The LGBTQ+ wealth gap is real. According to a recent survey, LGBTQ+ Americans are more likely to be underemployed and underpaid than the general population, despite being more educated. With $1 trillion spending power in the US, the queer and trans community is wrongfully marketed to for having more disposable income, when in reality, they fall far behind their cis-gendered, heterosexual counterparts when it comes to finances. In fact, 44% of LGBTQ+ people consistently struggle to maintain regular savings. 

Despite the obvious wealth gap, traditional banks have failed to create solutions that support different communities and the challenges they face. As a solution, Daylight, the first digital banking platform in the U.S. that’s transforming the financial experience for the LGBTQ+ community was created. The queer-owned and operated bank is on a mission to help people navigate their finances and prepare for their futures through products and content designed specifically for their unique needs — whether that’s saving up for an emergency fund, to start a family or for gender transition surgery. The company will never out users, dead-name them and no matter what their ID says, Daylight will recognize each customer by their chosen name and pronouns.

Premium banking services with supportive features include: 

  • Financial education and live coaches that can help managing money easier. The bank offers guides relevant to queer folks, including information on surrogacies, negotiating salary, paying down debt and finding financing that meets their needs.
  • Nixing overdraft fees and swapping in a “Paycheck advance”. Whether the user has overspent on a fab new outfit this month, or didn’t work as many hours this week, the bank will advance them up to $200 each month to cover essential costs like hormone treatment, healthcare, or those concert tickets that’ll sell-out before pay day.
  • Users can put their savings on autopilot, save as they spend, and even unlock boosters to accelerate your savings.
Image: courtesy of Daylight

Additionally, the platform also provides visibility into how “queer-friendly” companies truly are. Through live analytics, the app breaks down how supportive large entities are to LGBTQ+ rights, giving users a grasp on exactly which companies are allies. On a monthly basis, Daylight generates a personalized spending report to show users how queer-friendly their spending is overall and offers alternative options. As a bonus, the more queer-friendly the user’s spending habits are, the better rewards are offered so users can truly align their spending with their values.