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Written by
René Bennett
Edited by
Marc Wojno
Marc Wojno is a seasoned and accomplished finance editor and writer with more than two decades of experience editing and writing across a variety of news platforms including newswires, newsletters, magazines and online news sites.
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Everyone looks forward to payday — and if it arrives early, all the better.
Direct deposit makes getting paid fast and easy since the money appears in your bank account automatically, without needing to go to a bank. Some banks allow you to receive deposits even faster — by up to two days — through early direct deposit.
Customers at a bank that offers early direct deposit may receive their paychecks through direct deposit on Wednesdays, for example, while those with a traditional bank won’t see their money before Friday, a typical payday.
Getting expedited access to a direct deposit can help avert late payments on bills or prevent you from having to incur an overdraft fee by ensuring your account is funded. Many banks offer accounts that feature early direct deposit — and the list is growing.
Ally Bank, an online bank, has consistently scored highly in Bankrate’s bank reviews. It was also named the Best Bank in 2024’s Bankrate Awards. Ally stands out for its high APYs, minimal fees charged and ATM fee refunds.
With Ally Bank’s Spending account, customers can get up to eight early direct deposits each month, for checks of $10,000 or less. Meanwhile, all checking account balances earn a yield that’s competitive for an interest-earning checking account.
Ally Bank also covers up to $250 for overdrafts with no fee when you set up direct deposits; without direct deposits, it covers up to $100. There are no monthly maintenance fees, incoming wire transfer fees or minimum balance requirements.
Axos Bank is an online-only bank that offers checking, savings and money market accounts, as well as certificates of deposit (CDs).
Its Essential Checking account features Direct Deposit Express, an early direct deposit service. There’s no minimum deposit to open this account and no monthly maintenance fee.
The account also charges no overdraft or nonsufficient funds fees, a boon for consumers looking to avoid traditional bank fees, which can add up. Overdraft fees average $26.61 per transaction, according to Bankrate’s 2023 checking account and ATM fee study.
Axos also reimburses all domestic ATM fees on the Essential Checking account.
Customers of Capital One can get their paychecks early by opening a 360 Checking interest-bearing account and signing up for direct deposit.
The 360 Checking account has no monthly fees and charges no overdraft fee, following Capital One’s decision in December 2021 to eliminate overdraft fees.
In addition to digital access to their accounts, customers also have access to a network of more than 70,000 fee-free ATMs and the ability to deposit cash in CVS and Walgreens stores. Capital One also operates around 300 branches and about 50 Capital One Cafés.
Chime is a fintech company that partners with The Bancorp Bank and Stride Bank to offer banking products, including online checking and savings accounts that are backed by the Federal Deposit Insurance Corp.
The Chime Checking Account charges no monthly fees and requires no minimum balance. It offers up to two days early access to direct deposits, along with access to more than 60,000 surcharge-free ATMs.
The account also rounds up debit card purchases to the nearest dollar and then transfers the money into a Chime Savings Account — a tool some account holders may find useful for automatically building their savings.
Chime also allows its customers to overdraw their accounts by up to $200 without an overdraft fee. Chime charges no foreign transaction fees either.
Current, another fintech company that helps you save, offers an account that can be used for spending or for building up Savings Pods. Early direct deposit is one of several features that comes with a Current account.
Current account holders also get cash back and earn points, with access to 24/7 support in its app or online contact form. There’s no monthly fee or minimum balance requirement for the account.
Customers who receive at least $500 in monthly direct deposits can take advantage of Current’s Overdrive service, which spots up to $200 in overdrafts with no fee.
Though Current has no branches, customers can deposit cash into their accounts at more than 60,000 retailers, including CVS Pharmacy, 7-Eleven, Dollar General and Family Dollar. A $3.50 fee applies for each transaction. Current accounts also are FDIC-insured by up to $250,000 through its partner banks.
Customers who have a Fifth Third Momentum Checking account automatically are enrolled in early direct deposit. When the deposit posts to the account, the bank sends a mobile notification through its mobile app.
In addition to early direct deposit, Fifth Third Bank also offers cash advances through its MyAdvance service. Customers can utilize MyAdvance to take an advance of $50 to $1,000. A fee of 3 to 5 percent, depending on how long the customer has been enrolled, is assessed on all advances.
The bank charges a $37 overdraft fee, which is higher than average. The fee can be avoided using the Fifth Third Extra Time feature, which provides additional time to make a deposit to cover the overdraft and avert the fee. The deposit to cover the overdraft must be made by midnight the next business day.
Huntington Bank has branches throughout the Midwest and Southern United States, though its checking accounts can be opened anywhere online. Its three main checking accounts each automatically come with early direct deposit.
Asterisk-Free Checking, the bank’s most basic checking account, has no monthly maintenance fee and no minimum deposit requirement. Huntington Perks Checking and Huntington Platinum Perks Checking are both interest-bearing checking accounts. They have higher fees if you don’t meet certain criteria to waive them — $10 a month for Huntington Perks Checking and $25 a month for Huntington Platinum Perks Checking.
All checking accounts come with a $50 overdraft buffer, meaning you won’t be charged the $15 overdraft fee if you overdraw your account by $50 or less. You also won’t be charged the fee if you make a deposit to cover the overdrawn amount within 24 hours of the transaction.
In addition to early direct deposit, Huntington Bank offers another unique deposit feature. Customers can get up to $500 of any check deposited at a branch, ATM or on the bank’s app immediately upon making the deposit.
LendingClub bank, formerly Radius Bank, offers personal checking accounts, a high-yield savings account and CDs. The Rewards Checking account helps customers maximize their savings by earning 1 percent cash back on qualified purchases, and it provides early access to direct deposited paychecks.
Account balances of $2,500 or greater earn interest; the highest APY is earned on balances of $100,000 or more.
There is no monthly fee for the account, and you only need $25 to open it. Account holders receive unlimited ATM fee rebates and are charged no fee to use an out-of-network ATM.
Rewards Checking customers also receive their first order of checks free.
OneUnited Bank is the first Black-owned online bank and the largest Black-owned bank in the U.S. It offers several checking account products, including a no-fee Black Wall Street Checking account and a second-chance account, U2 E-Checking.
Consumers who have a OneUnited checking account are automatically enrolled in the bank’s early direct deposit feature, BankBlack Early Pay, after receiving one to two directly deposited paychecks.
OneUnited offers an automatic savings feature, which can be used between OneUnited accounts or with an external linked checking account. The tool rounds up each transaction and moves the extra change to a savings account.
The Black Wall Street Checking account charges no monthly service fee. Both checking accounts provide customers access to more than 100,000 surcharge-free ATMs and require just $25 to open.
SoFi Bank offers a slew of loans and investment products, and it has a combined Checking and Savings account. There’s no monthly fee on the account or balance minimum, and it comes with early direct deposit.
Many other fees are waived for the combined account, including overdraft, NSF and card replacement fees.
The checking portion of your balance earns a very competitive yield for a checking account. As of this writing, SoFi also offers a cash bonus to new customers of $50 or $300, depending on how much is directly deposited into your account within 25 days. In addition, 15 percent cash back is earned on qualifying debit card purchases.
Varo Bank, a challenger bank, offers early direct deposit through its checking account, which has no monthly fees or minimum requirement.
Varo Advance, a checking account feature, allows customers with positive account balances and at least $800 received in direct deposits to get up to $500 as a cash advance through Varo Bank’s app. The advance must be paid back within a month and a $1.60-$40 fee applies, depending on the amount taken out.
Varo’s checking account provides access to more than 40,000 fee-free ATMs and charges no foreign transaction fees.
Direct deposit is a service in which checks are automatically deposited into consumers’ bank accounts. Enrolling in direct deposit typically requires the account holder to complete a form, either online, at a branch or at their employer (for payroll deposits).
Usually, it can take a couple of days for direct deposit to process and appear in an account after payment has been initiated. With early direct deposit, however, the money becomes available as soon as it is sent to the bank, up to two days earlier than it typically takes.
Getting a paycheck early is one advantage of early direct deposit, but it also means getting other kinds of payments quicker, including federal and state tax refunds and Social Security or other government benefit payments.
The sender of a direct deposit — such as an employer — submits files to the Federal Reserve that provide information about the amount to be paid to the receiver.
After the Fed alerts the bank of the direct deposit submission, most banks hold onto the funds until the date specified by the sender. But banks that offer early direct deposit post the funds to the receiver’s account as soon as the bank gets the direct deposit files. These funds can be posted up to two days earlier than they would be without the early deposit.
Early direct deposit can be a great tool to help make payments on time and avoid relying on overdrafts or credit. If you’re looking for an account that specifically offers early direct deposit, make sure to consider other important factors such as fees charged, minimum balance requirements to open the account and whether you’re eligible for early direct deposit at all.
– Bankrate’s Matthew Goldberg contributed to a previous version of this article.
