Best Banks Or Credit Unions With Early Direct Deposit Of August 2024 (2024)

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On Discover's Website

Discover is one of the best banks with early direct deposit because its Early Pay feature is easy to qualify for and offered on many accounts, including the bank’s fee-free, no-minimum cash-back checking account. There are no fees to open or maintain this account, and anyone can enroll in Early Pay to receive their direct deposits up to two days early. For extra money, customers can use their Discover Cashback Debit cards to earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.

Read our full Discover Bank Review.

Discover offers optional overdraft protection by linking a second Discover account to your checking account to fund any overdrafts, other than those caused by an ATM withdrawal or POS debit transaction. Those will simply be declined if there are insufficient funds. Without this protection, or if you have insufficient funds in your secondary account, the bank will simply decline or return transactions that overdraw your account.

Discover does not charge an out-of-network ATM fee, but you may be subject to a third-party fee, which will not be reimbursed.

Discover maintains a large ATM network, with more than 60,000 surcharge-free ATMs throughout the nation.

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On SoFi's Website
Member FDIC

Online-only SoFi made our list of the best banks with early direct deposit because its rewarding bank account offers a rare combination of many features and few fees. The SoFi Checking and Savings account is itself a hybrid of a checking and savings account, earning competitive interest on both balances. With early direct deposit, account holders may receive their paychecks up to two days early. To qualify for this feature and the highest interest rates, customers must meet direct deposit activity requirements.

Read our full SoFi Bank Review.

To qualify for the up to $300 bonus², you must open a new SoFi Checking and Savings account and receive at least $5,000 in direct deposits by December 31, 2024, or within 25 days of receiving your first direct deposit, whichever comes first.

SoFi’s checking and savings account has no monthly fees³ or overdraft fees³. You’ll earn a 4.60% APY on your savings balance, and direct deposits hit your checking account up to two days early⁴. You can also earn up to 15% cashback on SoFi debit card purchases.

A direct deposit is an electronic deposit you receive from your employer, the government or a benefits provider. You’ll receive your bonus within seven business days after your direct deposit window closes.

¹SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

²New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

³Sofi account fee policy is subject to change at any time.

⁴Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁵Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking> Savings> Current APY or (ii) Banking> Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

For anyone who likes banking from an app, One (also known as One Finance) is one of the best choices for accessing early direct deposit—and a host of other perks. One offers up to 5% cash back on its app-based bank account, its only product. With this account, customers can also earn a competitive APY on their savings balance, save part of their paychecks automatically and get said paycheck two days early. There are no requirements to qualify for early paydays with direct deposit.

Read our full One Finance Review.

Axos Bank joins our list as another online bank offering early direct deposit, and though it has no shortage of checking accounts to choose from—five, to be exact—only the Essential Checking account includes this key feature. The Essential Checking account is a basic checking account that comes with no monthly fees, no overdraft fees and unlimited ATM fee reimbursem*nts for out-of-network transactions in the U.S. And, of course, it also comes with Direct Deposit Express.

Read our full Axos Bank Review.

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Read Our Full Review

Capital One is one of our top choices for banks with early direct deposit because it delivers the convenience of online banking from a full-service institution. The 360 Online Checking account allows customers with direct deposit to access their paychecks early, when available, and gives many options for adding, transferring and removing funds, including cash deposits. Capital One also has branches in select locations and provides fee-free access to over 70,000 ATMs.

Read our full Capital One 360 Banking Review.