Limelight Bank Review 2020

Published November 2020 by Matthew Goldberg

AT A GLANCE
4.5

Bankrate Score

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Top CD rates

Limelight Bank is best for those looking for short-term CDs. The bank doesn't offer any other accounts.

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    4.5
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    4.5

    Bankrate Score

    Limelight Bank is the online division of Capital Community Bank. It offers competitive yields on CDs. It doesn’t offer any other types of bank accounts.

    What we like

    • Limelight Bank is a bank for those that really are passionate about the environment. Limelight Bank makes eco-friendly decisions and works with solar providers to advance its mission of preserving natural resources.

    • Limelight Bank has competitive yields on its CDs.

    • Limelight Bank’s $1,000 minimum deposit requirement is lower than some other banks.

    What we don't

    • Limelight Bank only offers CDs. So you’ll have to go elsewhere for a checking account and a savings account.

    • Limelight Bank doesn’t have its own app. It uses Capital Community Bank’s app.

    • Limelight Bank only has telephone customer service hours during the week.

    CD rates

    4.5

    Bankrate Score

    Limelight Bank offers its customers four CD terms. It offers a six-month CD, one-year CD, 18-month CD and a three-year CD. Those terms should help a lot of customers. Those looking for a longer-term CD will need to look elsewhere.

    All of the CDs require at least $1,000 to open.

    There is an early withdrawal penalty equal to 90 days of interest on the amount withdrawn from a six-month CD, one-year CD and an 18-month CD. The 18-month CD penalty equals 180 days interest on the amount you withdraw.

    What we like

    • Limelight Bank offers competitive yields on its CDs.

    • The $1,000 minimum to open a Limelight Bank CD is a reasonable amount compared with some other banks.

    What we don't

    • Those looking for a long-term CD will need to look elsewhere.

    • The bank only has a few terms of CDs to choose from.

    Bank experience

    There’s a form to ask a question on the bank’s website. But there doesn’t appear to be a live chatting option.

    Customer service representatives aren’t available by phone on the weekends. Limelight Bank customers can use the Capital Community Bank app.

    Customers can help the environment by banking with Limelight Bank. The bank ties its business with green initiatives and works with solar providers.

    About

    Limelight Bank is known for linking its business to help the environment. Customer deposits help the bank fund solar initiatives.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.