Limelight Bank, the online-only division of Capital Community Bank (CC Bank), was established in 1993 and is based in Pleasant Grove, Utah. While the bank does not offer checking accounts, it provides customers with a high-yield savings account (HYSA) and various certificate of deposit (CD) options.
The HYSA offered by Limelight Bank currently earns an impressive 3.9% APY, significantly higher than the national average for savings accounts. To open an HYSA, a minimum deposit of $100 is required, and accounts can only be opened online. Customers should be comfortable with online banking as no debit card, ATM access, or checks are provided. It’s important to note that there is a limit of six transfers per four-week period from the account.
For those interested in CDs, Limelight Bank offers four different options with competitive interest rates. Terms range from six to 36 months, with a minimum deposit of $1,000 required.
In terms of fees, Limelight Bank does not charge many, but customers may incur charges for specific services such as cashier’s checks, wire transfers, and account research. Fees vary depending on the service, ranging from $2 for a temporary statement to $75 for a garnishment or tax levy.
Despite its attractive offerings, Limelight Bank does have its drawbacks. The bank does not offer checking accounts directly, directing customers to apply for accounts with its parent company, CC Bank. Additionally, HYSA account holders do not have access to debit cards or checks, which may limit their banking options. Customer reviews also mention difficulties with logging into the bank’s apps, leading to frustration for some users.
In terms of customer service and mobile banking experience, customers may find it challenging to reach support as chat support is not available online, and phone support hours are not posted. Customers can submit a contact form on the website or email customercare@limelightbank.com for assistance. Limelight Bank does not have its own mobile app, so customers must use the CC Bank app, which has received mixed reviews on both the Apple App Store and Google Play store.
For those looking to contact Limelight Bank, the phone number is 800-639-6015, and mail correspondence can be sent to 1909 W. State Street, Pleasant Grove, UT 84062. The bank does not have physical banking locations.
In conclusion, Limelight Bank is a legitimate financial institution offering FDIC-insured deposit accounts. While it has its limitations, such as the lack of checking accounts and limited access to accounts, it may be a suitable option for those comfortable with online banking and looking for competitive interest rates on savings and CDs.
