A bank account holds a key place in your personal finances. As you explore your options, you might be disappointed by the lack of financial institutions that provide a customized experience for the LGBTQ+ community.
You may be able to find several banks that label themselves as "LGBTQ+ friendly." But what if you want to work with a financial institution that actually backs up what your community stands for? until recently, you'd probably be hard-pressed to find a good option.
But Daylight is a banking platform that's trying to change that. Its banking experience is designed from the ground up to serve the needs of the LGBTQ+ community. Let’s take a closer look so you can see if this is a good option for you.
- Banking experience designed for LGBTQ+ community
- Get your chosen name on your debit card
- No minimum balance requirements
Up to 10%
What Is Daylight?
Daylight launched in December 2020 as the first and only digital banking platform in the U.S. designed specifically to support the LGBTQ+ community. And it's team truly understand the needs of the people they serve. All of Daylight's staff, including its co-founders, identify as LGTBQ+.
The goal of the banking experience is to provide services that help members navigate the current financial system. Additionally, the platform is determined to help members connect to a community that is working to provide pathways for members to build the life they want.
What Does It Offer?
Curious about what Daylight has to offer? Here are some of its most notable features and benefits.
Daylight Debit Card
A standout feature of Daylight is the debit card it offers. Specifically, this debit card is the gateway to a mobile-optimized checking account with your chosen name.
You can use your chosen name on this account whether or not that’s what your identification card says. However, you will have to share your legal name one-time for security purposes at the beginning of the sign up process.
Cash Back Rewards
With Daylight, you’ll be able to enjoy up to 10% cash back on spending at queer bars, LGBTQ+ allied businesses, and thousands of other stores. That means you’ll be able to support your community while stretching your spending further.
It can be a challenge to intentionally save. But Daylight can make savings automatic by providing a round-up tool to stash a small amount of saving with each purchase.
Every time you use your Daylight debit card, the platform will round up to the nearest dollar and transfer the difference to your savings account. If you're trying to build your savings, then this is a great tool to take advantage of.
Additionally, you can tap into the "goals" feature which allows you to set aside fund for a particular life goal. The act of setting a savings goal and seeing your progress along the way could help find the motivation required to build your savings.
Navigating money without any examples of success to follow can seem daunting. But Daylight changes that with their community-centered platform.
Within Daylight’s mobile app, you’ll be able to share your money goals and receive real advice from people who have walked the road ahead of you. Additionally, you can access content specifically designed to help you navigate money.
Are There Any Fees?
With Daylight, you won’t have to worry about a monthly usage fee or a physical card fee. You'll also get one free ATM withdrawal per calendar month. But it does charge a 3% international usage fee and there's a $0.57 fee for all additional ATM withdrawals.
It should be noted that Daylight has only soft-launched for an initial group of several hundred users. So it's possible that its fee structure could change in the future as it responds to early customer feedback.
How Do I Contact Daylight?
Daylight doesn't publish a customer service number on its website. And, since it's an online-only banking platform, you also won't have access to physical branch locations.
As a cardmember, you can reach out to Daylight via email through firstname.lastname@example.org. Additionally, you can connect on Twitter @joindaylight. Or on Instagram and Facebook @joindaylightmoney.
How Does Daylight Compare?
Daylight is the first banking experience available in the U.S. that is specifically designed with the needs of the LGBTQ+ community in mind. If you're searching for a bank that is truly dedicated to the LGBTQ+ community, then Daylight is a good choice.
However, Daylight won't be a good option if you're wanting to earn interest on your deposits. And you can find other online banking experiences that have more financial features or a more straightforward cash back program. Here's a quick look at how Daylight compares:
Up to 10%
One Free Withdrawal Per Month, Then $0.57 Per Withdrawal
(At 60,000+ ATMs)
(At 60,000+ ATMs)
How Do I Open An Account?
As of August 2021, Daylight is accepting requests to be added to the waitlist. You can sign up for the waitlist by providing your email.
When Daylight is ready to accept new members, you'll be notified. And once it's open to the public, Daylight will donate $10 to charities per eligible new member sign-up.
Is It Safe And Secure?
Daylight strives to be a safe place for you to take care of your banking needs. Its services are built on top of its sponsor bank, MetaBank, which is FDIC-insured up to $250,000. Beyond FDIC insurance, Daylight uses high-end security protocols with 256-bit encryption to protect your data.
Is It Worth It?
Daylight seems to truly be thoughtfully designed with the needs of the LGBTQ+ community in mind. And, for some, that alone could make it worth joining the platform's waiting list.
However, very few customers have had the chance to actually experience and review the platform. So the jury's still out on whether Daylight will be able to deliver on its promises.
Foreign Transaction Fee
Debit Card Fee
One free withdrawal per calendar month (at in-network ATMs)
$0.57 for all additional withdrawals
Cash Withdrawal Limit
$1,000 per 24 hours
In-Network ATM Availability
None (online-only bank)
Customer Service Number
Customer Service Email
Mobile App Availability
iOS and Android
Early Direct Deposit
Yes up to two days early
30776 (through MetaBank)
Fees & Charges
APY & Cash Back
Products & Services
Service & Support
Daylight is the first U.S. banking platform that’s specifically designed to support the LGBTQ+ community.
- Debit card with your chosen name
- Up to 10% back on debit card purchases
- Community support and advice
- Automatic savings features
- Waitlist to join
- Deposits do not earn interest
- Only one free ATM withdrawal per calendar month
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.