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If you find yourself counting down the days until payday, you may now be able to receive your funds a bit earlier thanks to early direct deposit. This relatively new banking feature is increasingly available as a perk, often for free, for certain accounts.
Here’s more about early direct deposit and how to find a bank that offers it.
What is early direct deposit?
Early direct deposit, also called early pay or early payday, allows you to access funds from your paycheck up to two days before your official payday.
Originally offered by fintechs and online banks, early direct deposit has recently become more popular with traditional banks and credit unions, which are eager to provide this perk to customers. Using early direct deposit can help you avoid overdraft fees if most of your bills are due before payday.
While many banks deliver this service for free, some may charge a small fee. In addition, you may need a specific type of checking account to qualify for early direct deposit.
How does early direct deposit work?
Banks with early direct deposit typically make the funds available in your checking account as soon as they receive payroll details from your employer rather than waiting for the funds to clear first.
Once you’re receiving your paychecks via direct deposit, your bank may automatically activate early direct deposit. Enabling alerts on your bank’s mobile app can be a great way to stay on top of when funds become available. Note that it may take up to two billing cycles for early direct deposits to take effect
When you receive a deposit can depend on when your employer submits payment information. The timing of deposits could vary, and sometimes you may not receive your funds early.
If your bank advertises early direct deposit and you’ve enrolled in direct deposit with your employer, but your funds aren’t arriving early, check with your bank and your employer about any extra steps you may need to take.
15 financial institutions with early direct deposit
If you’re looking for credit unions or banks that offer early direct deposit, here are some options to consider.
| Financial institutions with early direct deposit | |||||
| Institution | Account name | Automatic early payday with eligible direct deposit | Monthly fees | Minimum initial deposit | Additional benefits |
| Ally Bank | Spending Account | Up to 2 days early | $0 | $0 |
|
| Axos Bank | Essential Checking account | Up to 2 days early | $0 | $0 |
|
| Capital One | 360 Checking account | Up to 2 days early | $0 | $0 |
|
| Chase Bank | Secure Banking account | Up to 2 days early | $0 with qualifying monthly direct deposits; otherwise, $4.95 monthly | $0 |
|
| Citizens Bank (RI) | Personal checking, savings or Personal Money Market account | Up to 2 days early | Fees and waivers depend on account type | Deposits depend on account type |
|
| Consumers Credit Union (IL) | Rewards Checking - Tier A | Up to 2 days early | $0 | $5 |
|
| Discover® Bank | Checking, Online Savings Account or Money Market Account | Up to 2 days early | $0 | $0 |
|
| Fifth Third Bank (OH) | Momentum Checking account or Express Banking account | Up to 2 days early and up to 5 days early for tax refunds | $0 | $0 |
|
| GO2bank | Any bank account | Up to 2 days early and up to 4 days early for government benefits | $5; waived when you receive a payroll or government benefits direct deposit in the previous monthly statement period | Open an account online for free; a card purchased at a retail store requires an initial deposit of $20 to $500. |
|
| Huntington National Bank | Checking account | Up to 2 days early | Monthly fees depend on account type; Asterisk-Free Checking has no monthly maintenance fees. | $0 |
|
| LendingClub | Rewards Checking account | Up to 2 days early | $0 | $25 |
|
| OneUnited Bank | Noninterest-bearing checking | Up to 2 days early | Some accounts do not charge fees; others may waive fees with qualifying direct deposits or qualifying direct deposits and debit card point-of-sale withdrawals. | Minimum deposits for checking accounts range from $25 to $500. |
|
| Regions Bank | Personal banking account or prepaid Regions Now Card® | Up to 2 days early | Monthly fee depends on account type; checking fees can be waived with qualifying direct deposit or average monthly balance, or with a combination of Regions debit and credit card purchases | $50 for checking |
|
| SoFi Bank, N.A. | SoFi Checking and Savings account | Up to 2 days early | $0 | $0 |
|
| Wells Fargo Bank | Any checking or savings account | Up to 2 days early | $10 monthly fee on Everyday Checking can be waived with $500 minimum daily balance or qualifying direct deposit, among other options. | $25 for Everyday Checking |
|
Pros and cons of early direct deposit
While early access to pay can offer benefits such as helping you tackle bills ahead of schedule, you’ll also want to weigh potential drawbacks before relying on this service.
| Pros: | Cons: |
|
✅ Cover bills or other expenses on time with deposits up to two days early. ✅ Transfer money to high-yield savings and money market accounts earlier, helping you earn more interest. ✅ Get tax refunds and other government payments sooner, depending on the bank. |
X Not all checking and saving accounts qualify. X You could face overdraft fees if the direct deposit ends up posting later than usual. X Some financial institutions charge fees for early direct deposit services. |
Tips to make the most of early direct deposit
If you’re ready to get your paycheck up to two days early, here are some tips to help you make the most of this service.
- Stick to a budget: Receiving your funds a day or two ahead of schedule could increase the temptation to overspend. Create a budget, if you don’t already have one, and set up autopay to ensure you don’t indulge in unnecessary shopping until you cover essential expenses first.
- Set up overdraft protection: Because early direct deposit isn’t guaranteed, setting up overdraft protection on your account is wise. This way, you can cover your bills, even if your paycheck comes a day or two later than expected.
- Avoid additional fees: Some financial institutions charge fees for early direct deposit, which may negate the benefits of using this service. Additionally, you might need to pay a monthly maintenance fee to use a checking account that’s eligible for early direct deposit. However, you can often waive these fees by having a certain amount of funds directly deposited into your account every month.
*Up to $300 Bonus Tiered Disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
**APY disclosures: SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.