[Expired] SkyOne $200 Checking & $500 Savings Bonus

Bonus has now ended and is no longer being offered, view more bank account bonuses by clicking here.

Offer at a glance

• Maximum bonus amount: $700
• Availability: Nationwide, can make a donation to surfrider if you’d normally not be eligible
• Direct deposit required: Yes, $1,000 per month for two months
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown, sensitive according to some datapoints but others say not sensitive so YMMV
• Credit card funding: Can fund up to $500 with a credit card
• Monthly fees: None
• Early account termination fee: None
• Household limit: None listed
• Expiration date: December 31, 2020

The Offer

Direct link to offer (when signing up you need to select Ernesto in the how did you hear about us section)

• SkyOne is offering a number of bonuses.
  • Earn up to $200 when you open a new checking account and complete the following requirements:
    • Earn $100 when you receive a total of $1,000 or more in qualifying direct deposits per statement cycles for two consecutive cycles within two months of account opening
    • Deposit $2,500 or more in new money within 60 days of account opening and maintain a balance of $2,500 for 120 consecutive days
  • Earn up to $500 when you open a Savings, Money Market, or Certificate shares only. Bonus is broken down as follows:
    • Within 60 days of account opening, receive a total of $100 for every $5,000 in deposits, up to $500 for $25,000 in deposits to a Savings, Money Market, or Certificate shares only (Bonus will be paid out within 10 days of the 9th month of account being opened and funds on deposit)
  • You can also get $25 for each new member you refer (must deposit $5 at account opening and remain in good standing for 30 days). You can get this bonus and also the above bonuses (sign up for an account via referral first and then sign up for the individual accounts using Ernesto).

The Fine Print

$200 checking bonus:

• 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 December 31, 2020.
• 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 in to 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
• Deposit $2,500 or more in new money within 60 calendar days of opening a new SkyOne checking account. Maintain a daily balance of $2,500 for 120 consecutive days.
• Bonus Payments: Once the qualification period has elapsed, we will determine if you have met the offer requirements, and will deposit bonus payment into your new checking account within 10 days.
• Additional Terms and Conditions:
• Offer subject to change without notice and may end at any time.
• You are responsible for any federal, state, or local taxes due on the bonus and we will report as income to the tax authorities if required by applicable law. Consult your tax advisor. Account must be in good standing. Account in good standing is defined as: 1) Your Checking account balance must not be negative for more than 30 calendar days; 2) You must be in good standing, which means no delinquent or charged off loans or charged off share accounts with SkyOne Federal Credit Union; and 3) You do not have a ChexSystems record with monies owed. SkyOne reserves the right to terminate this offer at any time.

$500 savings bonus

• You are not eligible for this offer if you are a current owner of a SkyOne account. Open a new, eligible SkyOne account by December 31, 2020.
• Within 60 days of account opening, receive a total of $100 for every $5,000 in deposits, up to $500 for $25,000 in deposits to a Savings, Money Market, or Certificate shares only. Total maximum bonus payout amount is $500 for this offer.
• Bonus will be paid out within 10 days of the 9th month of account being opened and funds on deposit. Cash bonus will be deposited into the primary savings account. Visit https://www.skyone.org/save/saving/regular-savings-account/ for details on primary savings.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

$500 referral bonus

• Only current SkyOne Federal Credit Union members are eligible to refer and receive a total of $500 in annual “referrer bonuses.”
• The referring member will receive a $25 gift card for each valid referral, as noted below, with a limit of 20 referrals (or $500) paid out per member per year.
• A valid referral requires an individual who: 1) meets SkyOne’s membership requirements; 2) opens a new membership at SkyOne through an in-person representative OR online; 3) deposits the minimum opening balance amount of $5;
  4) maintains the new account in good standing for a period of thirty (30) days; and 5) maintains good standing with the Credit Union as a member for a period of thirty (30) days. Offer subject to change without notice and may end at any time. Restrictions apply, see amazon.com/gc-legal.

Avoiding Fees

Monthly Fees

Advantage checking has a $5 monthly fee. This can be waived if any of the following requirements are met:

• Be 25 years of age or under
• Be 65 years of age or over
• 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 in SkyOne Advantage Checking Account
• Have an active Visa® credit card, or line of credit, including HELOC (activity is defined as carrying a balance or making purchases each month that total $100 or more)
• Have a current consumer loan, including mortgage
• Make a minimum of 10 debit card POS (point-of-sale) transactions

Early Account Termination Fee

There are no early termination fees to worry about

Our Verdict

SkyOne has offered a $200 and $100 bonus in the past. The requirements for this current $200 bonus are easier to meet than the previous $200 bonus so I can see that being extremely popular. The savings bonus is basically $100 for every $5,000 deposited and that must remain in the account for at least 9 months, that works out to be an annual interest rate of 2.67% (savings accounts themselves only offer 0.05% APY apart from the Sky High Savings which offers 0.5% APY but requires $1,000 in monthly deposits). Given current low interest rates that could be worth doing for some. We will be adding these to the best checking & savings account bonuses page. Please do not share your referrals in the comments.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times