up to 5.00% APY on the first $10,000 in your checking account without any monthly fees.
Another good option is PenFed, or Pentagon Federal Credit Union, which offers a full suite of checking, savings, and loan products. But you’ll encounter a monthly fee on their basic checking account.
How Do I Open An Account?
Want to work with SkyOne? You can start by applying to become a member. You can get started here >>
You’ll need to provide personal information like your name, birthday, citizenship status, and Social Security Number in your application. Be prepared to upload identifying documents like a driver’s license to prove your identity.
If your membership application is approved, you’ll be ready to open the account of your choosing at SkyOne.
Is It Safe And Secure?
According to the credit union, SkyOne uses “reasonable physical, electronic, and procedural safeguards that comply with federal standards to protect and limit access to personal information. This includes device safeguards and secured files and buildings.”
Although it doesn’t get more specific, it’s clear the credit union is taking action to protect their member information. Additionally, the credit union is NCUA insured. That means up to $250,000 of your savings are safe in these deposit accounts.
Is It Worth It?
SkyOne Federal Credit Union offers those who qualify a reasonably good selection of products. Although you can find high-yield savings accounts with higher APYs and fewer strings attached, the $1,000 monthly deposit requirement to unlock the 1% APY could be just the motivation you need to build your savings.
If you want to earn more on your savings with fewer requirements or if you don’t meet the membership requirements, you’ll find plenty of other credit union options out there.
Take a look at our favorite credit unions to explore your other options.