This New Bank Supports LGBTQ Communities -- and Rewards You for Doing the Same
You don't have to be part of the LGBTQ+ community to find a banking home with Daylight.
According to the latest Gallup update, a record 5.6% of Americans identify as lesbian, gay, bisexual, or transgender -- meaning the LGBTQ+ community is an estimated 18 million strong. And that's not counting families, friends, and allies with an interest in making life better and more just for the LGBTQ+ community nationwide.
Despite the numbers, dozens of major U.S. companies remain anti-LGBTQ+ in their policies and attitudes, with some openly arguing against a person's right to be queer. Into the fray comes Daylight, the first digital banking platform in the U.S. designed for the LGBTQ+ community.
While Daylight is currently beta-testing its bank, interested parties can request an invite at joindaylight.com and get informed when the bank is up and running.
Why an LGBTQ+ bank?
LGBTQ+ customers who don't find what they need in a traditional bank will have access to financial professionals who understand their unique financial challenges. These include the families they may choose to build, issues like transitioning, and prejudices they may face on the job and in their everyday lives.
According to Daylight, the LGBTQ+ community has $1 trillion in spending power in the U.S. Yet 53% of LGBTQ+ people have trouble maintaining a regular savings account. There are many reasons for this, one of which is housing -- in some cities, the only "safe" place for a queer person to live is in an area where views are more liberal and people are more accepting. And that may cost a lot more.
Simply put, members of the LGBTQ+ community are not welcome in every neighborhood across the country. There are still those who resist renting to an LGBTQ+ couple, and plenty of people express their prejudice in more subtle ways. The need to spend more to live where they are safe can make saving money a challenge.
One huge benefit of banking with Daylight is access to financial coaching. These coaches -- fully vetted by Daylight – help customers improve their money management skills. They also help build personal financial plans and investment strategies that fit the customer's specific goals. Best yet, there are no minimum assets required to link up with one of Daylight's financial coaches.
Other Daylight benefits
To better meet the needs of their community, Daylight offers:
- No hidden fees
- Visa-branded cards in the user's preferred name (even if it does not match their legal ID)
- Opportunity to invest in companies and causes with values that align with the LGBTQ+ community
- Paycheck funds available two days before a regular EFT deposit
- Ability to "round-up" transactions automatically, with the rounded amount deposited into savings
- Access to the business marketplace it's creating, where customers can find companies offering discounts and rewards
- Member FDIC, so checking, savings, CDs, and money market deposits are fully insured up to $250,000 each
Daylight was created by members of the LGBTQ+ community with expertise in banking, technology, and business. Their primary goal is to help members create wealth while also fighting systematic homophobia in the banking system. They are focused on creating a safe place for the LGBTQ+ community and their allies to grow their money and their financial proficiency.
You don't have to be a member of the LGBTQ+ community to bank with Daylight. You just have to believe in equality and want to support good causes while taking control of your finances.
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