Citadel recently added 65 bps to its 36-month Bonus CD ($75k min) and 36-month CD ($500). Currently offering 3.55% APY and 3.50% APY, the 36-month Bonus CD and 36-month CD, respectively, have the highest rates in the Citadel CD product line.
In the past five months, the 36-month Bonus CD and 36-month CD each gained 285 bps in a series of seven rate increases.
The Bonus CD and CD are also available as IRA CDs (Traditional and Roth) earning the same APYs, with the same deposit requirements.
As stated in the FAQs, the Early Withdrawal Penalty reads as follows:
Citadel will impose a penalty if you withdraw any of the funds before the maturity date. The penalty imposed will equal 365 days of dividends for account terms of three years or greater.
We calculate all early withdrawal penalties on the principal amount withdrawn at the dividend rate in effect on the account on the withdrawal date. If your account has not earned enough dividends to cover an early withdrawal penalty, we deduct any dividends first and take the remainder of the penalty from your principal.
Funding and Accessing Maturing Funds
According to CSR, the funds to open a Bonus CD/CD need to be on deposit with Citadel when the Bonus CD/CD is opened. Funds can be deposited bt ACH, wire, or through a Shared Branch transaction.
Maturing funds can be distributed by check to the address on file or transferred to a Citadel Star Savings Share account. There is a ten calendar day grace period before a Bonus CD/CD automatically renews.
Unlimited beneficiaries can be designated with percentages assigned. A Social Social number is required for each name beneficiary.
Headquartered in Exton, Pennsylvania, Citadel’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school in the southeast Pennsylvania counties of Bucks, Chester, Delaware, Montgomery or Philadelphia, or the city of Lancaster, Pennsylvania eligible to join.
You can also become a Citadel member if an immediate member of your family or household is a member, no matter where you live.
Joining Citadel and/or opening a Bonus CD/CD can be done online, by phone (844.499.0432), or at any of 25 full-service branches located in Audubon, Brookhaven, Chester Springs (2), Coatesville, Downington, East Norriton, Exton, Glen Mills, Harleysville, Kennett Square, Lancaster (2), Lansdale, Limerick, Montgomeryville, 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.
Current members can open a Bonus CD/CD using the Citadel Online Banking platform.
Citadel requires each member to have a,
Star Savings 'share' account. With only a $5.00 minimum deposit you enjoy all the benefits of membership. This Savings account is opened automatically with each new account.
Citadel participates in both the CO-OP Shared Branch network and ATM network.
Credit Union Overview
Citadel has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.43% (excellent) based on June 30, 2022 data. In the past year, Citadel has increased its total non-brokered deposits by $410.67 million, an excellent annual growth rate of 10.83%. 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. The widely held origin story has a couple of steel mill workers putting a dollar in a tin box every week, so 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 (and the 69th largest credit union in the country), with more than 246,000 members and assets in excess of $5 billion.
How the 36-Month Bonus CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $75k or less, only one credit union has a higher rate than currently offered on the Citadel 36-Month Bonus CD. The following table compares the 36-Month Bonus CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 9/15/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.