Limelight Bank is a new nationwide, online bank that Capital Community Bank (CCBank) launched in 2017. The Utah-based community bank has positioned Limelight as an eco-friendly alternative to traditional banking. Of course, all online banks are going to be “greener” than traditional, brick and mortar banks, as there is a reduced amount of paperwork involved, but Limelight takes it a step further by stating that “a portion of deposited funds will go towards solar energy initiatives.”
It will come as no surprise to those familiar with internet banks that Limelight offers very competitive rates; however, the product selection is limited. At launch, Limelight is offering only short-term CDs, with terms ranging from 6 to 18 months, but it will be worth watching to see if they expand their product offerings in the future.
While Limelight has been branded as new online bank, it’s worth noting that (at launch) they are not offering their own mobile app. Mobile banking is done through their parent company’s app.
Accounts at Limelight can be opened through the online application found on their website. Customers then have the option to fund their account(s) through electronic funds transfer (EFT), wire transfer, or check. Deposits in Limelight Bank are FDIC-insured under Capital Community Bank.
Just opened 2 CDs with Limelight, and the process was easy and quick. The online application is fine, although there is no way to double check that both names on the joint accounts were accurately listed until we received the copy of the certificate of deposit a few days later. The customer service reps who answered our questions were responsive and competent.
Some of my "go to" banks for CD roll-overs have been pulling back on competitive rates, so I'm glad we gave Limelight a try with their 2.95% APY for 18-month CDs. We have not accessed our first statement yet, but thus far we are pleased with the process for opening new CD accounts.
I have an 18 month CD with Limelight Bank. They got my attention because they say they are eco-friendly, and they contribute to funding solar projects. I love the fact that I can get a banking product I need while also contributing to the future of the planet. Their customer service was also very good, I never had a problem setting up my account and never really had any questions. Because it is an online bank, they obviously put a lot of of effort into a good web experience. When I created my account it was quick and easy, and I was able to purchase a $2,000 CD without any assistance. I also use their iPhone app which is very good. I will be using Limelight in the future if I choose to get another CD.
Signed up, used ACH to transfer funds. No notice of fund's receipt, had to call CSR to confirm.
Had to wait two additional days after fund's receipt for verification. Most banks I use allow immediate access when an ACH transaction has been completed. CSR claims it is for my protection, which I do not buy.
Basically for at least four business days, there is no confirmation of funds transfer and receipt. Which is not comforting.
If I have to do it all over again, I will not use this bank. I totally disagree with their policy.
|FDIC Certificate #||33823|
|Return on Assets - YTD||1.22%|
|Return on Equity - YTD||11.72%|
|Annual Interest Income||$33.2MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$415.7MM$420.2MM|
|Loans||Q4 2019vs Q4 2018||$317.3MM$348.7MM|
|Deposits||Q4 2019vs Q4 2018||$325.0MM$334.6MM|
|Equity Capital||Q4 2019vs Q4 2018||$48.2MM$43.3MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$5.9MM$3.3MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$594.00K$1.4MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$1.0MM$1.1MM|
Always verify rates and promotions with the bank or credit union. We are not Limelight Bank; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.15%||$1k||-||36 Month CD|
|1.10%||$1k||$500k||12 Month CD|
|1.10%||$1k||$500k||18 Month CD|
|0.90%||$1k||$500k||6 Month CD|
Limelight Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 3280 N. University Avenue - Provo, UT 84604