Waiting for payday to come isn’t easy, especially when you’re paid biweekly and have bills to pay. However, you can get paid early by banking with a bank that offers early direct deposit.
Instead of holding your paycheck for two days, the bank deposits it directly into your account as soon as they receive it from your employer. This means the money arrives in your account sooner, and you get your paycheck early, so you can pay bills and even invest that money.
Top 12 Banks With Early Direct Deposit
Want to access your funds 2 to 3 days sooner? Discover the 12 best banks that offer early direct deposit here, plus 23 other options below:
- Early direct deposit delivers a paycheck up to 2 days early
- Access to over 19,000 ATMs
- 4.50% APY on savings up to $5,000
- Overdraft protection up to $200
- $100 bonus after 10 purchases in 60 days
- Over 16,000+ fee-free ATMs
- $4.95 monthly service fee
- Get paid up to two business days sooner with early direct deposit
- Fee-free overdraft protection of up to $100
- 40,000 fee-free ATMs
- No minimum balance or hidden fees
- Get paid up to two days early with direct deposit
- No monthly service fee
- Earn up to 4.25% APY on savings
- Free withdrawals at more than 55,000 ATMs
- Commission-free stock trading
6. Axos Bank
- $100 sign-up bonus (Use code RC100)
- No monthly maintenance fees or overdraft fees
- Unlimited domestic ATM fee reimbursements
- Get early direct deposits and tax refunds up to 2 days early
- No credit check
- Advance up to $250
- Free access to over 55,000 ATMs
- Get your paycheck up to two days early
- No credit check
8. Navy Federal Credit Union
- Direct deposit with early access
- ATM fee rebates up to $240 per year
- No monthly service fees
- No minimum balance
- No minimum deposit
- Free personalized checks
- No minimum balance fees or monthly fees
- 55,000 fee-free ATMs
- No minimum deposit
- Early pay with direct deposit
- No monthly service fee
- Manage your money through your iOS or Android device
- 55,000 fee-free ATMs
- No foreign transaction fees or transfer fees
- Pay no overdraft fees with Varo Advance
11. Ally Bank
- No minimum balance requirements
- No monthly maintenance fees
- Over 43,000 no-fee Allpoint® ATMs
- No overdraft fees
- Unlimited fee-free withdrawals at over 55,000 ATMs
- Minimum opening deposit is $10
- Deposits are FDIC insured up to $2.25 million
- Get your paycheck up to two days early
Other Banks with Early Direct Deposit to Consider
Here are 23 other checking and prepaid debit card accounts with early direct deposit that didn’t make our top 12.
- Ando Spending
- Andrews Federal Credit Union
- BlueBird Prepaid Visa
- Capital One 360 Checking
- CARD.com Prepaid Visa
- Cheese Account
- Citizens Bank
- Credit Karma Money Spend
- Douugh Banking
- EFCU Financial
- Fifth Third Bank
- First Service Credit Union
- Freedom First Credit Union
- Green Dot
- GTE Financial
- Huntington Bank
- One Account
- OneUnited Bank
- Oxygen Account
- Porte Account
- Wealthfront Cash Account
We’ve listed the best prepaid debit cards with reviews for your convenience.
Finding the Right Bank
When choosing the best bank with early direct deposit, be sure to consider factors like monthly and overdraft fees, and minimum balance requirements. Additionally, consider whether you prefer online banking or a bank with a local branch.
Here’s a quick run down of the major factors to consider when choosing a bank for any purpose, including early direct deposit:
FDIC or NCUA Insurance
Verify that any bank or credit union is federally insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration. This confirms two things: firstly that you’re working with a legitimate financial institution, and secondly that your money would be insured up to $250,000 if the bank were to fail.
It’s unlikely that any legitimate bank or financial company will fail. However, this is more about determining whether you’re dealing with a trustworthy financial service provider.
Accounts & Services Offered
Most people will be looking for simple checking and savings accounts. However, there are many other types of accounts offered by both online banks and brick-and-mortar institutions. These include money market accounts, certificates of deposit, credit cards, and loans.
Depending on your financial needs, you might want to look for a bank that can provide all the accounts and services you’re looking for. This can be much easier than having to manage accounts with several providers.
Online vs. Traditional Bank
Many consumers still prefer to stick with traditional, in-person banking. No matter your preferences, it’s good to be aware that interest rates are much more competitive than those of traditional, national banks.
For example, banking online opens you up to APYs on savings accounts between 3% and 5%. The typical APY is 0.1% (and often less) at most brick-and-mortar banks.
The major trade-off is a different customer service experience, which for some might be a dealbreaker. With online banks, you’ll generally have to make do with your customer service over the phone, via email, or instant messaging chats.
Online and Mobile Banking Services
Having access to your bank account and banking services online is a necessity for most consumers today, regardless of whether your bank is traditional or digital. Online banks are convenient and can remove the need to spend precious time waiting in line at the bank.
Whether it’s depositing checks, sending wire transfers or paying bills, online and mobile banking apps can save you a ton of time and stress.
Fees are an essential consideration when choosing a bank for any purpose. While traditional banks can run a long list of fees and penalties, online banks tend to minimize fees, sometimes significantly.
Many traditional accounts will carry overdraft fees, monthly management fees, and minimum balance requirements that can cost you if you fall below them. If you do have a traditional bank account, ask about how you can have certain fees waived.
Opening multiple accounts or holding a certain amount in savings are some examples of things that can get fees waived.
Another thing to consider when choosing from banks that offer early direct deposit are reviews and reputation. You can search for reliable expert reviews online, as well as customer reviews, to let you know what to expect from any bank or credit union.
Decide what details are most important to you. Take some time to see how the banks you’re considering align with your needs before making any major decisions.
Whether online or brick-and-mortar, most banks have a largely similar array of products to offer. What differentiates them is generally the details and special features of their extra products and services. This is why it’s useful to review the various terms, fees, and services offered by any banks or credit unions which you’re looking at.
Consider what banking products and features are most valuable to you, and find a bank that offers products which align with your needs and financial habits. The bank or banks you choose to manage your money with is important.
Finding a bank that ticks all your boxes and minimizes your expenses can transform your perspective around money and make it easier for you to save and spend with ease.
The Pros and Cons of Early Direct Deposit
Below we’ve provided a detailed look at both the pros and cons of early direct deposit. Use this to help you decide whether early direct deposit could work for you.
- Helps cover bills and other expenses on time.
- Can help prevent incurring overdraft fees on expenses made before payday.
- Receive tax refunds and other government-issued checks faster.
- Peace of mind.
- If your bank or account type doesn’t allow for early direct deposit, you’ll have to open a whole new account. This can open you to more banking fees and a less streamlined financial situation overall.
- Early direct deposits could negatively impact the practice of good savings and encourage poor spending habits as money is more readily available.
Frequently Asked Questions
What is direct deposit?
Direct deposit is a feature that allows your employer to deposit your paycheck straight into your bank account instead of giving you a paper check that you deposit yourself. This gives you access to your money faster.
A regular direct deposit will usually take one to two business days to be fully processed and appear in an account after payment has been initiated. However, with early direct deposit, the payment will be available in an account much faster. Sometimes this can be up to two days quicker compared with a regular direct deposit.
Early direct deposit can land you with your paycheck a day or two earlier than normal. It can also allow you to receive other kinds of payments quicker. This includes federal and state tax refunds, as well as Social Security or other government benefit payments.
How do I set up direct deposit with my employer?
Most employers have direct deposit forms that they give new employees at orientation. All you have to do is fill out with your account number and routing number and hand it in.
What is early direct deposit?
With direct deposit, your employer sends your pay to your bank ahead of the upcoming payday. Your bank then releases the direct deposit funds to your checking account on payday.
With early direct deposit, your bank gives you access to your funds before the scheduled payday. Banks that offer this feature post the funds to the receiver’s account as soon as the bank gets the direct deposit files from the Federal Reserve.
When your company sends payroll to the bank, traditional bank accounts will wait until the date stipulated by the employer to send the payments to individual accounts.
Early direct deposit works by forgoing this waiting period, and trusts that the company has sent the correct information. This allows payment to be accessed as soon as the payroll is sent to the bank.
That traditional waiting period is beneficial to banks, however, which is why many big banks don’t allow early direct deposit. During this period, known as float, the bank will double-check your deposit before sending it into your account. When the bank double-checks your account, it earns double the interest.
Does direct deposit always come early?
Standard direct deposit doesn’t come early. Employers deposit the money into your checking account on payday. Early direct deposit can get you your money up to two days early. Government benefits and tax refunds may come even earlier than that.
Exactly when the money arrives depends on when your employer processes payroll. Holidays can also affect when your paycheck is deposited.
How can I get my direct deposit early?
Several banks, credit unions, prepaid debit cards, and apps offer early direct deposits. You can receive your paycheck early if you set up direct deposit with your employer and have one of these accounts.
How do banks process paychecks early?
While any bank is capable of getting you your paycheck early, most of them don’t because they make more money by holding on to them. However, more and more banks are willing to advance the funds to you knowing that they will be reimbursed shortly after.
Can I get a direct deposit on the weekend?
Almost all banks conduct business exclusively during business days. While you may find an exception to the rule, you are unlikely to get a direct deposit on the weekend.
Even an early direct deposit can sometimes be delayed by the weekend. Federal holidays can also result in a delay to all banking business, including direct deposit. Check with your employer if you’re ever uncertain about the arrival of your direct deposit in relation to holidays and weekends.
What’s the difference between a direct deposit and a wire transfer?
Although direct deposits and wire transfers serve the same purpose at a basic level, they’re generally used for different purposes. Both are a common form of money transfer service that are central to most banks and credit unions.
The primary difference is that wire transfers typically cost money. They can sometimes be quite expensive depending on the institutions and distances involved.
Many people use wire transfers for sending one-off payments. Direct deposit, on the other hand, is often used by businesses for regular payment of employees and staff.
Wire transfers are also generally much faster than your everyday direct deposit, which is primarily why they can get so expensive.
Does Bank of America, Chase, or Wells Fargo offer early direct deposit?
Bank of America, and Wells Fargo currently do not offer early direct deposit as a standard feature of their accounts. These banks typically make direct deposits available to customers on the actual payday. However, Wells Fargo expects to offer this service soon.
Chase doesn’t offer it on most of their accounts, but they do with Chase Secure Banking.
Should I start using direct deposit to get my paycheck early?
Direct deposit can allow you to move away from paper checks from your employer, and streamline your banking experience. The majority of Americans today receive their salary via direct deposit. The first step is to check with your employer to see if it’s an option for you.
If so, the process of setting up a direct deposit is pretty simple. You will need to supply your bank account number and routing number to receive your salary in your account. You should be able to access all the information at your bank, whether online, via mobile app, or in person.
The vast majority of employees today use a direct deposit account for their paychecks. It’s simply a faster, more convenient and safer way of getting your salary into your bank account.
Many financial services providers can offer customers early direct deposit. With this service, you get your money faster than ever before, sometimes even two days before a typical direct deposit. This can alleviate a lot of stress when money is tight and bills are looming.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment ﬁle from the payer. Chime generally make these funds available on the day the payment ﬁle is received, which may be up to 2 days earlier than the scheduled payment date.
3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May, 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.