45 Banks That Offer Early Direct Deposit

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 10 Banks With Early Direct Deposit

Want to access your funds two to three days sooner? Discover the 10 best banks that offer early direct deposit here, plus more options below:

Other Banks with Early Direct Deposit to Consider

Here are 35 other checking accounts and prepaid debit cards with early direct deposit that didn’t make our top 10.

Where to Look for Early Direct Deposit Services

Early direct deposit is a sought-after feature for many people who prefer to receive their paycheck ahead of the standard schedule. Knowing which types of financial institutions offer this service can be crucial when selecting where to keep your money. Here are some types of institutions that typically offer early direct deposit:

• Traditional banks: Many large, conventional banks offer early direct deposit as an extra feature for their premium or specialized checking accounts.
• Online banks: Given that they operate without physical branches, online banks often provide more flexible services, including early direct deposit.
• Credit unions: These member-owned institutions frequently offer better terms and services compared to traditional banks, including access to funds up to two days early for their members.
• Neobanks: Neobanks are fintech companies that frequently offer early direct deposit as a feature. These digital-only banks sometimes partner with traditional banks to provide this service.
• Prepaid card companies: Some prepaid card providers allow access to your paycheck up to two days early as a way to entice customers to reload their cards regularly. We’ve listed the best prepaid debit cards with reviews for your convenience.

How to Choose 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: first, that you’re working with a legitimate financial institution, and second, 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

The majority of people will be looking for basic checking and savings accounts. However, there are many other types of bank accounts offered by both online banks and brick-and-mortar institutions. These include money market accounts, cash management accounts, certificates of deposit (CDs), 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, online banking opens you up to APYs on high-yield 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 checking 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 remove the need to wait in line at the bank.

Whether it’s depositing checks, sending wire transfers, or paying bills, using a mobile app can save you a lot of time and stress.

Fees

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 bank accounts typically have overdraft fees, monthly fees, and a minimum direct deposit amount that can cost you if you fall below it. If you do have a traditional bank account, ask about how you can have certain fees waived.

Opening multiple bank accounts or keeping a certain amount in savings are some examples of things that can get monthly service fees waived.

Bank Reputation

Another thing to consider when choosing from banks with 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.

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.

Summary

While most banks provide a similar array of financial products, what sets them apart are the unique features and specialized services they offer as extras. This is why it’s useful to review the various terms, fees, and services offered by any banks or credit unions that 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 manage 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.

Pros

• 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.

Cons

• 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 checking or savings account instead of giving you a paper check that you deposit yourself. This provides you with access to your money faster.

A regular direct deposit will usually take one to two business days to be fully processed and appear in your checking 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 provide you with a direct deposit form that is given to 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 salary 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 provides you with access to your funds before the regularly scheduled payday. Banks that offer this feature post the funds to the receiver’s checking 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 bank 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 payroll is processed. 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 bank 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 retaining it. However, more and more banks are willing to advance the funds to you knowing that they will be reimbursed shortly after.

What time of day does direct deposit hit?

Direct deposit typically hits a bank account in the early morning hours, though the exact time can vary based on the financial institution and the origin of the deposit. Most banks and credit unions update accounts with direct deposits shortly after midnight, ensuring that customers have access to their funds at the start of the banking day.

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.

Does Bank of America, Chase, or Wells Fargo offer early pay?

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 checking 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, 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 available to you.

If so, the process of setting up a direct deposit is pretty simple. You will need to supply your checking or savings 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.

Final Word

The vast majority of employees today use a direct deposit account for their paychecks. It’s simply a quicker, 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.