The best banks offering early direct deposit
Katherine Haan is a former financial advisor turned small business coach. Katherine holds an MBA, and is a former staff writer for Fit Small Business. She is a regular contributor to Forbes and maintains a popular lifestyle and travel blog.
Abigail Rueger is a deputy editor on the banking team at Fortune Recommends. She is passionate about personal finance and offering consumers actionable steps for making positive life changes. Prior to joining Fortune, Abigail spent four years as an editor for Choosing Therapy, a startup dedicated to providing the best mental health information on the web.
Choosing the right checking account that offers early direct deposit can make the difference between paying your bills on time and incurring late fees. Early direct deposit lets you access your money up to two days early and can give you more control of your finances.
Many banks offer early direct deposit, so how do you narrow them down? We’ve done the work for you and put together a list of our top 10 banks based on factors, such as fees, accessibility, membership requirements, customer experience, annual percentage yield (APY), and more (see our methodology for a comprehensive list).
Best banks offering early direct deposit in September 2024
| Checking account | Best for | APY | Learn more |
|---|---|---|---|
| Featured partner SoFi Better Online Bank Account | Online banking and high APY | 0.50% | View offer at SoFi |
| Laurel Road Rewards Checking | Earning rewards on daily spending | 0.01% | View offer at MoneyLion |
| TD Bank Beyond Checking | Comprehensive banking with extensive branch access | 0.01% | View offer at MoneyLion |
| Wells Fargo Everyday Checking Account | Everyday banking with broad ATM network | 0% | View offer at MoneyLion |
| Fifth Third Bank Momentum Checking | Low fees and flexible account options | 0% | View offer at MoneyLion |
| Key Bank Smart Checking | Digital banking with personalized customer service | 0% | View offer at MoneyLion |
| Chase Secure Checking | Reliable banking | 0% | View offer at MoneyLion |
| Ally Bank Interest Checking | High-interest rates on checking balances | Up to 0.25% | View offer at MoneyLion |
| Axos Bank Essential Checking | Fee-free checking with extensive digital tools | 0% | View offer at MoneyLion |
| Bank5 Connect Checking | Online-only banking with competitive rates | 2.70% | View offer at MoneyLion |
| *Last updated September 3, 2024 | |||
|---|---|---|---|
| Featured partner SoFi Better Online Bank Account | |||
| Best for | Online banking and high APY | ||
| APY | 0.50% | ||
| Learn more | View offer at SoFi | ||
| Laurel Road Rewards Checking | |||
| Best for | Earning rewards on daily spending | ||
| APY | 0.01% | ||
| Learn more | View offer at MoneyLion | ||
| TD Bank Beyond Checking | |||
| Best for | Comprehensive banking with extensive branch access | ||
| APY | 0.01% | ||
| Learn more | View offer at MoneyLion | ||
| Wells Fargo Everyday Checking Account | |||
| Best for | Everyday banking with broad ATM network | ||
| APY | 0% | ||
| Learn more | View offer at MoneyLion | ||
| Fifth Third Bank Momentum Checking | |||
| Best for | Low fees and flexible account options | ||
| APY | 0% | ||
| Learn more | View offer at MoneyLion | ||
| Key Bank Smart Checking | |||
| Best for | Digital banking with personalized customer service | ||
| APY | 0% | ||
| Learn more | View offer at MoneyLion | ||
| Chase Secure Checking | |||
| Best for | Reliable banking | ||
| APY | 0% | ||
| Learn more | View offer at MoneyLion | ||
| Ally Bank Interest Checking | |||
| Best for | High-interest rates on checking balances | ||
| APY | Up to 0.25% | ||
| Learn more | View offer at MoneyLion | ||
| Axos Bank Essential Checking | |||
| Best for | Fee-free checking with extensive digital tools | ||
| APY | 0% | ||
| Learn more | View offer at MoneyLion | ||
| Bank5 Connect Checking | |||
| Best for | Online-only banking with competitive rates | ||
| APY | 2.70% | ||
| Learn more | View offer at MoneyLion | ||
Our picks for the top 10 banks with early direct deposit
Whether you prioritize high APYs, checking account rewards, or branch access, there’s a bank for everyone on this list. Minimum deposit requirements, fees, and other numbers in our list are up to date as of September 3, 2024, and are subject to change.
1. SoFi: Best for online banking and high APY
With 7.5 million members, SoFi helps its customers tackle all areas of personal finance, including loans, investments, and student loans. It went public on June 1, 2021 (NASDAQ: SOFI).
SoFi Checking & Savings
Member FDIC
| APY | Up to 4.50%* |
| Minimum Balance Required to Earn APY | $0 |
| Minimum Opening Deposit | $0 |
| Monthly Maintenance Fee | None |
Member FDIC
Why we picked it
When you open a SoFi checking account, not only do you get paid up to two days early, but you earn 0.50% APY on your money. There are no overdraft fees, monthly account fees, or minimum balance fees, either. When you set up direct deposit, right now you can earn a checking account bonus of $300.
SoFi provides a ton of member benefits too, such as premium membership rewards, a referral program, estate planning, financial planning, and more. You can even set up Roundups, which round up your purchases automatically and then send the money to your savings Vault. This is a great way to add extra to your savings on autopilot.
What to consider before opening
To earn your $300 account opening bonus, you must open both a SoFi Checking and Savings account and have direct deposit set up. Once your direct deposit hits your account, you can collect your bonus. However, the amount of your bonus depends on the amount direct deposited.
There is no bonus for direct deposits less than $1,000. For deposits of $1,000 to $4,999.99, earn $50. For deposits of $5,000 and over, you’ll earn $300. So, if you’re making less than $60,000 per year, a different account may be more lucrative for you.
Learn more: Read our SoFi review
2. Laurel Road: Best for earning rewards on daily spending
The bulk of Laurel Road’s business is student loans, but it also offers checking, savings, home loans, personal loans, and credit cards. It was founded in 2013 and is now part of KeyBank.
Laurel Road Rewards Checking
| Monthly service fee: | $0 |
| Minimum opening deposit: | $1 |
| APY: | 0.01% |
| Bonus or other rewards: | $300 welcome bonus with qualifying transactions, plus $10-20 cash rewards each month for direct deposits |
| Customer support: | Phone and email service Monday through Friday 8 a.m. to 8 p.m. Eastern time |
at MoneyLion
Why we picked it
When you set up a Laurel Road Rewards Checking account and set up direct deposits, you’ll receive $20 cash for each month you have qualifying automated clearing house (ACH) direct deposits for 12 months. After that, you’ll get $10 for the life of your account. Plus, there’s a $300 welcome bonus. This means you’ll earn up to $540 in your first year alone.
There are no minimum deposits to open your account, nor will you be charged a monthly maintenance fee. There are zero chargeback fees and 0% foreign transaction fees.
What to consider before opening
If you already have a Linked Checking with Laurel Road, you cannot also have a Loyalty Checking account and still earn rewards—you must have one or the other. To qualify for your monthly cash reward, you must have at least $2,500 in ACH direct deposits each statement period.
See more Laurel Road checking accounts
In addition to its Loyalty Checking account, Laurel Road offers Linked Checking. With a Linked Checking account, you earn a discount on student loan refinancing for three months. When you have direct deposits of more than $2,500, you also earn an ongoing discount of 0.25% and 0.55% for direct deposits of more than $7,500.
Learn more: Read our Laurel Road review
3. TD Bank: Best for comprehensive banking with extensive branch access
TD Bank’s earliest iteration was founded in 1855 as The Bank of Toronto. It now offers checking, savings, CDs, credit cards, mortgages, personal loans, individual retirement accounts (IRAs), debit cards, and more.
TD Beyond Checking
| Monthly service fee: | $0 |
| Minimum opening deposit: | $25 |
| APY: | 0.01% |
| Bonus or other rewards: | Up to $300 with qualifying transactions |
| Customer support: | 24/7 phone support |
at MoneyLion
Why we picked it
TD Bank is one of the few banks that offer 24/7 customer support, so if you’re a night owl who needs help with an account in the middle of the night, TD Bank might be a good choice. Not only can you get paid up to two days early, but it also offers Overdraft Relief, where you’ll be refunded up to two overdraft fees per year automatically. You also won’t pay any ATM fees, and you’ll earn interest of 0.01% APY.
Standard checks are free, and you also get a ton of other perks, including:
- Fraud monitoring 24/7
- Free money orders, bank checks, stop payments, and incoming wires
- and you can earn $200 when you set up a TD savings account
What to consider before opening
To qualify for the $300 bonus, you must have $2,500 in qualifying direct deposits within 60 days of account opening. Additionally, there is a $25 monthly maintenance fee, but this can be avoided by:
- Having more than $5,000 in direct deposits each month
- Having a daily balance of at least $2,500
- Have a daily balance of $25,000 across TD accounts
See more TD Bank checking accounts
Aside from the TD Beyond Checking, a TD Complete Checking account offers up to $200 in opening bonuses with $500 in direct deposits. This is a great alternative for lower-income account holders who don’t meet the $2,500 minimum required with a TD Beyond Checking account to earn its $300 bonus.
4. Wells Fargo: Best for everyday banking with broad ATM network
Founded in 1852, Wells Fargo is the third-largest bank in the United States with $1.72 trillion in domestic assets. It offers checking, savings, CDs, credit cards, home loans, personal loans, auto loans, commercial banking, investing, wealth management, and more.
Wells Fargo Everyday Checking
| Monthly service fee: | $10 |
| Minimum opening deposit: | $25 |
| APY: | 0% |
| Bonus or other rewards: | None |
| Customer support: | 24/7 phone support |
at MoneyLion
Why we picked it
Wells Fargo is another one of the few banks offering 24/7 customer support in addition to Early Pay Day, which gives you your paycheck up to two days early. Early Pay Day happens automatically—there is nothing for you to enroll in, and it doesn’t cost anything.
Wells Fargo also has a large ATM network, with approximately 11,000 ATMs, allowing quick access to cash. You can access your money using your digital wallet, tap your debit card, make deposits, and transfer money all from a Wells Fargo ATM.
What to consider before opening
To open an Everyday Checking account, you must deposit a minimum of $25. Additionally, there is a $10 monthly service fee, which is pretty steep compared to the competition. However, to avoid this, you can do one of the following:
- Have a minimum daily balance of $500
- Make at least $500 in electronic deposits
- Be between the ages of 17 and 24
- Link a Wells Fargo Campus ATM Card or Campus Debit Card
- Have a military direct deposit with its Wells Fargo Worldwide Military Banking program
See more Wells Fargo checking accounts
In addition to its Everyday Checking, Wells Fargo offers the following checking accounts:
- Clear Access Banking, which has no overdraft fees
- Clear Access Banking and Everyday Checking for teens and students
- Prime Checking, which provides discounts on banking services and waives ATM fees
- Wells Fargo Premier Checking, with relationship banking benefits and discounts
Learn more: Read our Wells Fargo review
5. Fifth Third Bank: Best for low fees and flexible account options
Fifth Third Bank is the 17th-largest bank in the U.S. with $213.551 billion in domestic assets. Its products include checking, savings, CDs, credit cards, debit cards, investments, insurance, and more.
Fifth Third Bank Momentum Checking
| Monthly service fee: | $0 |
| Minimum opening deposit: | $0 |
| APY: | 0% |
| Bonus or other rewards: | None |
| Customer support: | Phone service Monday through Friday from 8 a.m. to 6 p.m. ET, and Saturdays from 10 a.m. to 4 p.m. ET |
at MoneyLion
Why we picked it
A Fifth Third Momentum checking account allows you to get your pay up to two days early using Early Pay. Customers also get access to cash advances 24/7 with MyAdvance. This means you can access anywhere from $50 to $1,000, all without a credit check. Then, once your next direct deposit hits, you’ll pay back the advance plus a small fee.
Built into the checking account is a feature called Extra Time, where if you spend more than you have in your account, you have until midnight ET the next business day to bring your balance to $0 or higher without fees.
What to consider before opening
While there are no monthly fees, no minimum balance requirements, or a minimum deposit required, if your account remains dormant for a year or more, there is a monthly fee of $5.
See more Fifth Third Bank checking accounts
Aside from Fifth Third Momentum Checking, Fifth Third offers two other checking account options. These include:
- Fifth Third Preferred Checking, which comes with identity theft monitoring and identity fraud protection
- Fifth Third Express Checking, which has no minimum balance and includes identity theft monitoring
Learn more: Read our Fifth Third Bank review
6. KeyBank: Best for digital banking with personalized customer service
Headquartered in Cleveland, Ohio, KeyBank’s roots trace back to Commercial Bank of Albany in 1825. With $187 billion in assets, they offer checking, savings, CDs, mortgages, personal loans, credit cards, investments, insurance, debt consolidation, and more.
Key Smart Checking
| Monthly service fee: | $0 |
| Minimum opening deposit: | $10 |
| APY: | 0% |
| Bonus or other rewards: | $300 welcome bonus |
| Customer support: | Phone service Monday through Friday from 7 a.m. to Midnight ET and Saturday through Sunday from 8 a.m. to 9 p.m. ET |
at MoneyLion
Why we picked it
When you set up a direct deposit of at least $1,000 into your Key Smart Checking account, you can earn a $300 bonus. You won’t pay any maintenance fees, nor is there a minimum balance requirement. However, to open your account, you must deposit at least $10 to get started.
Thanks to Key Coverage Zone, if you overdraw your account by less than $20, you won’t be charged an overdraft fee. Additionally, if you set up a savings account called Key Active Saver in addition to Smart Checking, your monthly fee for the savings account is waived.
Usually, when you make a mobile deposit at a bank or credit union, your money isn’t available right away. With a KeyBank Consumer Checking Account, you can sign up for Immediate Funds, which charges either $2 or 2% of the deposit, whichever is more.
What to consider before opening
If your overdraft is more than $20, your overdraft item charge is $20 per item, up to three times per day. It caps this at no more than 20 overdraft charges per month. However, an additional $20 fee is charged should your overdraft be more than $20 for five consecutive business days.
See more KeyBank checking accounts
Besides the Key Smart Checking, KeyBank offers two other checking account options. These include:
- Key Select Checking, with daily compounded interest and a $100 cash bonus each year
- KeyBank Hassle-Free Account, which has no monthly fee and no minimum balance
Learn more: Read our KeyBank review
7. Chase: Best for reliable banking
JPMorgan Chase Bank is the largest bank in the U.S. with $3.5 trillion in consolidated assets. It offers checking, savings, CDs, credit cards, home loans, auto loans, investments, and more.
Chase Secure Checking
| Monthly service fee: | $4.95 |
| Minimum opening deposit: | $0 |
| APY: | 0% |
| Bonus or other rewards: | $100 welcome bonus |
| Customer support: | Phone service 24/7 |
at MoneyLion
Why we picked it
In addition to early direct deposit up to two days before payday, Chase Bank’s Chase Secure Checking offers budgeting tools to help you maximize your money. From its Chase Mobile app or through its desktop site, set up a monthly budget with categories you use, track your spending, adjust your budget on the go, and see how you did the previous month.
You won’t pay any fees for money orders or cashier’s checks. However, there is a monthly service fee of $4.95. This can be waived by having electronic deposits of at least $250 per month.
What to consider before opening
It’s important to know that there are no overdraft fees on a Secure Checking account, as it won’t let you spend more than you have. This may be great for those who habitually overspend and who need guardrails to keep spending in line, but it could cause something important to bounce, such as a credit card bill.
See more Chase checking accounts
Chase offers another type of checking account called Chase Total Checking. This has a monthly service fee of $12, although this can be waived in one of three ways:
- Having $500 or more electronically deposited each month
- Having an average daily balance (ADB) of $1,500 or more each day
- Having an ADB of $5,000 across Chase checking, savings, or other balances
Learn more: Read our Chase Bank review
8. Ally: Best for high-interest rates on checking balances
Ally Bank [NYSE: ALLY] is an online-only bank that offers all the benefits of a traditional big bank. As a bonus, Ally has 24/7 customer service, and you can contact them via phone, email, and chat. It offers checking, savings, credit cards, retirement accounts, investment accounts, mortgages, and more.
Ally Spending Account
| Monthly service fee: | $0 |
| Minimum opening deposit: | $0 |
| APY: | 0.25% |
| Bonus or other rewards: | None |
| Customer support: | Phone, email, and chat service 24/7 |
at MoneyLion
Why we picked it
Ally Bank makes it easy to create good spending habits by portioning out your checking account into “buckets” the same way you would spending envelopes. This helps you not only save for certain expenses but also enables you to manage your budget.
You’ll get paid up to two days early, and if you overdraw, Ally Bank first sweeps money from your Savings or Money Market Account, rounded up to the nearest $100. If that isn’t enough, the CoverDraft service kicks in, which gives up to $250 in relief. You’ll get fourteen days to bring your balance to a positive, otherwise you could lose the privilege in the future.
What to consider before opening
To earn 0.25% APY, your balance must be above $15,000. Otherwise, balances less than that earn 0.10% APY.
If you want to deposit cash into an ATM, like many banks allow, find an alternative bank. The only way to deposit money into an Ally Checking account is through remote check deposit, online transfers, direct deposits, wire transfer, and by mail.
Additionally, the maximum number of spending buckets you can have is 30. While this might suit most needs, if you assign a bucket to every expense you have, consider an alternative option.
Learn more: Read our Ally Bank review
9. Axos Bank: Best for fee-free checking with extensive digital tools
Axos Bank, formerly Bank of Internet USA, was founded in 2000. With almost $20.3 billion in assets, this San Diego-based bank offers a variety of checking accounts, savings accounts, CDs, mortgages, loans, investment accounts, and retirement accounts.
Axos Essential Checking
| Monthly service fee: | $0 |
| Minimum opening deposit: | $1 |
| APY: | 0% |
| Bonus or other rewards: | Unlimited ATM surcharge fee reimbursements |
| Customer support: | Phone and chat support available 24/7 |
at Fiona
Why we picked it
When you have an Essential Checking Account with Axos Bank, included automatically with direct deposits is Direct Deposit Express, where you get paid up to two days early. You won’t pay any overdraft fees, nonsufficient funds (NSF) fees, or monthly maintenance fees.
Setting up an account takes less than 15 minutes, and once on board, you can download the Axos App to access your account on the go. Here, you can set up alerts, transfer money, see your spending history, and chat with a 24/7 virtual assistant to get answers about your account.
What to consider before opening
The Axos Bank Essential Checking account does not earn any interest. If you want an account offering interest, they do have an interest-bearing account, discussed below.
See more Axos checking accounts
There are two additional checking account options at Axos Bank. These include:
- Rewards Checking, with 3.30%% APY
- Cashback Checking, which gives 1.00% cash back on signed purchases
It’s important to understand that with a Rewards Checking, the APY is based on a tiered system with some pretty steep requirements. This means you must have the following to earn the full APY:
- 10 point-of-sale (POS) transactions per month using your debit card with a minimum of $3 per transaction
- An Account Aggregation/Personal Finance Manager (PFM)
- An ADB of at least $2,500 per month in an Axos Self Directed Trading Invest Account
- Have a daily average balance of $2,500 a month in an Axos Managed Portfolio Invest account
- Make a monthly payment to a consumer loan at Axos Bank
Learn more: Read our Axos Bank review
10. Bank5 Connect: Best for online-only banking with competitive rates
Headquartered in Fall River, Massachusetts, BankFive was chartered in 1855. It offers a variety of banking, borrowing, and planning products, including checking and savings accounts, CDs, IRAs, mortgages, personal loans, investments, and life insurance. Bank5 Connect is its online division.
Bank5 Connect Checking
| Monthly service fee: | $0 |
| Minimum opening deposit: | $10 |
| APY: | 2.70% |
| Bonus or other rewards: | Purchase Rewards with debit card |
| Customer support: | Video banking, live chat, phone support, and email support |
at MoneyLion
Why we picked it
When you have at least $100 in a Bank5 Connect Checking account, you’ll earn a 2.70% APY in addition to receiving your paycheck up to two days early. You won’t pay any monthly maintenance fees, and e-statements are free. If you want paper statements, those will cost $1 per month.
To open an account, you must deposit at least $10 to get started. From there, earn cash back rewards on your debit card purchases at select retailers. To earn this cash back, sign into your mobile app or via desktop to access your offers, and then activate any you’re interested in. Your cash back is then deposited right into your Connect Checking account after qualifying purchases.
What to consider before opening
Many banks offer the ability to make deposits into your checking or savings account via an ATM. However, Bank5 is not one of them. The only way you can make deposits is through direct deposit, through an external transfer, via mobile deposit, by phone, or by mail.
Learn more: Read our Bank5 Connect review
How early direct deposit works
When you have direct deposit set up through your bank or credit union, money passes through the ACH network before it goes to your banking institution. Once your employer processes payroll, this information passes from them through the ACH network to your bank prior to your payday.
As soon as your bank receives your direct deposit information, they can choose to give you access to this money before they receive the actual funds from the employer. This early access to your money provides you with more flexibility and, in some cases, can help you reduce the chance of an overdraft or late payment fee.
Eligibility criteria for early direct deposit
Whether you’re eligible for an early direct deposit will depend on a few factors. The first is your employer. If they run payroll late and rely on same-day deposits, you won’t get paid early. Second, your bank may not allow for early deposits, which is a common practice with small banks and credit unions. Some banks even require a minimum number of direct deposits from the same employer before early access is allowed.
Additionally, some banks require your account to be in good standing to qualify for an early direct deposit. This means your account can’t be overdrawn or have recent NSF fees. However, this isn’t always the case, so check with your bank or credit union for their specific requirements.
Pros and cons of early direct deposit
Pros
- Access to your money sooner: With early direct deposit, you’re getting your money up to two days before your actual payday. This can help reduce the risk of late payments or NSF fees.
- Reduced overdraft fees: If your balance is low and you have any payments scheduled, this could cause your account to overdraft. Getting paid early gives you a positive balance so you can avoid fees.
- Peace of mind: While regular employment often ensures timely payments, freelance payments are notorious for being delayed. Early direct deposit can provide peace of mind by ensuring you receive your funds as soon as they are available, allowing you to manage your money more effectively.
- Improved cash flow: When you get your paycheck early, you can better plan and manage cash flow. This means you can pay bills, make purchases, or save for future expenses as soon as your paycheck comes in.
Cons
- Depends on employer’s payroll schedule: If your employer doesn’t submit payroll on time or relies on last-minute payroll processing that allows them to pay same-day, early direct deposit might not be available to you.
- You can overspend: If you get access to your paycheck early, this could just be the start of bad financial habits. You could be tempted to spend your money as soon as it hits your account, and if this is habitual, getting paid early could worsen the problem further rather than teaching patience.
- No actual increase in income: When you have access to your paycheck early, you could come to rely on early access, which isn’t always guaranteed. This could put you in a tighter financial situation as there are more days between paychecks.
- Bank-specific policies: Your bank might not offer early direct deposit, as these policies vary by financial institution. You may need to switch to a different bank or credit union.
Alternatives to early direct deposit
If your bank or credit union doesn’t offer early direct deposit, there are other avenues for you to access money. Here are a few alternatives to consider:
- Cash advance apps: Apps such as Earnin, Dave, and Brigit, let you access a portion of your paycheck prior to payday. You usually have to link your bank account and prove your employment history to be eligible, and these charge a small fee or a tip to access your paycheck early.
- Payday loans: There’s a reason why payday loans aren’t available to members of the military and residents of several states: they charge very high interest rates and fees. They can provide immediate cash in an emergency, but overuse of payday loans can perpetuate the cycle of debt further.
- Credit card cash advances: Some credit cards allow you to take a cash advance, which borrows against your credit limit. These usually also mean much higher interest rates and fees, and most credit cards limit the amount you’re able to take as an advance.
- Personal loans: A loan from a bank or credit union can be a great way to borrow money for a large purchase. These will come with lower interest rates than a payday loan and usually have multiyear repayment terms, making repaying it easier.
- Overdraft protection: If the reason you need money is because you have an expense that’s likely to bounce, ask your bank or credit union if you have overdraft protection on your account. There is usually a fee involved—typically less than $30—but it can help prevent your transaction from getting declined.
- Peer-to-peer (P2P) lending: There are P2P lending platforms, such as LendingClub and Prosper, that connect borrowers with individual lenders. You usually need a good credit score to qualify, but it can be a great way to get quick access to money. If you have not-so-great credit, expect to have much higher fees or interest rates if you’re approved.
Frequently asked questions
Does early direct deposit cost extra?
No, early direct deposit doesn’t cost extra, though individual bank rules may differ. Most banks and credit unions offer this as an extra free benefit to their members and customers, and it’s typically not something you can opt into or out of if it’s available. Be sure to review your banking institution’s individual policies.
Can early pay affect my account balance?
Early direct deposit doesn’t impact your account balance other than increasing it sooner. However, it could affect your spending habits. If you receive your paycheck sooner, you could spend the money sooner, resulting in financial strain if your employer’s payroll is delayed in a subsequent pay period. In such cases, you might not get early access to your paycheck, potentially leading to money management challenges.
What types of institutions offer early direct deposit?
Many traditional banks, online banks, and credit unions offer early direct deposit. However, early direct deposit relies on your employer processing payroll ahead of time. If they do, your bank or credit union may provide early direct deposit if it’s a service they offer. Online banks, in particular, usually offer this type of service as they’re often more forward-thinking than traditional banks.
Our methodology
The Fortune RecommendsTM team compared over 25 checking accounts that offer early direct deposit across major banks, credit unions, and online-only banks. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each checking account.
For our best banks that allow for early direct deposit, we ranked the best accounts on the following categories and weighted each category as set forth in the percentages below:
- Monthly service fee (20%): With so many checking accounts being completely free, you should only pay a service fee if the account is really worth it. Banks charging monthly fees scored lower on our list.
- APY (20%): Why not earn money on your money? Interest-bearing checking accounts gained better spots.
- Minimum to receive APY (5%): Earning APY on accounts where it’s offered shouldn’t take a million hurdles—lower minimum deposits required to earn APYs did better on our list.
- Minimum opening deposit (10%): Banks with no or low minimum deposits to open the checking account earned a higher placement.
- Mobile app rating (10%): You should have simple, easy access to your money. Banks with highly rated mobile apps (averages between the Apple App Store and the Google Play Store) did better.
- Branch and ATM locations (10%): Institutions with more physical locations and a larger ATM network scored better on our list.
- Overdraft fee (5%): No one wants to pay extra fees, especially when funds are already low. Banks with no or low overdraft fees ranked higher.
- Cash back opportunities (5%): Many checking accounts come with extra bonuses and chances to earn cash back. Those with cash back opportunities scored better.
- Customer service (5%): It shouldn’t be difficult to reach a real person if you have an issue with your bank account. Banks with easy-to-reach customer service ranked higher, with phone service carrying the most weight.
- Sign-on bonus (5%): Why not earn free money when you open a new checking account? Institutions offering bonuses for signing up earned a better spot.
- Direct deposit required for bonus (5%): While the potential for a bonus is great, if it’s impossible to meet the standards required to get it, it’s pointless. Banks offering bonuses with lower direct deposit requirements scored better.
About the contributors
Katherine Haan is a former financial advisor turned small business coach. Katherine holds an MBA, and is a former staff writer for Fit Small Business. She is a regular contributor to Forbes and maintains a popular lifestyle and travel blog.
Abigail Rueger is a deputy editor on the banking team at Fortune Recommends. She is passionate about personal finance and offering consumers actionable steps for making positive life changes. Prior to joining Fortune, Abigail spent four years as an editor for Choosing Therapy, a startup dedicated to providing the best mental health information on the web.
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.
