Charter Oak Federal Credit Union


Overview / Commentary
860-446-8085
1055 Hartford Turnpike
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 291st largest credit union in the nation. It was established in 1939 and as of March of 2025, it had grown to 194 employees and 88,152 members at 15 locations. Charter Oak Federal Credit Union has a B+ health rating.

Field of Membership Restrictions

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

Reviews (1)

Unacceptably Rude Niantic Branch Management

Posted by: |

I joined the Niantic Branch in mid-2019. Initially I had good experiences with the Branch. Unfortunately post covid i have watched the branch's service window narrow.
Lobby hours have been cut and Saturday hours have been eliminated at this branch. The 1990s era atm machines are so antiquated that we are unable to deposit checks and cash directly, but have to deposit them in an envelope and then wait until an employee opens them at a later date and inputs them manually. This can mean days before the customer has access to their cash deposit.

In addition the online banking system is at best wonky. I registered a trip to Europe with the online banking system - so that I could insure access to funds while I was aboard. While in Europe my card was declined EVERY time I attempted to use it despite registering my trip with the bank. Luckily my other credit and bank cards did not have this issue.

The final straw - the Online Check submission system caused a 10 day delay on a check from a household brand name Financial Services Company. Thinking this must be a mistake i visited branch in person to obtain help in this matter. Rather than attempting to help me with the problem caused by their faulty system - I was treated as a nuisance - dismissed by the incredibly rude manager who would not bother to speak with me nor even look at me or acknowledge my issue.

I then visited the main branch of the COFCU and spoke with management there. They addressed my issue an were able to effect a solution within a few minutes.

I was a big fan of Charter Oak Federal Credit union, but unfortunately the rude and neglectful service I experienced from the "manager" of my local branch has driven me to bank elsewhere.



Health
B+

Health Grade Components

Overall
NCUA #3413
Year Chartered1939
Employees194
Primary Regulator
Profit Margin
Return on Assets - YTD1.7%
Return on Equity - YTD20.07%
Annual Interest Income$15.4MM
Assets and Liabilities
AssetsQ1 2025vs Q1 2024$1.66B$1.58B
LoansQ1 2025vs Q1 2024$921.2MM$929.4MM
DepositsQ1 2025vs Q1 2024$1.45B$1.4B
Equity CapitalQ1 2025vs Q1 2024$138.5MM$108.9MM
Loan Loss AllowanceQ1 2025vs Q1 2024$4.2MM$4.9MM
Unbacked Noncurrent LoansQ1 2025vs Q1 2024$4.1MM$2.8MM
Real Estate OwnedQ1 2025vs Q1 2024$0$0
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%*$0$2kBright Future Savings
OTHER TIERS: 0.25% $2k+
1.50%$0-Health Savings Account
0.05%$0-Regular Shares

Charter Oak Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%$0$2kAccumulator Money Market Account
0.30%*$100k*-Jumbo Money Market Account
OTHER TIERS: 0.05% $0 - $10k | 0.10% $10k - $50k | 0.20% $50k - $100k
0.30%*$100k*-Jumbo IRA Money Market Account
OTHER TIERS: 0.05% $0 - $10k | 0.10% $10k - $50k | 0.20% $50k - $100k
0.30%*$100k*-Jumbo Business Money Market Account
OTHER TIERS: 0.05% $0 - $10k | 0.10% $10k - $50k | 0.20% $50k - $100k

Charter Oak Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%$0$10kGO Checking
0.30%*$250k*$2mPremier Business Checking Account
OTHER TIERS: 0.05% $0 - $25k | 0.10% $25k - $100k | 0.25% $100k - $250k
0.30%*$250k*$2mNon-Profit 501 Checking
OTHER TIERS: 0.05% $0 - $25k | 0.10% $25k - $100k | 0.25% $100k - $250k

Charter Oak Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%$1k-30 Month Share Certificate Special
3.75%$1k-8 Month Share Certificate Special
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 Share Certificate
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

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%$1k-30 Month IRA Certificate Special
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-18 Month 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
Locations

Availability



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