Charter Oak Federal Credit Union

Overview / Commentary
1055 Hartford Tpke
Waterford, CT 06385

Charter Oak Federal Credit Union is headquartered in Waterford and is the 3rd largest credit union in the state of Connecticut. It is also the 286th largest credit union in the nation. It was established in 1939 and as of June of 2021, it had grown to 183 employees and 83,185 members at 16 locations. Charter Oak Federal Credit Union has an A health rating.

Field of Membership Restrictions

Membership in Charter Oak Federal Credit Union is open to those who live, work, attend school, volunteer, or worship in New London and Windham Counties in Connecticut.
See current membership details

Reviews (3)

Charter Oak Review

Posted by: |

I went in just for free checking and got more than that for free. As long as I did direct deposit and had a minimum of a few thousand, I was able to get a huge interested return as gold member. Also, the mortgage rates offered to be were unbeatable compared to the big banks. The only thing I did not like and enjoyed is is mobile and website interface. It was great overall.

Pretty Bad

I do wonder how they stay in business, I’m not sure the branch managers would be able to graduate high school. I had one decide to call the check writer to “verify” a check. Would you want to take some random guy’s word? Another time I overheard one asking another employee how do you get into the bank when the front door is locked. Guess you don’t need to worry about them stealing your money.

Anyways my favorite is how they like to do 7 business day holds on cashiers check. I’ll repeat that, 7 business days, which unless you come in on Monday or Tuesday becomes 2 weeks aka half a month, for something as good as cash. They claim it is for your protection. Yes I need protection from my own money. I hate when people lie to your face.

Would Not Recomend

Posted by: |

I have had a checking account with this credit union for about five years. Every time I had made a check deposit in person, there has been an issue. One instance they kept me waiting for over twenty minutes because there was no manager to approve the check deposit (!). Their hold policies seem to be whatever the person doing the deposit feels like holding. They once held my payroll bonus check for over 15 days., even when presented with the corresponding pay stub. plan on closing this account as the last local bank check i deposited they held for ten business days. Not consistent on their policies. Oh, and by the way I have never bounced a check or deposited a bad check.


Health Grade Components

NCUA #3413
Year Chartered1939
Primary Regulator
Profit Margin
Return on Assets - YTD1.07%
Return on Equity - YTD11.91%
Annual Interest Income$16.9MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$1.48B$1.34B
LoansQ2 2021vs Q2 2020$834.9MM$885.2MM
DepositsQ2 2021vs Q2 2020$1.30B$1.09B
Equity CapitalQ2 2021vs Q2 2020$132.5MM$125.4MM
Loan Loss AllowanceQ2 2021vs Q2 2020$6.8MM$5.8MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$3.8MM$3.5MM
Real Estate OwnedQ2 2021vs Q2 2020$0$0
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Always verify rates and promotions with the bank or credit union. We are not Charter Oak Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Charter Oak Federal Credit Union Savings Account Rates

3.00%*-$2kBright Future Savings
OTHER TIERS: 0.25% $2k+
1.50%--Health Savings Account
0.05%--Regular Shares
0.05%--Holiday Club Account
0.05%--Vacation Club Account
0.05%--IRA Shares

Charter Oak Federal Credit Union Money Market Rates

2.50%*-$2kAccumulator Money Market Account
OTHER TIERS: 0.05% $10k+ | 0.50% $6k - $10k | 1.50% $2k - $6k
0.30%*$100k*-Jumbo Money Market Account
OTHER TIERS: 0.05% Up to $10k | 0.10% $10k - $50k | 0.20% $50k - $100k
0.30%*$100k*-Jumbo IRA Money Market Account
OTHER TIERS: 0.05% Up to $10k | 0.10% $10k - $50k | 0.20% $50k - $100k

Charter Oak Federal Credit Union Checking Account Rates

3.00%*-$10kGO Checking
OTHER TIERS: 0.25% $10k+
0.30%*$250k*$2mPremier Business Checking Account
OTHER TIERS: 0.05% Up to $25k | 0.10% $25k - $100k | 0.25% $100k - $250k
0.30%*$250k*$2mNon-Profit 501 Checking
OTHER TIERS: 0.05% Up to $25k | 0.10% $25k - $100k | 0.25% $100k - $250k
0.30%*$250k*-IOLTA Checking Account
OTHER TIERS: 0.05% Up to $25k | 0.10% $25k - $100k | 0.25% $100k - $250k
0.30%*$250k*-IOREBTA Checking
OTHER TIERS: 0.05% Up to $25k | 0.10% $25k - $100k | 0.25% $100k - $250k
0.05%$1k-Charter Classic Share Draft

Charter Oak Federal Credit Union CD Rates

0.50%$1k-72-120 Month Share Certificate
0.50%$1k-24 Month Share Certificate
0.50%$1k-36 Month Share Certificate
0.50%$1k-48 Month Share Certificate
0.50%$1k-60 Month Share Certificate
0.50%$1k-18 Month Gold Share Certificate
0.50%$1k-20 Month Share Certificate Special
0.50%$1k-7 Month Gold Share Certificate Special
0.40%$1k-12 Month Share Certificate
0.30%$1k-6 Month Share Certificate
0.15%$1k-3 Month Share Certificate
0.05%$1k-30 Day Share Certificate

Charter Oak Federal Credit Union IRA Rates

0.50%$1k-24 Month IRA Certificate
0.50%$1k-36 Month IRA Certificate
0.50%$1k-48 Month IRA Certificate
0.50%$1k-60 Month IRA Certificate
0.50%$1k-72-120 Month IRA Certificate
0.50%$1k-18 Month Gold IRA Certificate
0.40%$1k-12 Month IRA Certificate
0.30%$1k-6 Month IRA Certificate
0.15%$1k-3 Month IRA Certificate
0.05%$1k-30 Day IRA Certificate


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