Ocean State Credit Union


Overview / Commentary
401-397-1900
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 935th largest credit union in the nation. It was established in 1950 and as of March of 2024, it had grown to 54 employees and 22,859 members at 5 locations. Ocean State Credit Union's CD rates are 5X the national average, and it has a B+ health rating.

Reviews (3)

Ocean State Credit Union (Warwick)

Posted by: |

My husband and I recently got married and opened up an account at Ocean State Credit Union (Warwick). We cannot say enough about the warm hospitality and the genuine care the staff showed us throughout this process. I also wanted to mention that this branch is BRAND new, therefore the experience was even more pleasant and enjoyable with the cleanliness of the property. We previously tried another bank (WT), but they were only able to prevent us from opening an account together, and actually turned us away to gather more unneeded documentation, TWICE! At Ocean State Credit Union (Warwick) we were assisted by Victoria and the branch manager Michael. The duo was a joy to work with and made a very overwhelming situation feel seamless. It is very clear that the branch manager, Michael is supports of his account holders and has nothing but their best interest in mind. 5 stars for Ocean State Credit Union (Warwick), and we are looking forward to doing many years of business with you.

Bad Website

Posted by: |

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.

Good Rates, Nice Customer Service.

Posted by: |

Ocean State has really degenerated since I first became a customer. The local branch now has no one who knows how to handle IRAs, so your money can be tied up indefinitely if the one(?) person in the company who knows how to do this is out sick or whatever and can't consult with the local branch by phone, Really incredible.



Health
B+

Health Grade Components

Overall
NCUA #66595
Year Chartered1950
Employees54
Primary Regulator
Profit Margin
Return on Assets - YTD0.08%
Return on Equity - YTD0.69%
Annual Interest Income$3.6MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$346.3MM$340.8MM
LoansQ1 2024vs Q1 2023$281.8MM$290.6MM
DepositsQ1 2024vs Q1 2023$268.7MM$273.5MM
Equity CapitalQ1 2024vs Q1 2023$37.9MM$37MM
Loan Loss AllowanceQ1 2024vs Q1 2023$556K$601K
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$1.8MM$1.5MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.03%$10-Share Account
0.03%$5-Deposit Account
0.03%$5-Statement Savings Account
0.03%$0-Mortgage Escrow
0.03%$5-Traditional IRA Share Account
0.03%$5-Roth IRA Share Account
0.03%$5-Education IRA Share Account

Ocean State Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%*$75k*-Money Market Account
OTHER TIERS: 1.50% $2.5k - $25k | 1.70% $25k - $50k | 1.90% $50k - $75k
2.00%*$200k*-Buiness Money Market Account
OTHER TIERS: 1.50% $2.5k - $25k | 1.70% $25k - $50k | 1.90% $50k - $200k

Ocean State Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.35%$1k-1 Year CD
4.10%$1k-18 Month CD
4.00%$1k-2 Year CD
3.55%$1k-3 Year CD
3.50%$5k-4 Year CD
3.50%$5k-5 Year CD

Ocean State Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.35%$500-1 Year IRA
4.10%$500-18 Month IRA
4.00%$500-2 Years IRA
3.50%$500-3 Years IRA
3.50%$500-5 Year IRA
Locations


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
Branch Office2247 W Shore RdWarwick, RI 02889-8440

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