Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Oakland, California.
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Early direct deposit is a banking feature that lets you receive your paycheck up to two days earlier than a regularly scheduled payday. Not all banks offer this service, and those that do may limit which accounts are eligible.
» Skip ahead to the list of banks that offer early direct deposit
Unlike many banking features, early direct deposit is relatively new; its adoption in the banking industry has grown in the past few years. Banking financial tech firms such as Chime®, Venmo and Cash App were early adopters and became more popular during the onset of the COVID-19 pandemic because of early direct deposit, according to a NerdWallet analysis . Since 2021, more traditional banks and credit unions have added the feature.
Early direct deposit is generally a free and automatic feature at a bank. Automatic, in this case, means there’s no sign-up required if you’re eligible. And early means one to two days ahead of payday, so if you normally get a paycheck on Friday, it would arrive on Wednesday.
However, at institutions that offer early direct deposit, a few things need to happen for you to benefit:
You already receive a paycheck or government benefit payment through direct deposit, an electronic alternative to paper checks or cash. (If you don’t and you're able to, learn how to set up direct deposits .)
Your bank has to receive direct deposit details from your employer or a government agency ahead of payday. Employers generally submit payroll information to banks up to two days before funds arrive. Since banks know the money is on its way, they can push income to your account early.
Cash Management Money Market Learn MoreSoFi Checking and Savings
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% 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 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Min. balance for APY Learn MoreEverBank Performance℠ Savings
Min. balance for APY Learn MoreBarclays Tiered Savings Account
Min. balance for APYThese cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
Learn Moreon Wealthfront's website
Wealthfront Cash Account
Min. balance for APY Learn Moreon Betterment's website
Betterment Cash Reserve – Paid non-client promotion
*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APYCDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
Read reviewMarcus by Goldman Sachs High-Yield CD
4.70% APY (annual percentage yield) as of 08/30/2024
Federally insured by NCUA
Alliant Credit Union Certificate
Annual Percentage Yield (APY) is accurate as of 08/20/2024
Checking accounts are used for day-to-day cash deposits and withdrawals. Checking accounts are used for day-to-day cash deposits and withdrawals.
Discover® Cashback Debit
Chase Total Checking®
Deposits are FDIC Insured
Chime Checking Account
Monthly fee Money market accounts pay rates similar to savings accounts and have some checking features. Money market accounts pay rates similar to savings accounts and have some checking features.
Discover® Money Market Account
You can find big and small traditional banks, online banks, credit unions and neobanks that all offer early direct deposits. Here’s a breakdown of these types:
Banks are for-profit institutions whose accounts are federally insured through the Federal Deposit Insurance Corp.
Online banks are a type of bank that primarily operates without physical branches.Credit unions are the not-for-profit equivalent of banks with similar accounts that are federally insured through the National Credit Union Administration, instead of the FDIC.
Neobanks are banking financial tech firms that partner with banks in order to offer federally insured accounts. Neobanks are not banks themselves. Several popular fintech firms such as PayPal (with its app Venmo) and Block’s Cash App may be considered neobanks given their bank partnerships and accounts, though these platforms are more commonly known as digital wallets or peer-to-peer transfer apps .
Here’s a list of some banks, credit unions and neobanks that offer direct deposits early.
Financial institution (click the name to see our review)
Direct deposit details
Up to 2 days early.
Up to 2 days early.
Up to 2 days early, but limited to the Chase Secure Banking℠ account.
Up to 2 days early.
+ See more information from ChimeChime says: "Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC."
Up to 2 days early.
+ See the full list of 31 institutionsFinancial institution (Click on the name to see our review)
Direct deposit details
Up to 2 days early.
Up to 1 day early.
Up to 2 days early, but limited to the Essential Checking account.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early, but limited to the Chase Secure Banking℠ account.
Up to 2 days early.
+ See more information from ChimeChime says: "Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC."
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early, but limited to the Fifth Third Momentum Checking account.
Up to 2 days early for paychecks, up to 4 days early for government benefits.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 1 day early, but limited to the Free Active Duty Checking account.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 1 day early.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Up to 2 days early.
Having your income available in your bank account early might help you avoid paying bills late, so you can potentially avoid overdraft or late fees. An overdraft fee , which can occur when a transaction puts your checking account balance below zero, is one of the most expensive fees a bank or credit union can charge.
Another benefit to an early paycheck might be getting one to two extra days to earn interest on your funds, especially if you transfer a portion of your paycheck to a high-yield savings account regularly.
Keep in mind that the “early” part of this service isn’t guaranteed and depends on your employer’s payroll timing. Availability also varies by banking institution, and a bank may not offer early direct deposit on all of its checking accounts.
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Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times. See full bio.
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