Citadel began the week by raising the rates on its CDs by at least 25 bps. The most competitive of these CDs are the 24-months CD (1.75% APY), 36-months CD (2.10% APY), and 48-months CD (2.25% APY). The minimum deposit is $500, with no stated balance cap. While Citadel’s home page shows three rate tiers based on deposit balances ($500, $25k, $75k), all balances earn the above stated APYs.
These three CDs have been part of the product line for more than five years, with about 20 rate changes each. This week’s new APYs are the highest rates for the CDs ever.
All of Citadel’s CDs are also available as IRAs (Traditional and Roth) earning the same APY, with the same funding requirements.
As stated on the FAQs page, the Early Withdrawal Penalty reads as follows:
For a Certificate with a term of more than 12 months, 180 days of interest penalty is assessed.
Thanks to DA reader, Ginzy, for a Forum post about Citadel’s new CD rates.
Free Checking Bonus
In November 2016, I wrote about 25,000 bonus points ($250 cash value) being offered when opening a new Free Checking account. That promotion is still in effective, with no end date stated. The details are available in my blog post, but the requirements are fairly simple:
- Open a new Free Checking account (minimum $50 deposit).
- Have at least three signature transactions within the first 30 days following account opening.
- Call or visit any branch location to request the 25,000 bonus points.
Headquartered in Exton, Pennsylvania, Citadel offers membership to anyone who lives, works, worships, or attends school in the southeast Pennsylvania counties of Bucks, Chester, Delaware, Montgomery and Philadelphia, and the city of Lancaster, Pennsylvania.
You can also become a Citadel member if a member of your family or household is a member, no matter where you live.
Joining Citadel and/or opening a CD can be done online, by phone (844.499.0432), or at any of 23 full-service branches located in Audubon, Brookhaven, Chadds Ford, Chester Springs (2), Coatesville, Downington, East Norriton, Exton, Glen Mills, Harleysville, Lancaster, Lansdale, Limerick, Oxford, Paoli, Parkesburg, Phoenixville, Pottstown, Springfield, Thorndale, Warminster, and West Chester.
Note: If applying online, do not ignore this information:
Take note of your Application Tracking Number (*****) and the Application Password you choose below. If you need to Sign Out and continue your application at a later time, you will need these to log back in and complete.
Credit Union Overview
Citadel has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.66% (excellent) based on March 31, 2017 data. In the past year, Citadel has increased its total non-brokered deposits by $231.68 million, an excellent annual growth rate of 10.93%. Please refer to our financial overview of Citadel (NCUA Charter # 2099) for more details.
Citadel was established in 1937 as the credit union for Lukens Steel Company, the oldest steel mill operating in the U.S. As the story goes, a couple of steel mill workers decided to put a dollar in a tin box every week, and if anyone needed a small loan, they could borrow from the tin box, as long as they agreed to pay it back. From the most humble of beginnings, Citadel has grown to become Pennsylvania’s fourth largest credit union, with more than 184,200 members and assets in excess of $2.8 billion.
How the CDs Compare
When compared to the 342 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Citadel's 24-Months CD APY currently ranks second.
When compared to the 338 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Citadel's 36-Months CD APY currently ranks first.
When compared to the 293 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Citadel's 48-Months CD APY currently shares the top spot with NASA Federal Credit Union’s 49-Months Share Certificate Special.
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
The above rates are accurate as of 6/13/2017.