6 Banks With Early Direct Deposit
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If waiting for your biweekly or monthly paycheck to hit your bank account often feels like an infinite delay, you're in luck. Many banks now offer early direct deposit features that can pay you up to two days in advance.
The feature is often free and automatic with certain eligible deposit accounts. Although not every bank offers this feature, it has become increasingly more popular, as it's relatively easy for financial institutions to pay you before your normal payday.
Below, we'll take a deeper look at why banks offer early direct deposit and turn to six banks currently offering this service.
Early direct deposit is an account feature that lets you access your paycheck one to two days in advance of your normal payday. For example, if you normally get paid on Friday, this feature would pay you on Wednesday.
How's that possible? Banks typically know in advance when your checking account will receive a direct deposit. When your employer is getting ready to pay you, it submits payroll information to both your bank and Nacha, the organization that runs the ACH Network, one to two days before your payday.
Once your bank receives this information, it can trust that your account will receive the payment. Instead of making you wait a few days before Nacha moves the funds into your account, your bank can just make it available to you instantly.
Of course, there's a slight chance that the payment won't clear the ACH network, which is why banks haven't always offered this service. But since these chances are slim, many big banks are willing to take on the risk to offer this perk to their clients.
Not all banks offer early direct deposit. Even those that do generally won't offer it for all their deposit accounts. With that in mind, let's take a look at a selection of banks that are offering this perk and which of their accounts sport the feature.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
On SoFi's Secure Website.
With no fees or minimums and tools designed to maximize your savings, the combo account is a good fit for individuals who want to do most of their banking in one place online. The account offers flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.
SoFi Checking and Savings (member FDIC) account holders can get paid up to two days in advance. This free checking account also offers an attractive APY when you set up direct deposit and receive $1,000 in direct deposits every 30 days.
On SoFi's Secure Website.
Member FDIC.
Capital One 360 Checking
Capital One boasts a top-rated mobile app and has over 70,000 fee-free Capital One, MoneyPass, and Allpoint ATM locations. For those looking for face-to-face interaction, Capital One has over 450 locations and 50 Capital One Cafes, where customers can bank, get a cup of coffee, and ask for advice from a certified money coach. However the APY is lower than other online banks.
Account holders of the Capital One 360 Checking can get paid up to two days in advance. This account is free, has no minimums, and earns some interest on your balance.
On SoFi's Secure Website.
Member FDIC.
LendingClub Rewards Checking
LendingClub offers early direct deposit up to two days in advance. This is a feature of the LendingClub Rewards Checking account, a free checking account that earns an unlimited 1% cash back on debit card purchases.
On SoFi's Secure Website.
Member FDIC.
Ally Spending Account
The Ally Spending Account is an appealing option for those who are comfortable managing their money online. Its monthly ATM fee reimbursements give you the freedom to access your cash wherever you need to. That, plus its APY, means you should only make money with this account.
Early direct deposit at Ally Bank pays you up to two days in advance as an automatic, free service. This feature comes with the Ally Spending Account, and you can receive up to eight direct deposits per account per statement cycle with a maximum of $10,000 per deposit.
On SoFi's Secure Website.
Member FDIC.
Wells Fargo Everyday Checking
Wells Fargo offers convenient banking solutions with a widespread network of approximately 4,700 branches and 12,000 ATMs. You can earn a generous $300 bonus by simply opening a new checking account with a minimum deposit of $25 and receive a total of $1,000 or more in qualifying direct deposits within 90 days of opening the account. To avoid the $10 monthly fee, you will need to do one of the following: receive $500 in direct deposits per month, maintain a minimum balance of $500, link your account to a Wells Fargo Campus ATM or Campus Debit Card, or be age 17-24.
Early Pay Day at Wells Fargo can pay you up to two days in advance. The feature is available on any of its checking accounts, such as its Wells Fargo Everyday Checking (which has a waivable monthly service fee: $10).
On SoFi's Secure Website.
Member FDIC.
Chase Secure Banking℠
Chase Secure Banking℠ is a checking account offered by Chase that advertises no minimum deposit and the ability to get your money up to two business days early with early direct deposit, all for a $4.95 monthly account fee. This account falls short on other features, however, so you may be better off looking elsewhere for a checking account you plan to use often.
Chase's early direct deposit feature will pay account holders of a Chase Secure Banking℠ (waivable monthly service fee: $4.95) account up to two days in advance.
Early direct deposit is a banking feature with several pros, but it has a couple notable cons as well.
As you can see from above, a decent number of banks offer early direct deposit as a free banking perk to account holders. Our list is not exhaustive. Although early direct deposit is only one of several features to consider when comparing banks, it can be a sweet perk when your bank checks all the other necessary boxes.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
