Banks That Offer Early Direct Deposit

Finding one of the best banks that offer early direct deposit, when it comes to your payday, can be a life-saver.

The good news is that many financial institutions offer their customers access to their money early, usually up to 2 days earlier.

While this has been a staple feature of many online banks, more traditional banks are starting to jump on the bandwagon – recognizing how important this is to their customers.

While this feature does not work for those who receive their pay through a paper check, it might very well be the answer you were looking for if you have a direct deposit option.

This article will look at the top banks that offer early direct deposits to their customers.

As these all come with different features and perks, such a list allows you to see which one of the available options might be the best fit for you.

In This Article

13 Banks That Offer Early Direct Deposit

Here are the best banks that offer early direct deposit:

  1. Ando Money
  2. Axos Bank
  3. Capital One
  4. Cheese
  5. Chime
  6. Credit Karma
  7. Current
  8. GoBank
  9. LendingClub Banking
  10. One
  11. OneUnited Bank
  12. Porte
  13. Varo

Ando Money

  • Monthly fee: $0
  • Minimum balance: $0

While Ando is not technically a bank, they offer banking services that Community Federal Savings Bank backs. They position themselves as sustainable banking and promise only to invest money in green initiatives.

The Ando Spending Account works like a checking account.

Paycheck direct deposits will be deposited into your account as soon as the funds become available, which can be up to two days earlier.

Ando’s ATM network includes over 43,000 MoneyPass ATMs from which you can withdraw with no fee.

The only fees they have are for withdrawing cash over the counter and using an out-of-network ATM. These will set you back $2.95.

The account also comes with an Impact Center, which allows you to see how your money is invested – a great initiative that those who have the environment at heart will surely appreciate.


Axos Bank

  • Monthly fee:$0
  • Minimum balance: $0

Axos Bank’s Essential Checking account is, as the name suggests, a checking account that covers all of the essentials – and then some.

Axos is a digital bank headquartered in San Diego, California – and has offices in many states.

Aside from getting paid up to 2 days earlier, the account also offers unlimited domestic ATM fees reimbursements. There are no overdraft or NSF (Non-Sufficient Funds) fees, while successful referrals will earn you an excellent $20.

The account also has excellent security features, including biometric 2-step authentication, SSL encryption, account monitoring, and anti-virus protection.

You can easily apply for a new account through their website. The whole process should take less than 15 minutes, and all you need is a valid ID and your SSN (Social Security Number).


Capital One

  • Monthly fee: $0
  • Minimum balance: $0

Capital One’s 360 Checking Account is an online checking account with all of the features you might need. Unlike other online accounts, you can still get help in person by visiting one of the bank’s branches or cafes.

Of course, the account offers early payday with money hitting the account up to 2 days earlier.

If you find yourself overdrawing your account, Capital One offers several options to help you get coverage, including:

  • automatically declining the transaction
  • a free transfer from your savings account
  • or a next-day grace period

The last option gives you a full business day to transfer the money back before charging you a $35 overdraft fee.

The account also offers fee-free withdrawals from over 70,000 ATMs. Money in the account will also earn interest with the current APY (Annual Percentage Yield) rate currently set at 0.10%


Cheese

  • Monthly fee: $0
  • Minimum balance: $0

Cheese is a mobile banking app with a few tricks up its sleeve.

The unusual name comes from the slang term for money. The account’s primary users are immigrants, Asian Americans, and those who want to show their support for minority communities.

Once you set up direct deposit, you can receive your pay up to 2 days earlier. You can also get up to a 3% bonus on deposits, which is payable monthly.

Aside from this, you can also get up to 10% cashback when purchasing from participating stores, businesses, and restaurants.

Funds are FDIC insured up to $250,000 through Coastal Community Bank (member of FDIC).

Even so, your money is safe should the worst happen.


Chime

  • Monthly fee: $0
  • Minimum balance: $0

Chime is a banking app that doesn’t need an introduction, consistently receiving good reviews. Their Chime Spending Account works like a traditional checking account and includes a Visa debit card to boot.

Direct deposits hit accounts up to 2 days earlier, and there are fee-free withdrawals from over 60,000 ATMs.

Other account features include Round-Up – which rounds up transactions to the nearest dollars and saves the difference, and Spot Me – a fee-free overdraft that can cover you up to $200.

Chime also offers a Credit Builder account designed for those who want to improve their credit score. You can freely move money from the Spending Account with payments reported to the bureaus to help you improve your score.


Credit Karma

  • Monthly fee: $0
  • Minimum balance: $0

Credit Karma offers something quite different from other accounts – karma.

Whenever you’re depositing money into your account or making purchases, you can get a deposit boost or purchase reimbursement. So far, over 150,000 customers have won more than $13 million between them.

Their checking account includes several other features such as early deposits, FDIC insurance up to $5 million, and easy transaction disputes. You also get fee-free withdrawals from the Allpoint network, with over 55,000 ATMs and no overdraft fees.

Credit Karma also offers several other products, including credit cards, loans, and tax-filing solutions for state and federal taxes.


Current

  • Monthly fee: $4.99
  • Minimum balance: $0

Current is a financial app that’s squarely aimed at younger millennials.

Much of their marketing is centered around social-media influencers, and anyone can apply to join the community.

Current has two accounts on offer: a free Basic and a Premium, which costs $4.99 per month.

However, only the premium account offers early access to direct deposits. The fee is flat with no balance requirement waivers.

Aside from the early access to direct deposits, you also get 3 Savings Pods, instant crediting of gas station authorizations, and budgets, which you can set up for each spending category.

This account’s other cool features include fee-free overdrafts, cashback, and fee-free withdrawals from over 40,000 ATMs.


GoBank

  • Monthly fee: $8.95
  • Minimum balance: $0

GoBank is a brand of Green Dot Corporation – a fintech (financial technology) company that aims to serve the unbanked and underbanked population. Even so, their accounts are open to anyone and are worth considering.

It’s worth mentioning right off the bat that this account comes with a monthly fee of $8.95.

While this is rather steep, especially when you consider that they aim to serve those who cannot get a regular bank account, you can have the fee waived by signing up for direct deposit.

Then you will need to make a minimum of $500 in direct deposits per month.

Other notable account features include budgeting tools, mobile check deposits, cash deposits, and ASAP Direct Deposit.


LendingClub Banking

  • Monthly fee: $0
  • Minimum balance: $0

LendingClub started as a P2P (peer-to-peer) lender. In 2020, however, it acquired Radius Bank and its switched business model to become a fintech company that more closely resembles a bank.

If you’re looking to receive your paycheck early, then the personal Rewards Checking account is the one you want.

The account comes with many features that include early direct deposit, 1% cash back on eligible purchases, and an APY interest rate that ranges between 0.15% and 0.10%, depending on your balance.

LendingClub Banking also offers unlimited ATM fee rebates for any charges levied by the other bank. Lending Club Banking itself does not charge any fees, so you can withdraw from anywhere where their debit card is accepted.


One

  • Monthly fee: $0
  • Minimum balance: $0

One is a new contender to the fintech market, founded in 2009 in Sacramento, California. Their main aim is to offer a personalized experience that supports customers’ unique lifestyles.

Like other banks and fintech apps in this list, you can receive your paycheck money into your account up to two days earlier.

You can also automate your savings through Auto-Save, which lets you take a maximum of 10% ($1,000) of your paycheck and deposit it in a savings account.

The APY (Annual Percentage Yield) on offer is 3.00% which is quite an excellent rate.

One also offers a credit line with monthly payments of 1% of your paycheck. The APR is 12%.


OneUnited Bank

  • Monthly fee: from $12
  • Minimum balance: $25

OneUnited Bank is an FDIC-insured and black-owned bank.

They’ve been open for close to 50 years, named Unity Bank & Trust initially. As more banks joined the mission, they renamed themselves OneUnited Bank.

With a mission of improving neighborhoods and supporting black-owned businesses, OneUnited Bank has a lot to offer.

You can get deposits two days early with the Black Wall Street Checking and U2 E-Checking accounts.

The latter account acts as a second chance checking account.

Both accounts have a minimum opening deposit of $25 and BankBlack 2, allowing account holders to receive their pay up to two days earlier.

U2 E-Checking account comes with a $12 monthly maintenance fee, while Black Wall Street Checking doesn’t have a monthly service fee.

Other features available with both accounts include a mobile banking app with mobile check deposits, fee-free withdrawals from over 35,000 ATMs, and AutoSave, which lets you automatically save your change.


Porte

  • Monthly fee: $0
  • Minimum balance: $0

Like many others in this list, Porte is not a bank but a fintech company. They offer banking services through MetaBank, including FDIC insurance. The partnership also allows Porte to provide several services that are pretty rare with such apps, including Mobile Check Capture and cash deposits.

Direct deposits can arrive up to 2 days faster with the built-in app alerts letting you know as soon as the money comes into your account. You also get a Visa debit card and cashback rewards from several retailers and brands.

One other feature that’s good to know about is #DoorToChange. Here, you can select a partner charity, and Porte will match a percentage of eligible credit card purchases and donate to the charity.


Varo

  • Monthly fee: $0
  • Minimum balance: $0

Varo is an online bank that promises to work for all. There are no credit checks to open the account, and the bank does away with most fees, including no overdraft fees and no monthly fees.

Direct deposit paychecks arrive up to two days earlier, and Varo to Varo transfers are instant. You can also deposit cash at more than 90,000 locations and withdraw money from over 55,000 Allpoint ATMs without paying a fee.

To get started with Varo, all you need to do is download the app available for both Apple and Android devices.

To open the account, you will need to provide some personal information, including your SSN (Social Security Number) and address.

FAQs

What banks release direct deposits early?

Several banks, as well as financial apps, release direct deposits early.

On the other hand, many credit unions are also starting to offer this feature. In most cases, direct deposits are released by the bank up to 2 days early – depending on when they receive the instructions.

In the above article, we cover many banks that release direct payday deposits early.

We also cover any monthly fees associated with the account and minimum account balance requirement where applicable.

Does Bank of America offer early direct deposit?

Bank of America does not offer early direct deposit at this time. However, this does not mean that they never will.

With major banks such as Axos and Capital One offering this feature, Bank of America might very well decide to start offering this.

In the meantime, our list of best banks that offer early direct deposit includes many different banks, often with free checking accounts, that let you receive direct deposits early, so be sure to check it out.

What banks release deposits two days early?

An increasingly large number of banks release direct deposits up to 2 days early.

It’s essential to keep in mind that it’s up to two days early as this depends on when the bank receives the instructions for the payments.

Does Chase release direct deposits early?

No, Chase does not release direct deposits early. Refer to our comprehensive list of banks that release direct deposits early to understand your options better and make the best choice for you.

Should I start using direct deposit to get my paycheck early?

If you want to transition from paper check to direct deposit, check whether this option is available with your employer.

If so, you will need to supply your bank account number and the corresponding routing number to receive the money. You can quickly get this information from your bank, in most cases even through the mobile app.