7 Banks With Early Direct Deposit 2022 [Get Paid Faster]

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Banks with early direct deposit can be a great perk if you're trying to avoid overdraft fees or need access to your paycheck up to 2 days faster.

According to a recent report by the American Payroll Association, about 94% of American workers receive their paychecks through direct deposit. It’s easy to see why this is the most preferred method to receive payments. First, it’s the fastest way to receive your paycheck into your checking or savings account. It, therefore, means that you get paid at least two days earlier than when using traditional accounts.   

Other than that, direct deposit allows paychecks to be sent digitally to the bank. They are processed, and the payment is released. It helps reduce the hassle of visiting a bank to process your payment. As such, direct deposits have also come in handy to facilitate remote working. The money is sent directly from the company’s accounts to the remote worker’s accounts without visiting the bank. If you’re only learning this now, here’s a guide for international bank transfer fees for remote workers based in Australia.

Despite the value of the direct deposit, there’s still a need for more urgency when processing payments. Hence, most businesses have taken a step further and introduced early direct deposit. This article will help you understand the early direct deposit and the best banks for early direct deposit. Keep reading to learn more.   

What Is Early Direct Deposit?

Early direct deposit is an upgrade of direct deposit. You don’t have to wait two or more days to receive your payment using an early direct deposit. Instead, as soon as the employer releases the paycheck, the bank directly puts it into your account. Therefore, if the paycheck is released on Wednesday, you can access your money via early direct deposit on the same day. On the other hand, your mates using other accounts will get paid on Friday or even later, depending on the account type they’re using.   

This type of account is beneficial, especially if you’re trying to offset some sudden bills. Also, it can be very stressful to wait for your money, especially if you had planned it. Besides, when you have access to your money sooner, you save more since the money is in surplus and the bills haven’t accumulated.

So how does early direct deposit work? How come some banks offer it, and others don’t?

How Does Early Direct Deposit Work?

Ideally, payment is processed the same way for all types of accounts. Your company processes the payroll and sends it to the bank, stipulating how much each team member must earn and when. Please note that the process may differ from one country to another.   

Usually, traditional accounts wait until the date stipulated by the employer. On the other hand, early direct deposit allows payment to be accessed as soon as the payroll is sent to the bank. This waiting period is beneficial to banks. It’s called float. During this period, the bank double-checks your deposit before leasing it into your account. When the bank double-checks your account, it earns double the interest.   

While the interest earned may look insignificant for an individual account, in the long run, the bank mints a lot with the many paychecks they process for different companies. That’s why some banks are yet to embrace the early direct deposit even though it would benefit their customers.   

However, if you’re looking for banks that offer early direct deposit, here’re some of the best banks you should consider.   

1. Chime

Chime is one of the best financial online companies and is known for offering early direct deposits. In fact, according to Dough Roller, Chime is said to have quadrupled its profits following the introduction of early direct deposit.

Unlike most fintech that targets opulent customers, Chime is very friendly to middle-class users and the young. Other than the early direct deposit, here are more features you get to enjoy from Chime.  


  • The Chime checking account charges no monthly service, transfer, or foreign transaction fee. Similarly, there isn’t a minimum balance required for your account.   
  • Another benefit is that Chime has the SUM program. The SUM program allows you to use any SUM ATM without any surcharge. You, therefore, have access to ATMs around the country without having to pay the surcharge. It saves you money. When you open an account with Chime, you have the opportunity to join the SUM program. The program offers you access to more than 60,000 surcharge-free ATMs. 
  • Chime also allows you to overdraw your account up to $200. The best part is you don’t have to pay an overdraw fee or penalty.   
  • The fintech also offers a 1.00%¹ Annual Percentage Yield (APY) on your savings account. It also has an automatic saving feature that helps you save money on any paycheck. Therefore, every debit card purchase is rounded up to the nearest dollar and the money is transferred to your savings account.
  • Finally, you don’t have to worry about the legitimacy of using Chime. All its banking services are issued by Stride Bank or The Bancorp Bank, members of the Federal Deposit Insurance Corp (FIDC).   

  • The only disadvantage of using Chime is that you can only withdraw a maximum of $500 in a day. Otherwise, it’s one of the best banks that you should consider for your early direct deposit.

The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of July 13th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.  

2. Axos Bank

Axos is a digital bank formerly known as Bank of Internet USA. The bank boosts its direct deposit express feature on its checking accounts. When you have a checking account with Axos, you get access to your money as soon as the payroll is sent to the bank. There are no delays.

Due to the immediacy of processing your paycheck, Axos Bank reduces the chances of fraud. You, therefore, shouldn’t worry about the security of your money. Besides, the company has been operational for more than 20 years.   

Here’re some other features you’ll enjoy from opening an early direct deposit with Axos Bank.   


  • Axos allows an overdraft without charging an overdraft fee.
  • Often offers lucrative bank bonuses for its checking products   
  • The bank also reimburses the domestic ATM fee on some of its checking accounts, including the Essential Checking account.   
  • You can also open a savings account or money market account.   
  • When it comes to savings, you can enjoy the benefits of a certificate of deposit. The bank also offers other benefits like the 0.61% APY on the high yield savings account. There is also no monthly maintenance fee nor a minimum amount required. 

  • Axos Bank has a low-interest rate on its certificates of deposit as compared to other online banks.

3. Varo

Varo is a digital bank that was founded in 2015. Since it’s an online bank, you can sign up on Varo Bank online without visiting a physical bank.

Varo also offers checking accounts with no monthly maintenance fee or minimum requirement. The checking accounts have the early direct deposit feature that allows you to receive your payment soon as the employer releases the payroll to Varo bank.   

Other features of Varo Bank include:  


  • The bank allows a cash advance of up to $100 for its checking accounts. However, your account must have been active for at least 30 days or be eligible for the cash advance. Additionally, the cash advance has to be paid back within a month, and it’s subject to a fee of $0-$5. The fee depends on the amount borrowed.   
  • Varo Bank also offers up to 55,000 free withdrawals for Allpoint ATMs.
  • The bank also doesn’t charge any foreign transaction fee. 

  • There’s a fee of up to $5 on cash advances depending on the amount borrowed.   
  • Withdrawals on non-Allpoint ATMs accrue a $2.50 fee.   

4. Current

Current is a fintech company in the U.S. with over one million users. The fintech company offers early direct deposits on its current accounts. If you receive direct deposits, you’re eligible for an overdraft of up to $200 with no overdraft fee.   


  • You can earn cashback when you use your Visa debit card at merchants who have signed up for the program. You also earn up to 15 points with every purchase using the Visa debit card.
  • Banking services by current are offered by Choice Financial Group, which is FDIC insured. That guarantees your money’s safety and the financial institution’s legitimacy.  
  • Current also offers other accounts you can use for your savings or spending.   

  • All transactions are subject to a fee of $3.50.

5. LendingClub Bank

LendingClub Bank was opened in 1987. It was formerly known as First Trade Union Bank, then Radius Bank. However, it was not until 2013, when it partnered up with LevelUp, a fintech, that the bank took off. Therefore, today, LendingClub Bank is a hybrid bank with both an online and physical community. It has only one physical location.   

Moving to the most crucial bit; early direct deposits. LendingClub Bank later partnered with Aspiration to introduce high-yield checking accounts. This partnership would lead to the creation of early direct deposits. Therefore, making LendingClub Banks among the first banks to introduce that feature.

Other benefits of using LendingClub Bank include:   


  • The checking accounts allow an above-average interest rate.   
  • The bank also offers a reward checking account. This account puts back money in your pocket each month for every purchase that was done using a debit card. It comes in handy if you’re looking to save your money.   
  • You also get to enjoy no charges on sun ATM worldwide.   

  • You must have at least $2,500 a month in your direct deposits or $2,500 in your rewards checking account to be viable for the cashback reward.   
  • The bank also offers a high-yield savings account and Certificate of Deposits. 

6. Freedom First

Freedom first is a credit union that offers three types of checking accounts:   

  • Freedom Checking   
  • Freedom Cash   
  • Freedom Stash   

All these types of checking accounts have the early direct deposit feature. The feature allows access to mobile deposited checks in less than 15 minutes. It can’t get any faster.   


  • The Freedom Stash checking account allows yield of up to $10,000 on accounts with more than $5,000 monthly direct deposits. This checking account also offers four free ATM withdrawals every month. Therefore, freedom stash would make an excellent choice if you’re spoilt for choice between the three types of checking accounts.  
  • The credit union also offers savings and money market accounts. It also gives a certificate of deposit.

  • The freedom Stash and Freedom Cash accounts have a monthly maintenance fee of $9. However, the fee can waver when the direct deposit minimum is met.   
  • The free ATM withdrawals and other superior advantages are available to the freedom Stash account and only after the direct deposit minimum requirement of $5,000 is met.  

7. Fifth Third Bank

Fifth Third Bank is one of the American banks that offers early direct deposit. As soon as the money reaches your account, you get a notification on your mobile. The bank also has a mobile app that allows you to perform all your transactions online. You can also monitor your account online.   


  • The bank offers cash advances through a service known as the My advance. This service allows cash advances of between $50-$1,000. However, the cash advance is subject to an overdraft fee of 3-5%. The overdraft fee depends on how long you have been enrolled in the Myadvance program.   
  • Also, you can avoid the overdraft fee using the Fifth Third Extra Time feature. This feature allows you more time to make a deposit which covers the overdraft and the fee altogether.

  • Cash advances through the My advance program come at a fee of between 3-5%.


Most employees use a direct deposit account for their paychecks. That is because direct deposit processes payment faster by up to two days than traditional accounts.

However, some companies have upgraded their systems and have introduced early direct deposit. Early direct deposit processes your payment as soon as your employer releases the payroll. It’s something you should consider to help process your payment sooner. It’ll come in handy in offsetting bills sooner. Even the unplanned bills that occur sometimes.

Therefore, if you’re looking for a bank to open up your early direct deposit, consider the banks disused above. They are some of the best banks for early direct deposits in the market today.

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About the author

Brian Meiggs
Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Yahoo! Finance, NASDAQ, Discover, MSN Money and more.
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