SkyOne Federal Credit Union [An Honest Review + Bonus Offers]

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If you’re in the market for a credit union, SkyOne Federal Credit Union can be a competitive contender. However, as with all credit unions, membership rules apply. Let’s take a look at what sets this credit union apart from others and whether this credit union is right for you.

What is SkyOne Federal Credit Union?

SkyOne Federal Credit Union, previously known as FAA Western Federal Credit Union as well as FAA First Federal Credit Union later on, is a credit union that has been around since 1949 and was originally created to serve Civil Aeronautics Administration employees and families. As they grew over the years, they’ve expanded their membership to customers outside of their original scope, and have made their products and services. SkyOne Federal Credit Union is insured by the National Credit Union Association and have won several awards over the years.

See which one is better for you, banks or credit unions.

Who can qualify to become a member of SkyOne Federal Credit Union?

SkyOne’s membership requirements include that you meet one of the following:

  • Live, work, go to school, or attend church near Hawthorne, California which is where the main branch of SkyOne Federal Credit Union is located.
  • Employment at a company that is part of SkyOne’s Select Employer Groups.
  • Have a family member that is already a member of SkyOne Federal Credit Union.
  • Join any of a number of select non-profit organizations endorsed by SkyOne (more on that below).

What are the select non-profit organizations you can join in order to become eligible for SkyOne?

  • Friends of Madrona Marsh for Southern California residents (SkyOne covers your $20 membership fee)
  • Surfrider Foundation for residents of all other locations (SkyOne covers your $25 membership fee)
  • Women in Aviation (Edit: no longer accepted)

Keep in mind that once you get approved and accepted into the credit union, you’re generally a member for life. The contract stipulates that you agree to sign up for a year membership in one of the above eligible non-profit organizations.

After that, it’s up to you to decide whether to continue in any of the years afterward. It won’t affect your SkyOne Federal Credit Union membership.

Where is SkyOne Federal Credit Union available?

SkyOne Federal Credit Union was founded in Hawthorne, California in 1949 and is available nationwide with over 4,000 branches and 60,000 ATMs available throughout the country.

What accounts can you open at SkyOne Federal Credit Union?

They have checking, savings, money market, CD, and IRA accounts. They also offer personal, auto, mortgage, and home equity loans.

In terms of credit cards, they’ve got quite a few to choose from, including:

  • Platinum Elite (11.25% APR, $65 annual fee, Choice Rewards program)
  • Platinum Rewards (11.25% APR, no annual fee, 1.5X rewards on travel, restaurants, bars and 1X on qualifying purchases)
  • Classic (12.75% APR, no annual fee, and the ability to earn your way down to an APR as low as 7%)

Does SkyOne Federal Credit Union have any current promos going on?

SkyOne has had various bonuses in the past up to $500, and we’ll update you if those ever come back. As of now, there are no checking or savings account bonuses, there are a few other bonus offers by SkyOne below that you can check out.

Platinum Elite Visa Signature Card: 30,000 Bonus Points after spending $3,000

If you spend $3,000 within the first 3 months of opening this account, you’ll be rewarded with 30,000 bonus points. This card allows you to earn additional rewards based on select purchases in the Choice Rewards program.

Platinum Rewards Visa Card: 10,000 Bonus Points after spending $1,500

If you spend $1,500 within the first 3 months of opening this account, you’ll be rewarded with 10,000 bonus points. This card rewards you with 1.5X points on travel, restaurant, and bar purchases, and with 1X points on all other qualifying purchases.

SkyOne High-Yield Money Market Deposit Account (MMDA) with a 2.75% APY

This account is great because it has no fees and no restrictions on withdrawals. Plus, you get a 2.75% APY, which is over 18 times higher than the national average for a money market account. It is a partnership with SaveBetter by Raisin, and you can check it out using the link provided below. The minimum opening deposit is $1, so requirements are quite easy on this one.­

SkyOne Referral Bonus

If you refer a friend or family member to SkyOne, you’ll both get a $50 Amazon gift card as a bonus each. You can do this up to ten times a year for a total bonus of $500 worth of Amazon gift cards. You must meet the following requirements when referring:

  • You must be a SkyOne Federal Credit Union member
  • You must be 18 years of age or older
  • Person being referred must meet SkyOne’s requirements for membership
  • Person being referred must open a new membership online or in-person
  • Person being referred must deposit a minimum of $5
  • Person being referred must maintain good standing in the account and with the credit union for 30 days

Expiration: 10/31/2022 No Expiration

How is SkyOne Federal Credit Union rated by customers?

The ratings on SkyOne Federal Credit Union are generally neutral to favorable, with an average of 3 to 4.5 out of 5 stars. There are complaints interspersed online, with many of them relating to auto loans. Some users have claimed that fees were not explained thoroughly and that they were blindsided with penalties they weren’t aware of.

Pros and cons of SkyOne Federal Credit Union: The pros


  • Fast and straightforward online application
  • No annual fees
  • Great APY rate money market account
  • No fees for ATMs
  • Multiple shared credit unions in multiple states
  • Personalized customer service

Pros and cons of SkyOne Federal Credit Union: The cons


  • Opening a CD account requires an application form and time to approve, as opposed to instant online approvals like other credit unions
  • There have reportedly been some hard credit checks to open a savings or CD account

What days are SkyOne Federal Credit Union open?

Generally, SkyOne’s branch hours are Monday through Friday, 9AM to 5PM. They are closed on Saturday and Sundays. However, be sure to check your local hours as there may be some slight variation at certain branch locations.

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