Some banks process paychecks two days faster with early direct deposit.
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You could get your paycheck into your account up to two days early with several banks.
Other institutions make money by holding onto your paycheck longer to earn interest on the funds.
Early direct deposits give you quicker access to your money and may let you earn interest sooner.
Direct deposit is the fastest way to get your paycheck into your checking account. Several banks make this process even faster by implementing early direct deposit features.
Early direct deposit can effectively get your paycheck into your checking account up to two days early. Below, find 27 accounts that offer this service, and an explanation of how they can do it and why it can be smart to take advantage.
27 bank accounts with early direct deposits
1. Albert Cash Account
2. Ally Interest Checking Account
3. Ando Spending Account
4. Andrews Federal Credit Union Online Checking Account
5. Axos Bank Essential Checking
6. Capital One 360 Checking®
7. Cheese Account
8. Chime Spending Account
9. Credit Karma Money Spend Account
10. Current Account
11. Dave Spending Account
12. Dora Financial Everyday Checking Account
13. Fifth Third Bank Momentum Checking Account
14. GTE Financial Full Access Checking Account
This credit union has four checking accounts, including one for students. GTE Financial Full Access Checking is its most basic checking account, but all four offer early direct deposit.
15.Huntington Bank Perks Checking
16. Kinly Account
17. LendingClub Rewards Checking Account
18. Navy Federal Free Active Duty Checking™ Account
19. One Account
20. Porte Account
21. Revolut Account
22. Service Everyday Checking Account
23. Simmons Bank Coin Checking Account
24. USAA Classic Checking Account
25. Varo Bank Account
26. VyStar Credit Union Free Checking Account
27. Wealthfront Cash Account
Frequently asked questions
How do banks process your paycheck early?
“From a technical standpoint, any bank is capable of getting you your paycheck up to two days early … but they choose not to because they make money holding your paycheck hostage for a day or two,” Kate Wauck, Vice President of Communications for Wealthfront, told Business Insider.
“It’s referred to as ‘float’ which is basically banks double-counting deposits for a short period of time before they clear the transaction so they can earn interest on both of the amounts,” she continued. “A bank credits a customer’s account as soon as a check is deposited. Until the check clears the account it’s drawn on, the amount it’s written for ‘exists’ in two different places, appearing in the accounts of both the recipient’s and payer’s banks. So a bank will earn interest on the amount twice. So as you can see there isn’t huge incentive for banks to speed up the process because of float and their ability to double interest payments.”
Some banks choose not to hold onto your direct deposits, though, which can provide incentive for you to bank with the institution.
What are the benefits of early direct deposits?
Early direct deposits have two main perks:
Faster access to your money. This perk especially useful if you’re living paycheck to paycheck or have a big bill coming up. At the very least, having your money sooner is convenient.Start earning interest sooner. Some banks pay interest on their checking accounts, or you can transfer money from checking to a savings account that earns interest. Thanks to compound interest, every day your money accumulates interest helps you earn more.