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The ability to receive direct deposits early is an increasingly common benefit among digital banks, with brick-and-mortar banks also beginning to offer this feature. Banks that offer early payday or early direct deposits typically don’t require manually signing up for the service. In most cases, this perk is automatic when you set up direct deposit and doesn’t require a separate enrollment.
Checking, savings, money market accounts (excluding IRA savings)
Fifth Third Bank
Up to two days early
Automatically enrolled w/ direct deposit
Fifth Third Momentum Checking accounts only
Found
Up to two days early
Automatically enrolled w/ direct deposit
Found business bank account
GO2bank
Up to two days early, or up to four days early for government benefits
Automatically enrolled w/ direct deposit
GO2bank hybrid account
Huntington National Bank
Up to two days early
Automatically enrolled w/ direct deposit
Checking accounts
Lili
Up to two days early
Automatically enrolled w/ direct deposit
Lili business accounts
Nationwide
Up to two days early
Automatically enrolled w/ direct deposit
Direct Checking, Interest Checking, and My Checking accounts
Regions Bank
Up to two days early
Automatically enrolled w/ direct deposit
All checking, savings, money market accounts, and the prepaid Now Card.
SoFi
Up to two days early
Automatically enrolled w/ direct deposit
SoFi Checking and Savings or Samsung Money by SoFi account
Wells Fargo
Up to two days early
Automatically enrolled w/ direct deposit
Checking and savings accounts
Varo
Up to two days early
Automatically enrolled w/ direct deposit
Varo Bank account
How early direct deposit works
Normally, banks will hold on to your paycheck to process it before the funds are released to you. But banks, neobanks and fintech companies that include early direct deposit features are willing to deposit your payroll payment into your account before they’ve finished processing the funds from your employer — with no extra fees or work on your part.
This means getting your paycheck a few days earlier than what was scheduled, because the bank provides the funds as soon as the payor gives the deposit information instead of waiting for the transfer to clear.
Do I need to enroll in early direct deposits?
In most cases, you don’t need to enroll to get early direct deposits. It’s usually an automatic feature included as part of the account. But there are exceptions like Chime, which requires you to opt in to early direct deposit payments by choosing the feature Get Paid Early in the app.
Benefits of early direct deposits
There aren’t really cons to setting up early direct deposit. Here are the main benefits:
Early access. When your paycheck lands in your account early, you have instant access to the funds.
No fees. Early paycheck arrival doesn’t come with any fees, as it’s a complimentary service for setting up direct deposit.
More than paychecks. In addition to getting paychecks early, tax refunds and stimulus payments might also arrive ahead of time.
Save a little more. The sooner you have access to your money, the more quickly you can move some of it into a savings account to start earning interest.
No APR. Unlike payday loans and pay advance apps, early direct deposits don’t involve loans of any sort, so there’s never any interest to pay.
Timely direct deposits depend on employer's payroll processing
How early you get your direct deposit also depends on how fast your employer or the payor processes your payment. For instance, if your employer processes payroll on the 12th for a deposit on the 15th, you'll likely get your paycheck on the 13th. But if your company processes payroll on the 14th, you might not get your paycheck early at all. Direct deposits also don't arrive on weekends or federal holidays.
3 alternatives to bank accounts offering early direct deposits
If you like the idea of getting paid early but don’t want to switch banks, there are other ways to get early access to your paycheck:
Prepaid debit cards. Most prepaid cards, like Netspend All-Access Account and Flare Account, offer early direct deposits.
Cash management accounts. Cash management accounts, or CMAs, offer a combination of banking and investing services, and some, such as Wealthfront Cash Account, support early direct deposits.
Payday advance apps. Cash advance apps such as Brigit, Dave and Earnin can help you get your hands on some cash prior to your payday. But this isn’t a preferred alternative, as they have monthly fees and strict limitations regarding how much money you can access.
Bottom line
Early direct deposits are growing in popularity, and there’s a good reason why. There are almost no drawbacks to this benefit, as it can help you save or spend money on essentials sooner. But if none of these options support your needs, explore other bank accounts.
Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey.
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