Charter Oak Bank

What Charter Oak Bank does

Charter Oak Federal Credit Union is a federally chartered, NCUA-insured member-owned credit union headquartered in Waterford, Connecticut, founded in 1940 and operating for over 85 years across Connecticut and Rhode Island. It serves individual consumers, families, young adults (ages 14-28), small-to-mid-sized businesses, and captive employee groups of General Dynamics Electric Boat and Mohegan Sun through 13 physical branches and a unified digital platform branded as bankNgo. The product portfolio spans consumer banking (multiple checking tiers including GO, Bright Future, Simply, ComplimenTREE, SafeGuard eChecking, and employer-specific EB and SUN accounts), savings vehicles (Regular, Holiday/Vacation Clubs, Bright Future, Accumulator and Jumbo Money Market, Share Certificates), retirement accounts (Traditional, Roth, SEP IRAs), consumer lending (auto loans, unsecured and secured personal loans, Readi-Cash Too personal lines of credit, Visa credit and debit cards), home lending (Fixed Rate, ARM, Accelerator, Cost Saver, Investment Mortgages, Home Equity Loans, HELOCs), business banking (Premiere, Basic, Non-Profit 501(c) Checking, business loans, Visa Business Credit Cards, employer-sponsored HSAs), and insurance referrals through TruStage. The underlying technology stack includes a digital banking suite with iOS and Android applications, mobile deposit, mobile wallet integration with Apple Pay and Google Pay, voice-activated phone banking, and the Ellie Mae Encompass mortgage origination platform, with Visa cards issued and serviced by Elan Financial Services. The revenue model is primarily net interest income from the spread between interest earned on loans (mortgages, auto, personal, home equity) and interest paid on member deposits, supplemented by transaction and account fees (overdraft, ATM, business checking transaction tiers), referral commissions from TruStage insurance products and Sallie Mae student loans, and interchange revenue on debit and credit cards. The Gold Rewards loyalty program rewards members maintaining $20,000+ combined balances with annual $100 cash bonuses, rate discounts, and fee waivers, having distributed over $9.1 million since 2010.

Name

Charter Oak Bank

Legal name

Charter Oak Federal Credit Union

Website

https://charteroak.org

Company type

Private

Founded year

1940

Operating status

Operating

Headcount range

101–250 employees

Short description

Charter Oak Federal Credit Union is a federally chartered, NCUA-insured credit union founded in 1940 and headquartered in Waterford, Connecticut, serving consumers, families, young adults, small businesses, and employer groups across Connecticut and Rhode Island through 13 branches and the bankNgo digital banking platform, offering deposits, consumer and home lending, business banking, and insurance referrals.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Employer/Occupational Credit Unions (FSABAEAB)

Keywords

• Retail banking services
• Consumer lending products
• Mortgage lending
• Credit union services
• Business banking solutions

Headquarters

HQ city

Waterford

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: The primary revenue driver is the spread between interest earned on loans (mortgages, auto loans, personal loans, home equity) and interest paid on member deposits (checking, savings, certificates, IRAs, money market accounts)
2. Transaction and Account Fees: Fees generated from various account services including overdraft fees, ATM fees beyond rebates, transaction fees on business checking tiers, and fees on certain loan products
3. Insurance Products: Commission revenue from referring members to TruStage insurance products including auto, home, life, and accidental death & dismemberment coverage
4. Student Loan Referrals: Referral fees from partnership with Sallie Mae for student loan products offered to members

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

Charter Oak Federal Credit Union is a federally chartered member-owned credit union providing a comprehensive suite of retail banking, lending, and mortgage products to individual consumers, families, and small businesses across Connecticut and Rhode Island. Core offerings include deposit products (checking, savings, money market, share certificates, IRAs), consumer lending (auto loans, personal loans, lines of credit, credit cards), home lending (mortgages, HELOCs, home equity loans), small business banking (business checking, business loans, business credit cards), and insurance products offered through partner referrals.

Product overview

Charter Oak Federal Credit Union operates as a traditional credit union offering a comprehensive suite of financial products and services through both physical branches and its bankNgo Digital Suite online and mobile banking platform. The core offerings center on deposit products including multiple checking account options (GO Checking, Bright Future Checking, ComplimenTREE Checking, Simply Checking, SafeGuard eChecking, and employer-specific EB and SUN Checking accounts), savings accounts (Regular Savings, Bright Future Savings, Holiday and Vacation Clubs), Share Certificates, IRA accounts (Traditional, Roth, SEP), Health Savings Accounts, and Money Market accounts (Accumulator and Jumbo). The credit union provides consumer lending through auto loans, personal loans, Readi-Cash Too personal lines of credit, and Visa credit and debit cards, while its home lending division offers Fixed Rate and Adjustable Rate Mortgages, Accelerator and Cost Saver refinance mortgages, Investment Property mortgages, Home Equity Loans, and HELOCs. Business banking services include Premiere Business Checking, Basic Business Checking, Non-Profit Checking, Business Loans, and Visa Business Credit Cards. Insurance products are offered through TruStage partnerships covering auto, life, AD&D, and property. The bankNgo Digital Suite serves as the unified digital banking platform providing online and mobile banking, bill pay, mobile deposit, mobile wallet integration, and account management tools. The Gold Rewards loyalty program provides premium benefits including an annual $100 cash bonus to qualifying members.

Differentiator

Problem solved

Functional benefit

Brands

• bankNgo Digital Suite: Digital banking solution offering online banking, mobile banking, bill pay, mobile deposit, and eDocuments for members to manage finances anywhere, anytime
• Gold Rewards
• EB Checking
• SUN Checking
• GO Checking
• Bright Future Checking
• Bright Future Savings
• Readi-Cash Too
• Accelerator Mortgage
• Cost Saver Mortgage
• SCCT LLC

Products and services

• GO Checking High-yield checking account earning 3.00% APY on balances up to $10,000 and 0.25% APY above $10,000, with ATM fee rebates up to $20/month, no monthly maintenance fee, and first order of checks free. Requires e-Statement, Online Banking, 10 Debit Card transactions/month, and either Direct Deposit of $750+ or 4 Bill Pays/month.
• Bright Future Checking Checking account designed for members ages 14-28 with 3.00% APY, no minimum balance, ATM fee rebates up to $10/month, and pairs with Bright Future Savings for the Grow My Change round-up program.
• ComplimenTREE Checking Checking account with no minimum balance requirement, free checks, free online banking, and free ATM transactions with direct deposit required.
• Simply Checking Basic checking account with no minimum balance to open, no monthly maintenance fees, first order of 40 checks free, and 10 free check clearings or cash withdrawals per month.
• SafeGuard eChecking Digital-first checking account with no overdraft fees, requiring online banking and e-statements, limited to one account per member.
• EB Checking Exclusive checking account for General Dynamics Electric Boat employees earning 3.00% APY on balances up to $10,000, with $200 cash bonus after meeting conditions, ATM rebates, $475 mortgage origination fee rebate, and $50 gas card for auto loans.
• SUN Checking Exclusive checking account for Mohegan Sun employees and tribal members earning 3.00% APY on balances up to $10,000, with $150 bonus after 3 consecutive months meeting conditions, and ATM fee rebates.
• Regular Savings Basic share savings account earning 0.05% APY on any balance, establishing credit union membership and providing foundation for financial portfolio.
• Bright Future Savings High-yield savings account for ages 14-28 earning 3.00% APY on balances from $0.01 to $2,000 and 0.25% APY on balances over $2,000.
• Holiday Club Club savings account for saving toward holiday expenses with automatic transfer options.
• Vacation Club Club savings account for saving toward vacation expenses with automatic transfer options.
• Share Certificates Fixed-term savings certificates with guaranteed interest rates, offering terms from 30 days to 60 months with APYs ranging from 0.05% to 3.75%, $1,000 minimum.
• Traditional IRA Tax-advantaged retirement account offering immediate tax benefit with contributions that may be fully or partially deductible, taxed upon withdrawal.
• Roth IRA Tax-advantaged retirement account with no deduction for contributions but tax-free earnings if IRS requirements are met.
• SEP IRA Simplified Employee Pension IRA providing employers and self-employed individuals an easy way to set up retirement accounts with higher contribution levels.
• Health Savings Account (HSA) Tax-advantaged HSA for individuals enrolled in High-Deductible Health Plans, earning 1.50% APY on balances.
• Accumulator Money Market Tiered money market account earning up to 2.50% APY on balances of $0.01 to $2,000 when paired with a GO, SUN, or EB Checking account.
• Jumbo Money Market Money market account with no maximum limit earning up to 0.30% APY on balances of $100,000 or more, available for personal, IRA, or business accounts.
• Auto Loans Auto loans for new and used vehicles with rates as low as 4.99% APR for 2025+ and 2023-2024 models, ranging up to 7.74% APR for older vehicles, available through preferred dealers or direct applications.
• Visa Credit Card Credit card offered through Elan Financial Services with fraud liability protection (Zero Fraud Liability), mobile purchasing capability, and 24/7 cardmember service.
• Readi-Cash Too Open-end personal line of credit with limits up to $5,000 at rates as low as 10.75% APR, accessible via contact center, ATM, or check.
• Unsecured Personal Loans Personal loans with low fixed rates and flexible terms from 12 to 60 months, no collateral required.
• Secured Personal Loans Personal loans using savings or share certificate as collateral, with rates as low as 2% above the dividend rate.
• Student Loans Student loans offered in partnership with Sallie Mae for undergraduate and graduate students with competitive rates, multiple repayment options, no origination fees, and no prepayment penalties.
• Visa Debit Card Visa-branded debit card accepted worldwide with fraud protection, mobile wallet compatibility (Apple Pay, Google Pay), and card management through online banking.
• Fixed Rate Mortgage Fixed-rate mortgage with rate locked for the life of the loan, available in 10, 15, 20, and 30-year terms for properties in Connecticut and Rhode Island.
• Adjustable Rate Mortgage Adjustable rate mortgage with lower initial rates in 1/1, 3/1, 5/1, 7/1, and 10/1 terms with rate caps of 2% annually and 6% over the loan life.
• Accelerator Mortgage Refinance-focused mortgage with shorter terms and no fees including no flood certification, appraisal, title insurance, or recording fees.
• Cost Saver Mortgage Mortgage with longer terms than Accelerator, offering the same fee-free closing advantages.
• Investment Mortgage Fixed-rate mortgage for investment properties including 1-4 unit residential dwellings in Connecticut and Rhode Island.
• Fixed Rate Home Equity Loan Home equity loan providing lump sum with fixed rates ranging from 5.875% APR (5-year) to 6.250% APR (15-year), with predictable monthly payments for terms of 5 to 15 years.
• Home Equity Line of Credit (HELOC) Revolving line of credit against home equity with variable rates at 6.250% APR and flexible access via check, with loan amounts from $25,000 to $3,000,000.
• TruStage Auto Insurance Auto insurance program offered through TruStage Insurance Agency with discounts for credit union members.
• TruStage Life Insurance Life insurance products offered through TruStage Insurance Agency designed to be affordable for working families.
• TruStage Accidental Death and Dismemberment Coverage AD&D coverage offered through TruStage with guaranteed acceptance, no medical questions, and no-cost base coverage for eligible members.
• TruStage Property Insurance Homeowners and property insurance offered through TruStage Auto and Home Insurance Program with discounted rates for credit union members.
• Premiere Business Checking Business checking account earning up to 0.30% APY with first 300 transactions free monthly, requiring $10,000 average daily balance or merchant card processing to waive monthly fee.
• Basic Business Checking Basic business checking account with first 50 transactions free monthly and $0.25 per transaction over 50, with no monthly service charge.
• Non-Profit 501(c) Checking Dividend-paying checking account for charitable, non-profit, religious and educational organizations with 501(c) status.
• Business Loans Business loans, lines of credit, and commercial mortgages with competitive rates, no application fees, and no prepayment penalties.
• Visa Business Credit Card Business credit card options including low rate, cash back, or flexible rewards for business expenses.
• Employer Sponsored HSA Health Savings Accounts offered to employers for their employees, allowing tax-advantaged healthcare savings.
• Gold Rewards Premium membership program rewarding members who maintain $20,000+ combined deposit and loan balance with annual $100 cash bonus, special rates, ATM fee rebates, 0.25% loan discount, and $100 mortgage closing cost credit.
• bankNgo Digital Suite All-in-one digital banking solution offering online banking, bill pay, mobile deposit, mobile wallet integration (Apple Pay, Google Pay), eDocuments, and account alerts for managing finances from any device.

Quantifiable outcome

• Gold Rewards program has paid out over $9.1 million in annual $100 cash bonuses since 2010
• +2 more outcomes

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature2 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Sallie MaeminorGTM or Marketing PartnerCharter Oak partners with Sallie Mae to offer private student loan products to members. Sallie Mae designs competitive-rate student loans with multiple repayment options, no origination fees, and no prepayment penalties for college-bound students. Charter Oak receives referral fees for directing members to Sallie Mae products.
• TruStage InsuranceminorGTM or Marketing PartnerTruStage Insurance products are offered exclusively to Charter Oak members through the TruStage Auto & Home Insurance Program, life insurance, and accidental death & dismemberment coverage. More than 15 million credit union members rely on TruStage. Charter Oak receives referral/commission revenue from member enrollments.
• Elan Financial ServicescoreTechnology or IntegrationElan Financial Services provides Visa credit card processing, management, and customer service for Charter Oak credit card products. Elan handles 24/7 cardmember service, fraud protection (Zero Fraud Liability), and technical support for online account access. Cards are issued by Elan pursuant to Visa licenses.
• SCCT LLCminorStrategic or Co-development PartnerSCCT LLC is identified as an affiliate of Charter Oak Federal Credit Union in the privacy policy. Nature of the affiliate relationship is not explicitly detailed in available materials.
• CO-OP Credit Union Shared BranchcoreChannel Partner/ Reseller/ DistributorCharter Oak participates in the CO-OP Shared Branch network, providing members access to 30,000+ surcharge-free ATM locations nationwide including 7-Eleven and Costco. Members can also conduct branch transactions at any CO-OP Shared Branch location nationwide.
• Preferred Auto Dealers (40+ Connecticut dealerships)coreChannel Partner/ Reseller/ DistributorCharter Oak maintains relationships with over 40 preferred auto dealers across Connecticut for financing new and used vehicles. Dealers include franchises for major brands (Chevrolet, Ford, Toyota, Honda, etc.) and provide preferred rates and streamlined financing for Charter Oak members. The dealer network spans locations in Groton, Mystic, Norwich, New London, Putnam, Willimantic, Colchester, Old Saybrook, Brooklyn, and Plainfield.

Scale indicators5 records

Recent moves1 record

Expansion highlights6 records

Broad incumbents

• Webster Bank: Connecticut-headquartered regional bank with significant branch presence across the state and overlapping consumer/SMB banking products. Comparable as a CT-rooted incumbent competing for similar member/customer relationships.
• Bank of America: National incumbent with extensive Connecticut branch coverage and a full retail/commercial banking platform. Competes with Charter Oak on checking accounts, mortgages, credit cards, and small business banking at scale.
• TD Bank (TD Bank, N.A.): Large incumbent bank with dense branch presence throughout Connecticut and southern New England, competing for the same consumer and small business deposit and lending customers. Broader product portfolio but lower community focus.

Direct peers

• Chelsea Groton Bank: Connecticut mutual savings bank headquartered in Groton, with deep presence in the same southeastern CT geography as Charter Oak (including Mohegan Sun and Electric Boat labor markets). Directly comparable as a community-focused CT depository with similar SMB and consumer lending focus.
• Savings Institute Bank & Trust: Connecticut-based community bank with branches in eastern CT towns overlapping Charter Oak's footprint (Killingly, Putnam, Dayville). Comparable as a regional community bank serving similar deposit and consumer lending customers.
• Eastern Connecticut Federal Credit Union: Community credit union operating in eastern Connecticut with similar retail banking focus and SMB member services. Direct competitor for consumer and business banking customers in the same geographic market.
• Liberty Bank: Connecticut-based mutual savings bank with similar community focus, comparable branch network across CT, and overlapping retail deposit and mortgage products. Directly comparable as a Connecticut-headquartered depository institution serving similar consumer and SMB segments.
• CorePlus Federal Credit Union: Connecticut-based community credit union serving similar southeastern CT members with consumer deposit and lending products. Comparable as a peer community credit union competing for overlapping employer-group memberships in the same region.

Emerging players

• Alloy (formerly SF Police Credit Union family / Alliant Credit Union): Large digital-first credit union with national reach and competitive high-yield checking and CD products (e.g., 3.10%+ APY on checking). Comparable as a credit union competing for the same rate-sensitive deposit customers, but operates primarily digitally without CT branch constraints.

Regional players

• Connex Credit Union: Connecticut-based credit union with branches across the state offering similar retail banking products. Direct competitor for CT-resident members and SMB banking customers in the same regional market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/charter-oak-federal-credit-union
• Instagraminstagram.com/charteroakfcu
• Xx.com/CharterOakFCU
• Facebookfacebook.com/CharterOakFCU

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Charter Oak Bank