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Updated on Tuesday, September 1, 2020
Limelight Bank’s CD rates
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty: 90 days interest on the amount withdrawn
Limelight Bank’s CDs would be a good option for anyone looking to put their savings to work via a short-term CD. While its minimum deposit and minimum balance requirements are a bit higher than other offers, its rates stand out as competitive and the accounts come with no monthly fees. You can also deposit up to $500,000 on your CD. Interest on your CD will compound daily and be deposited to your account every month.
How to get Limelight Bank’s CDs
Opening a CD with Limelight Bank is relatively simple and can be done online or by phone. You’ll need to be 18 years or older and provide your social security number, government-issued ID, and information on how you’ll be funding your CD account, including your bank routing and account numbers. Funds can take 2-3 business days to post to your account once you initiate your money transfer.
How Limelight Bank’s CD rates compare
Limelight Bank’s 6 month CD is by far its most competitive offering. It stands out as one of the best rates for a 6 month CD across the board. The bank’s 12 month and 18 month CD options are also competitive; however, you may be able to find comparable rates with a smaller minimum deposit at an online bank or smaller financial institution.
To see how Limelight Bank’s rates compare and to find the best CD for your needs, please visit our recently updated Best CD Rates blog.
Overall review of Limelight Bank’s CDs
Limelight Bank stands out as a unique financial institution with good rates and a strong commitment to the environment. Overall, it offers some highly competitive rates. Its shorter-term CDs (6 month and 12 month) will give you the best bang for your buck. The biggest drawback of Limelight Bank’s CDs is its $1,000 minimum deposit; however, compared to what larger financial institutions are offering, this is still a great option.