Two‐component interpenetrating polymer networks (IPNs) that contained charge groups in the backbones of the polyurethane and epoxy networks were studied. IPNs that contained opposite charge groups, similar charge groups, no charge groups, and corresponding pseudo‐IPNs were prepared. A comparison of mechanical properties, water‐resistance data, mechanical spectra, and electron microscopy showed that improved properties and morphologies resulted in IPNs that contained opposite charge groups. Presumably, interactions between the opposite charge groups in the constituent networks resulted in a forced compatibility between the two polymers which decreased the degree of phase separation.