Banking and Finance

6 Best Direct Deposit Banks: Get Paid up to 2 Days Early

July 27, 2021

Next-Gen Personal Finance released statistics recently showing that 82% of employees in the United States receive their paycheck via direct deposit. It’s easy to see why; setting up direct deposit is quick, easy, and if you’re banking with the right bank, totally hassle-free.

While you might understand the benefits of setting up a direct deposit, did you know that some banks offer early direct deposits? This means that you don’t have to wait two days for your check to clear in your bank before you can access the funds. Instead, you’re free to use your hard-earned money nearly as soon as your employer sends it over.

Not all banks offer this feature, but here are five banks that will allow you to sign up for early direct deposits so that you can get paid up to two days faster.

What is Direct Deposit?

Direct deposit is the act of sending your paychecks digitally to your bank account rather than receiving a physical check that you have to wait to process or cash. There are numerous benefits of setting up direct deposit, including the fact that you:

  • Can usually waive monthly bank fees by setting up direct deposit
  • Gain access to your money much faster
  • Don’t have to worry about misplacing the physical check and losing your money
  • Can pay bills on-time by scheduling automatic bill payments after a deposit
  • Don’t have to pay (setting up a direct deposit is almost always free)

How Do Banks Process Your Paycheck Early?

How is it even possible that a bank could process your paycheck early? Technically, all banks have the capability of delivering your paycheck to your early instead of holding it for processing. Why don’t they? They make extra money by holding it.

This is called “float,” which refers to the act of a bank double-counting your deposit before they clear the transaction. When they double count those deposits, they earn double the interest. While that might not seem like a lot for your single paycheck over the course of a day or two, when banks do that across every account that’s set up direct deposit, they can earn a pretty penny.

Get Your Paycheck Early From These 5 Banks

Not all banks, especially not online banks, are looking to make money off of your hard-earned cash. Some banks allow you to access your paycheck earlier; sometimes, you can access your money up to two days earlier than at a traditional bank.

1. Axos Bank

5 Best Early Direct Deposit Banks: Get Paid up to 2 Days Early | Cheese Debit Card
Image: Axos Bank

The Axos Bank CashBack Checking Account ranked as one of our favorite online checking accounts of all time due to the 1% cashback offer and online bill pay. However, they’re also one of the only banks that offer an early paycheck feature. To utilize this feature, you’ll need to open an Essential Checking Account, however, which requires a minimum opening balance of $50.

🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $50 for the Essential Checking Account

💲 Early Paycheck: Sign up for direct deposit via the Essential Checking Account features to be eligible to receive your paycheck up to two days earlier

2. GTE Financial

5 Best Early Direct Deposit Banks: Get Paid up to 2 Days Early | Cheese Debit Card
Image: GTE Financial

GTE Financial is a Florida credit union that offers early direct deposit payments as long as you qualify for a membership to their credit union. To qualify, you’ll need to have a family member or employer who is located in the Tampa Bay area; or, you can simply pay $10 to join CU Savers, an organization of sorts that grants you access to financial resources and the credit union’s banking products.

🛠️  Monthly Maintenance Fee: $4.95 (waived if you can make $500 in deposit per month)

💸  Minimum Opening Balance: $0

💲 Early Paycheck: Access early direct deposit of your paycheck one day earlier by paying a $3.00 fee

3. OneUnited Bank

5 Best Early Direct Deposit Banks: Get Paid up to 2 Days Early | Cheese Debit Card
Image: OneUnited Bank

Even though OneUnited Bank is an online bank, they have branches available for residents in California, Florida, and Massachusetts. The bank’s account offerings are diverse, including a “second chance” account for those who need a fresh financial start. The early direct deposit feature is called BankBlack Early Pay. The bank’s mission is also one we support: closing the racial wealth gap.

🛠️  Monthly Maintenance Fee: $0 as long as you set up a direct deposit and make at least 10 monthly transactions

💸  Minimum Opening Balance: $25

💲 Early Paycheck: Simply set up direct deposit to access your paycheck up to two days earlier; no hidden fees or surcharges!

4. Capital One

360 Checking from Capital One 360 | Capital one 360, Capital one, Saving  bank account
Image: Capital One

Capital One is the sixth-largest bank, it has over 470 branches in 8 states and DC. It is built on the belief that no one should be locked out of the financial system. Same as OneUnited Bank, this financial inclusion is also what we are aiming for. Capital One doesn't charge foreign transaction fees, which makes it a good choice for regular travellers. No monthly fees plus up to 0.10% APY on checking accounts make Capital One a pretty attract bank for those interested in getting more for their money.

🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

💲 Early Paycheck: Set up direct deposit to access your paycheck up to two days earlier!

5. Andrews Federal Credit Union

Image: Andrews Federal Credit Union

Andrews Federal Credit Union is a black-owned credit union that have branches in DC, MD, VA, NJ, Germany, Belgium and the Netherlands. It is an award winning financial services. It won 2020 U.S. Department of the Army "Distinguished Credit Union of the Year". It is federally insured by the NCUA. If you are an active military member or veteran, Andrews FCD will be a good option for your financial services. Andrews FCU Free Checking Account allows you to get your paycheck one day earlier, with no monthly service fees. However, be careful, there is a $32 overdraft fee.

🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $5

💲 Early Paycheck: Receive your paycheck up to 1 day earlier.

6. LendingClub Banking

Rewards Checking : Open an account online now | Bank with LendingClub
Image: LendingClub Banking

LendingClub is a full-spectrum fintech marketplace bank. The LendingClub LendingClub Rewards Checking Account offers you the early paycheck service. You can receive your paycheck 2 days early, with a minimum opening balance of $100. To get most of your account, LendingClub also offers you 0.10% APY and 1% cash back on unlimited purchases, if you can maintain a $2500 balance on your account. You can also earn 0.15% APY, but you must have $100,000 in your account.

🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $100

💲 Early Paycheck: Set up direct deposit into your LendingClub account and receive your money up to two days earlier!

Don't Forget to Build Your Credit History

One more thing we would like to add is that, to live a great life in the U.S., a bank account is far from enough. In this society that is based on credit, build up your own credit history is something as important as having a bank account. So how? The easiest ways can be:

Having credit cards is easy to understand, but what about reporting your rents? Simple. As long as you have rented houses/apartments in the near past, or you are renting right now, you can get these rental history and ongoing rent reported to credit bureaus. This is gonna boost your credit instantly. Sadly, you can't do rent reporting by yourself; you will need to find rent reporting services that have partnerships with credit bureaus.

So here we are! Up to 2 years of rental history? Your future ongoing rent? Cheese Rent Reporting can have them both reported and build up your credit right away!

Plus, Cheese has another way to either start to build or improve your credit score: Cheese Credit Builder Loan (What is a credit builder loan?) With Cheese Credit Builder Loan, you can save money & build credit at the same time.

With Cheese, credit building has never been easier!Ready to take control of your financial life? Sign up today.


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