Frequently asked questions
What is Lightning?
At Lightning, we’ve created a new approach to mobile banking that doesn’t rely on fees, and helps you grow your portfolio automatically. When you open a bank account through Lightning, you get a Visa Debit Card® and a Checking Account that can be managed entirely from your smartphone, plus a brokerage account that allows you to see your growing portfolio automatically. The Lightning mobile banking app is available on both Android and iOS.
Lightning is a financial technology company. Banking services provided by Piermont Bank, N.A.; Members FDIC.
What is Lightning's mission?
Lightning’s mission is to give the power of compounding interest to all. We’re doing that by giving all our members free exposure to the stock market. Lightning’s business was built on the audacious goal of trying to put a dent in income inequality and wealth building while protecting our members. We’ll never profit from mistakes or misfortune.
So, how does Lightning make money?
Unlike traditional banks that may charge consumers fees left, right, and center, Lightning makes money from “interchange.” Every time you use your Lightning Debit Card, Visa processes the transaction and charges an interchange fee for the service. We get a percentage of that interchange fee every time you use your Lightning Debit Card, which means we never have to charge you those unnecessary fees to run our business.
Who can use Lightning?
U.S. Citizens 18 years and older are welcome to apply! While Lightning cards work all over the world, currently we can only offer accounts to members with a valid SSN, living in the United States and District of Columbia.
