Best banks for early direct deposit May 2021

Everyone is looking forward to payday.

Direct deposit makes getting paid quick and easy since the money just appears in your bank account. Banks that offer advance direct deposit allow you to access these funds up to two days earlier than traditional banks.

For example, customers of a bank that offers advance direct deposit may receive their paycheck by direct deposit on a Wednesday, while those with a traditional bank account will likely see their money available no earlier than Friday, the day of regular pay.

Early direct deposit was recently highlighted after the third recovery plan was signed on March 11. The next day, Varo Bank said it had already processed $150 million in stimulus checks for tens of thousands of its customers. Meanwhile, some of America’s largest banks took several days longer to process the stimulus money and distribute it to customer accounts.

Accelerated access to direct deposit can help you avoid late payments on your bills. Here are some of the main banks where you will find this feature useful.

The best banks for early direct deposit in May 2021

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Axos Bank

Axos Bank’s Essential Checking account features express direct deposit, which allows its account holders to get paid up to two days sooner than they would at traditional banks.

This account also does not charge any overdraft or insufficient funds (NSF) fees to its customers. This, combined with advance direct deposit, could help you avoid paying those expensive traditional bank fees.

The average NSF fee is $33.47, according to Bankrate’s 2020 Study of Current Accounts and ATM Fees published in October 2020.


Chime’s spending account has no monthly maintenance fees and you are not required to maintain a minimum balance. The account allows you to get your direct deposit up to two days earlier than at traditional banks.

The account requires you to save by rounding up debit card purchases to the nearest dollar and then transferring that money to a Chime savings account.

You will be able to access more than 38,000 ATMs at no additional cost with this account.

Chime also allows its customers to overdraft their account up to $100 with no overdraft fees. Chime also has no foreign transaction fees.

Chime accounts are FDIC insured through its partners, The Bancorp Bank or Stride Bank, NA according to the Chime website.


Current customers can get their direct deposit up to two days faster than those at a traditional bank. At Current, account holders can get cash back and earn points. You will also have access to 24/7 member support in its app. But phone customer service is only available weekdays from 9am to 6pm EST.

This account allows you to deposit money in 60,000 stores.

freedom first

Freedom First is a National Credit Union Administration (NCUA) credit union that offers advance direct deposit to its members. You will receive your direct deposit up to two days earlier at this credit union.

It has three checking accounts: Freedom Checking, Freedom Cash and Freedom Stash.

Freedom Stash benefits allow members with more than $5,000 per month in direct deposits to earn a competitive return on a balance of up to $10,000. Meeting this direct deposit requirement also gives members four ATM fee refunds per month.

Live, work, love, go to school, or own a business in Botetourt County, Craig County, Franklin County, City of Roanoke, Roanoke County, Salem, or Vinton are just some of the ways to become a member of Freedom First in Virginia.

One United Bank

OneUnited Bank is the first black internet bank. It is also the largest black-owned bank in the United States.

BankBlack Early Pay allows you to get paid two days earlier than at traditional banks.

BankBlack Checking account has no monthly service as long as you receive direct deposit and make 10 debit card purchase transactions. BankBlack Checking gives customers access to over 30,000 ATMs at no additional cost and only requires $50 to open the account.

radius bank

The Rewards Chequing Account allows Radius Bank customers to receive their direct deposit up to two days earlier. Radius Bank makes your direct deposit available as soon as your employer submits their payroll file to the Federal Reserve.

You will also get unlimited ATM fee discounts with this account and Radius Bank never charges its customers for using an out-of-network ATM.

Rewards Checking customers will also receive their first order of checks free of charge.

Bank Varo

Varo Bank allows its customers to access their direct deposit up to two days in advance.

Varo Advance allows customers with accounts that have been active and open for at least 30 days to get up to $100 through the Varo Bank app. Fees significantly lower than average overdraft fees apply.

The Varo Bank account also gives you access to over 55,000 Allpoint ATMs and it has no foreign transaction fees.

Bankrate’s Best Banks for Early Direct Deposit in May 2021

Bank Verify account name APY Monthly fee
Axos Bank Verification of rewards Up to 1.25% APY Nothing
Carillon Expense account N / A Nothing
Running Current account N / A Nothing
freedom first Hideout of freedom Up to 5% APY* Nothing***
One United Bank BankBlack Verification N / A Nothing****
radius bank Verification of rewards Up to 0.15% APY** Nothing
Varo Silver Bank account N / A Nothing

* Need $5,000 or more monthly direct deposits each month to earn 5% APY on up to $10,000. Those who meet the direct deposit requirement earn 0.3% APY on over $10,000 up to $1,000,000.
**0.1% APY on balances of $2,500 to $99,999.99 and 0.15% APY on balances of $100,000 or more.
*** You’ll need $5,000 or more in monthly direct deposits to waive the $9 fee and still earn the best APYs. Having $1,000 or more in monthly direct deposits will waive the $9 fee, but you’ll only earn 0.5% APY on balances up to $10,000 and 0.18% APY on balances over $10,000 , up to $1,000,000.
**** With monthly direct deposit and 10 debit card purchases.

Note: The APYs (Annual Percentage Returns) shown are as of April 30, 2021. Bankrate’s editorial team updates this information regularly, usually every two weeks. APYs may have changed since they were last updated. Pricing for certain products may vary by region.

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