Just about everybody loves payday, but wouldn’t it be great if it came a couple of days earlier?
Thanks to a service some banks offer on qualified account types, you can access money that is directly deposited, such as a paycheck from an employer, up to two business days before your usual payday.
Banks call this service “early direct deposit.” Here is what you need to know, how early direct deposit is possible and which banks offer it.
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Banks that offer early direct deposit
Our survey of the banking landscape turned up 49 banks, credit unions or neobanks that offer some form of early direct deposit to customers.
| Bank, credit union or neobank | Early direct deposit information | Accounts |
|---|---|---|
Albert | Up to 2 days early | Albert Cash |
Ally | Up to 2 days early | Spending account |
Andrews Federal Credit Union | Up to 1 day early | Andrews Federal Credit Union checking accounts |
Axos Bank | Up to 2 days early | Essential Checking |
Bank5 Connect | Up to 2 days early | Bank5 Connect account |
Capital One | Up to 2 days early | 360 Checking |
Cash App | Up to 2 days early | Cash App account |
Chase | Up to 2 days early | Chase Secure Banking |
Chime | Up to 2 days early | Chime checking account |
Citizens Bank | Up to 2 days early | Citizens checking, savings or money market account |
Consumers Credit Union | Up to 2 days early | Rewards Checking |
Credit Karma Money | Up to 2 days early | Credit Karma Money Spend |
Current | Up to 2 days early | Current Spend Account |
Dave | Up to 2 days early | Dave Spending |
Digital Federal Credit Union | Up to 2 days early | Free Checking |
Discover Bank | Up to 2 days early | Discover online checking accounts, online savings accounts & money market accounts |
Dora Financial | Up to 2 days early | Dora Account |
Fifth Third Bank | Up to 2 days early | Fifth Third Momentum checking account |
GO2bank | Up to 2 days early for paychecks & 4 days early for government benefits | GO2bank account |
Golden 1 Credit Union | Up to 2 days early | Golden 1 Credit Union checking accounts |
Greenwood | Up to 2 days early | Greenwood Spending account |
GTE Financial | Up to 1 day early | GTE Financial checking & savings accounts |
Huntington Bank | Up to 2 days early | Huntington Bank checking accounts |
KeyBank | Up to 2 days early | KeyBank checking or savings accounts |
Kinecta Federal Credit | Up to 2 days early | Kinecta Federal Credit checking accounts |
LendingClub Bank | Up to 2 days early | Rewards Checking |
Nationwide (by Axos) | Up to 2 days early | Nationwide Direct, My Checking & Interest checking accounts |
Navy Federal Credit Union | Up to 1 day early | Free Active Duty Checking account |
One | Up to 2 days early | One account |
OneUnited Bank | Up to 2 days early | Non-interest bearing OneUnited Bank checking accounts |
PayPal | Up to 2 days early | PayPal Balance account |
PenFed Credit Union | Up to 2 days early | PenFed Credit Union checking accounts |
Porte | Up to 2 days early | Porte mobile banking account |
Regions Bank | Up to 2 days early | Checking, savings or money market accounts, or Regions Now Card |
Revolut | Up to 2 days early | Revolut account |
SchoolsFirst Federal Credit Union | Up to 2 days early | SchoolsFirst Federal Credit Union checking or savings accounts |
Service Credit Union | Up to 2 days early | Service Credit Union checking account |
Simmons Bank | Up to 2 days early | Personal checking & savings accounts, except Private Banking checking & money market accounts |
SoFi | Up to 2 days early | SoFi checking & savings accounts, or Samsung Money by SoFi account |
Spruce by H&R Block | Up to 2 days early | Spending account |
State Employees’ Credit Union of North Carolina | Up to 1 day early | Checking, CashPoints Global, Share & Money Market Share accounts |
Truliant Federal Credit Union | Up to 2 days early | Checking, savings & money market accounts, except IRA & HSA accounts |
USAA | Up to 2 days early | USAA checking & savings accounts |
Varo | Up to 2 days early | Varo Bank Account |
Venmo | Up to 2 days early | Venmo account |
VyStar Credit Union | Up to 2 days early | Free checking |
Washington State Employees Credit Union | Up to 2 days early | WSECU checking & savings accounts |
Wealthfront | Up to 2 days early | Wealthfront Cash account |
Wells Fargo | Up to 2 days early | Wells Fargo checking & savings accounts |
How early direct deposit works
Direct deposit is a type of electronic funds transfer using the Automated Clearing House, or ACH, network to settle a transaction between two parties. Just as you can use online bill pay to move money directly from your account to a service provider, employers can use direct deposit to move the money they owe you into your bank account.
Banks can offer early direct deposit by making the funds available to a customer’s checking or savings account as soon as it receives information from the payer rather than waiting for the funds to clear. It is sort of like a credit offered by the bank to give earlier access to funds that it knows are coming.
The advantages of early paycheck deposit
Receiving a paycheck two days early can help alleviate some of the stress that finances can cause. For example, getting a paycheck two days early could help someone ensure that they pay bills in full without overdrawing their checking account and, in turn, avoid late fees or overdraft fees. Early direct deposit gives a little more flexibility that could help avoid the headache of moving money between accounts to cover expenses at the end of a month.
For some, it may just be a fun perk offered by your bank. For example, if payday would normally fall on a Monday, early direct deposit could mean getting paid on Thursday or Friday of the previous week, providing a little extra cash for weekend plans.
Eligibility criteria for early direct deposit
Eligibility for early direct deposit varies by bank, and some banks only offer it on certain types of checking accounts. Some may require a minimum deposit threshold before they are willing to make the funds available in advance of their settlement date.
It could also depend on how your employer processes payroll. If information isn’t delivered to the bank early enough, it may not be possible for the bank to offer direct deposit.
Talk with your bank to find out if you are eligible for early direct deposit. They can provide information on specific eligibility requirements and any associated fees.
The impact of early pay on financial planning
Early direct deposit can give you a little more wiggle room when you’re financial planning. For example, if you usually receive your paycheck around the last day of the month, but that’s also when your rent and utility bills are due, getting your funds early may come in handy for avoiding late fees and overdraft fees.
However, early pay may not have as much of an impact on long-term financial planning. If you’re setting aside money for retirement that you won’t touch for 30 years, it likely won’t make a big difference if you invest the money a day or two later.
If you put a chunk of each paycheck into a high-yield savings account, moving the money into that account a few days early gives it a little more time to earn interest than if you had to wait the typical amount of time for your paycheck.
How banks process paychecks early
Banks that offer early direct deposit are processing payments from payers when they are notified that the money is coming — not when it’s actually cleared. For example, if your employer is sending you your paycheck, it will take a few days for the check to clear and for you to see the money in your bank account. Banks with early direct deposit options make those funds available when your employer sends information indicating that a deposit is coming, meaning you don’t have to wait the extra couple of days.
Keep in mind that you can’t necessarily rely on early deposits all the time, even if a bank offers early direct deposit. Until your employer notifies the bank that the money is coming, the bank can’t make those funds available to you.
Frequently asked questions (FAQs)
While more and more banks offer early direct deposit, it is a relatively new feature that isn’t offered by all banks. As mentioned above, some banks may restrict early direct deposit to certain types of checking accounts.
Depending on how a bank receives information from your employer and how that information is processed, access to the funds may not arrive a full two days early.
Most banks and credit unions provide early direct deposit as a free service to clients, and many offer it automatically. However, some may charge a fee, such as $3 per early direct deposit, and require you to opt in to the service.
The most common early direct deposit feature is that you may receive your paycheck up to two days early, although some financial institutions only offer early access of one day. A less common feature that some banks offer is the ability to receive government benefits up to four days early.
Early direct deposit is often free and automatic, meaning that if you set up direct deposit, you may automatically be using early direct deposit. It’s become a common offering at banks, but some financial institutions will limit it to only some of their accounts, while others make it widely available for all customers who have a checking or savings account.
Initiating early pay won’t affect how much money is added to your account when your paycheck hits. It will only impact you when that money is available to you.
