The LGBT community has long been fighting for equal rights and fair treatment. While important fights, like the right to marry or adopt children, have taken the spotlight, there are many battles being fought in the shadows.
An often underserved and discriminated against community, many LGBT people have a difficult time finding financial institutions that will fairly serve them. From being denied mortgages based on sexual orientation to finding personal loans to help cover the cost of life-changing surgeries, the LGBT community often struggles to find banks willing to help.
Luckily, there is hope! Superbia Credit Union is on a mission to create the country’s first LGBT focused credit union.
Today, I’ll discuss what Superbia will offer, and why their services are so important.
Why does the LGBTQ community need its own bank?
The LGBTQ community has fought for fair treatment and equal rights for far too long, definitely when it comes to managing their finances. Superbia wants to be the first financial institution to advocate specifically for the community.
Superbia Credit Union wants to help get LGBTQ people back on solid financial footing. In order to achieve this, their services are designed to directly benefit the LGBT customers that will use them. For example, Superbia’s plan to offer high APY savings accounts could help encourage LGBT people to focus on putting money towards growing their savings.
According to Experian, 44% of LGBTQ people struggle to maintain savings. This is in contrast to the 38% of the general population that answered the same way. If Superbia has its way, this percentage will decrease once they have the ability to further educate the community.
Unlike traditional banks, Superbia Credit Union wants to help LGBTQ people get loans to help finance things that are often not considered serious enough to warrant approval of loan applications. They hope that this will include funding for transgender folks to receive medical treatments and same-sex couples who want to start their family.
At the end of the day, there is a huge need for a credit union like Superbia. For some LGBTQ people, it could even be their first step to pursuing financial security.
Who can bank at Superbia?
Whether you identify as part of the LGBTQ community or not, you can bank at Superbia Credit Union. Although they are focused on providing services that meet the needs of the LGBTQ community, those who fall outside of it are welcome to bank with Superbia,
If you happen to fall outside of the LGBTQ community, you will receive the same rates and benefits as those who do.
What services will Superbia offer?
Superbia Credit Union plans to offer services that cover many different financial needs, including:
Personal loans can sometimes be hard for LGBTQ individuals, or couples, to receive through traditional banks and credit unions.
For transgender people, it can be difficult to get approved for personal loans that will cover medical expenses, like surgery and hormone therapy. These expenses, especially surgeries, are often considered cosmetic by most insurance companies. Superbia hopes to give more people access to personal loans that will cover these costs, without judgment.
High APY Savings Accounts
High APY savings accounts are a safe place to save your money and to help it grow. These accounts make the most sense for long term savings goals since they collect more interest than many traditional savings accounts – even up to ten times the normal rate!
Superbia Credit Union believes that offering such accounts will help to repair the wealth gap faced by the LGBTQ community, as well as increase its financial health.
If you are in search of a high APY savings account and can not wait for Superbia to open, I recommend the CIT Savings Builder.
This high APY account gives you access to up to 1.00% in interest.
You will have to meet one of two requirements.
You must maintain a balance of $25,000 or more, or you must make monthly deposits of at least $100.
Product goals for the future
Superbia already has its eyes on the future, even beyond its launch. After establishing their credit union, they hope to begin expanding their service offerings to keep helping the LGBTQ community succeed financially. Superbia believes that these offerings could include wealth management, health care, and insurance.
Should I switch to Superbia?
Does Superbia Credit Union sound like the kind of credit union that you have been searching for? If you are considering switching, don’t make any sudden moves yet. Superbia is not yet open and does not plan to be until early 2020.
Not all banks and credit unions are created equally and before you switch, you should always do some research. Since Superbia has yet to announce official offerings and rates, it is hard to say if they are going to be better for your finances than your current banking situation.
If you are a member of the LGBTQ community who has been denied loans or services due to your sexuality or gender identity, Superbia could be a welcome change to your banking situation.
Alternatives to Superbia
Superbia Credit Union might be the first credit union to focus on providing services to the LGBTQ community, but they are not the only financial institution that is proud of their LGBTQ customers.
HSBC is one of the biggest banks in the world and they have found a way to make banking with them just a little more inclusive.
In order to better serve their customers who use alternative pronouns, HSBC has created a list of ten prefixes that are optional for account holders. These include:
For those who use alternative pronouns, seeing your identity reflected on important documents can be incredibly affirming. The option to choose a pronoun that suits you could just motivate some to begin banking with HSBC.
Superbia Credit Union could be the credit union that the LGBT community has been waiting for. Focused on helping those who have often been turned away on the basis of their sexuality and gender identity, Superbia could make a difference in a community that is often underserved.
If Superbia Credit Union sounds like the bank for you, make sure to watch out for their launch in early 2020!