Ocean State Credit Union

Overview / Commentary
2006 Nooseneck Hill Road
Coventry, RI 02816

Ocean State Credit Union is headquartered in Coventry and is the 7th largest credit union in the state of Rhode Island. It is also the 859th largest credit union in the nation. It was established in 1950 and as of June of 2019, it had grown to 48 employees and 22,922 members at 4 locations. Ocean State Credit Union's money market rates are 3X the national average, and it has a B+ health rating.

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Reviews (2)

Good Rates, Nice Customer Service.

Posted by: katkatkat | Mar 6, 2011

I'm a relatively new customer of Coventry Credit Union, but I have been very happy with their customer service and their rates.

They have an IRA specialist who visits the branch near my house several days a week.  I had some extensive discussions with her that were very helpful.  They also handled transferring my accounts from another financial institution quickly and with no trouble and kept me informed about the progress, always important when your money is in the ether somewhere.

They have comparatively high rates, certainly compared to banks and brokerage CDs.  At the time I transferred my accounts, in late 2010, their 5 year CDs were at 3%.  The rates have dropped some, but their 6 year CDs are still, in March 2011, available at 2.85%.

They're a Rhode Island credit union, and are expanding their number of branches.  Currently they have five, which is pretty good coverage for this state.  The branch near my house is new and very convenient.

Bad Website

Posted by: tru | Apr 30, 2018

I've been a customer of Ocean State (recently renamed from Coventry) credit union for a long time, They are basically nice people but they have redesigned their website so that it is wretched to use.

It's one of those designs aimed at smart phones, so it is awkward to use on a pc. The type is giant, and if you try to minimize it with the browser, the pages are thrown off kilter. There is a big wasted amount of white space that prevents minimizing from fixing the bad design.

So if you want to look at all your account balances at once, which I used to be able to do on one page, now it takes me four pages.

Also, they have gone over to the pale, thin type which is hard for older customers to read. (Even people with 20-20 vision have a problem with low contrast when they are over 50 or so.)

As one example of other awkwardness, instead of having a fixed area to type in a username and password, they have a drop down menu that disappears if heaven forbid the cursor moves off it in mid typing.

Really a bad design, and they have been totally unresponsive in terms of fixing it,

I don't know what is the matter with companies that they hire such poor designers and are oblivious to the problems they cause a significant portion of their customer base.

On another topic, they used to lead the area credit unions in interest rates on CDs. Now they're about in the middle.


Health Grade Components

NCUA #66595
Year Chartered1950
Primary Regulator
Profit Margin
Return on Assets - YTD0.65%
Return on Equity - YTD6.62%
Annual Interest Income$5.3MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$279.9MM$254.8MM
LoansQ2 2019vs Q2 2018$220.1MM$195.5MM
DepositsQ2 2019vs Q2 2018$232.0MM$220.2MM
Equity CapitalQ2 2019vs Q2 2018$27.5MM$25.5MM
Loan Loss AllowanceQ2 2019vs Q2 2018$201.00K$193.00K
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$2.0MM$1.5MM
Real Estate OwnedQ2 2019vs Q2 2018$370.00K$618.00K
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Always verify rates and promotions with the bank or credit union. We are not Ocean State 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.

Ocean State Credit Union Savings Account Rates

0.10%$5-Share Account
0.10%$5-Deposit Account
0.10%$5-Statement Savings Account
0.10%--Mortgage Escrow
0.10%$5-Traditional IRA Share Account
0.10%$5-Roth IRA Share Account
0.10%$5-Education IRA Savings Account

Ocean State Credit Union Money Market Rates

1.50%*$75k*-Money Market Account
OTHER TIERS: 1.10% $2.5k - $25k | 1.35% $25k - $50k | 1.40% $50k - $75k
1.50%*$200k*-Buiness Money Market Account
OTHER TIERS: 1.10% $2.5k - $25k | 1.20% $25k - $50k | 1.30% $50k - $200k

Ocean State Credit Union CD Rates

2.60%$1k-3 Years CD
2.50%$5k-4 Years CD
2.50%$5k-5 Years CD
2.30%$1k-2 Years CD
2.00%$1k-1 Year CD
2.00%$1k-18 Months CD

Ocean State Credit Union IRA Rates

2.60%$500-3 Years IRA
2.50%$500-5 Year IRA
2.30%$500-2 Years IRA
2.00%$500-1 Year IRA
2.00%$500-18 Month IRA

Ocean State Credit Union Locations
Branch Office1076 MAIN STCOVENTRY, RI 02816
Branch Office7373 POST RdNORTH KINGSTOWN, RI 02852
Branch Office744 MAIN STWEST WARWICK, RI 02893
Branch Office1584 Nooseneck Hill RdCoventry, RI 02816

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