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.
Terrible Customer Service
I am in England now and don't have my paperwork as to a CD I have with Limelight Bank. I have phoned the Limelight number in Utah REPEATEDLY to get this information, but all I get is a phone message saying the bank is experiencing a high volume of customer requests and that I should leave a phone message. That unhelpful message is followed by a message saying that the mailbox is full and can take no more messages. What kind of customer service is this? I would never bank with Limelight again and would not recommend the bank to anyone. Put your money elsewhere. If I ever get access to my funds again, believe me, they will go elsewhere.
Good Rates, Customer Service
I haven't had the problems with Limelight that others refer to. Their website has always worked when I login and I don't have trouble accessing statements. They have some of the better CD rates and they currently have a 5 star rating with Bauer Financial. There have been a couple of instances that I needed something corrected. One CD I opened received a lower interest rate then what had been advertised at the time of application. They had lowered their rates the day after I applied and that was the rate showing on the CD, but when I asked about it they changed it back to the higher rate. And when I renewed a CD for a different term a typo caused the term to be wrong. That too was fixed. As with any bank you need to go over the details to be sure rates & terms are correct.
Limelight is a great option for online CDs
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.
Unusual Sign Up Process
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.
Data as of Q4 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33823 |
| Year Established | 1993 |
| Employees | 103 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.05% |
| Return on Equity - YTD | 23.63% |
| Annual Interest Income | $50.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2021vs Q4 2020 | $522.3MM$481.4MM |
| Loans | Q4 2021vs Q4 2020 | $406.2MM$378.2MM |
| Deposits | Q4 2021vs Q4 2020 | $401.0MM$385.6MM |
| Equity Capital | Q4 2021vs Q4 2020 | $78.0MM$54.7MM |
| Loan Loss Allowance | Q4 2021vs Q4 2020 | $9.4MM$5.6MM |
| Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $1.2MM$1.6MM |
| Real Estate Owned | Q4 2021vs Q4 2020 | $2.2MM$4.1MM |