Best Bank Accounts To Get Your Tax Refund Or Direct Deposit Early

Are you looking to get your tax refund or direct deposit early? Several newer banks and FinTech companies are now offering early paycheck and direct deposit services - where you can get your paycheck, government check (like a tax refund or stimulus check), or other ACH payments credited to your account up to two days early.

For some people, this service can be a game-changer: letting you avoid costly paycheck advances or other services to get paid early. But remember - it's always "up-to-two days early" - which means it doesn't always work and it's based on the funding of the payer, as well as your banking history.

We've checked out countless banking services to find you the best ones that offer early direct deposit. Here's the best options for you.

The Best Accounts With Early Direct Deposit

Note: The checking offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all banking companies or all checking offers available in the marketplace.

4. MPH Bank

MPH Bank stands for Make People Happy - and that's what it does with its Free Account. They don't hide their account types behind marketing - they offer a free checking account with no monthly maintenance fees, no overdraft fees, and more.

And, of course, you can get your direct deposit up to two days early.

Check out our MPH Bank Review here. 

Why I Like It: Free mobile banking from a bank that consistently has great interest rates.

Learn more about MPH Bank Free Account here. 

How Early Direct Deposit Work?

Early direct deposit is a service offered by some banks to credit your account in advance of a known deposit posting. Depending on where the payment comes from (such as a payroll company or the government), direct deposits may be sent via ACH to your bank account up to two days early along with a designated posting date.

Most traditional banks hold these funds until the paycheck posting date while actually earning a small amount of interest on those funds. However, many newer banks and financial services companies will simply post these funds to your account immediately, because "you're good for it".

Some companies also use technology from services like Plaid to analyze your account and see regular direct deposits, in which case they may "credit" your balance early if you're a trustworthy customer.

What Payments Qualify For Early Deposit?

The most common type of payments that qualify are payroll payments, as many large payroll providers use a similar system of notifying your bank of an incoming payment. For example, if you get paid on a Friday, your bank may receive notification (and even funds) as early as Wednesday.

Another common payment that qualifies are government payments. These could be tax refunds, stimulus checks, disability payments, and more. Since the government also uses a similar system of notifying banks when posting a payment (and the government is a trustworthy payer), these banks will post your payment early to your account.

Finally, other ACH payments may qualify, but this varies from payer to payer and bank to bank.

How Do These Accounts Compare To Other Checking Accounts

The accounts listed above are all extremely similar to other checking accounts - they are FDIC insured, they offer spending and debit cards, and all offer some form of online banking. Plus - almost all of them have no monthly fees (which is awesome).

The key difference is that all of these companies advertise offering direct deposit up to two days early - which can be a huge benefit for some individuals. Unlike "traditional" banks where you may be able to see the pending deposit but not access it, these banks and FinTech companies will actually post your direct deposit or ACH payment to your balance so you can use your money right away.

This can be huge if you're waiting for a tax refund or are considering other types of cash advance tools (which may have a fee or charge you interest).

Common Questions

Here are some common questions we see about early direct deposit (i.e. getting your paycheck or tax refund up to two days early):

What is early Direct Deposit?

Early direct deposit is a program offered by some banks and FinTech companies to credit incoming direct deposit and ACH payments to your account immediately, versus the date they were supposed to be delivered (which could be up to two days early).

How can banks post a direct deposit early to your account?

Many large payroll providers and the government alert banks to incoming ACH payments. Many traditional banks will hold this payment until the date requested, but the banks on this list will release the funds to your account immediately, depending on the payer and your banking history.

What types of payments are allowed to be credited early?

The most common payments that can be posted early include payroll deposits, tax refunds, disability payments, and stimulus checks.

Is early direct deposit available at every bank?

No. This is a service offered by a select few banks and financial services firms.

Is there a cost for this service?

No. There is no additional cost for this service, but some of the banks offering it may charge a monthly fee.

Final Thoughts

These checking accounts that offer early direct deposit (and are honestly solid free-checking accounts anyway) can be a great tool for people looking to improve their financial situation. Not having to wait a few days for a paycheck or tax refund can make a big difference, especially near the end of the month.

With that in mind, you might find other articles in our checking account comparisons helpful:

• Best Free Checking Accounts
• Best High-Yield Checking Accounts
  
• Best Nationwide Credit Unions
  
• Best College Student Checking Accounts
  
• Best Military Checking Accounts
  
• Best Starter Checking Accounts For Students And Kids

Methodology

The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best checking account that offers key features like early direct deposit. We do this by providing unbiased reviews of the top banks and checking accounts for our readers, and then we aggregate those choices into this list.

We have picked accounts based on our opinions of whether they meet qualifying uses, how easy they are to use, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best checking accounts for early direct deposit in the marketplace for consumers.

DISCLAIMERS

Chime

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

¹ The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of May 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

GO2bank

² 2.50% APY as of 10/7/2022 and may change anytime. Interest is paid quarterly on the average daily balance up to a $5,000 balance.

³ Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change.

⁴ Opt-in required. $15 fee may apply to each eligible purchase transaction that brings your account negative. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid the fee. Overdrafts paid at our discretion, and we do not guarantee that we will authorize and pay any transaction. See Deposit Account Agreement at GO2bank.com for more details.

Varo

⁵ Early access to direct deposit funds depends on the timing of the payer’s submission of deposits. Varo generally posts such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.

⁶ Direct Deposit and earlier availability of funds is subject to payer's support of the feature and timing of payer's funding.

Empower 

⁷ Cashback deals on Empower Card purchases, including categories, merchants, and percentages, will vary and must be selected in the app. Cashback will be applied automatically when the final transaction posts, which may be up to a week after the qualifying purchase.

⁸ Early access to paycheck deposit funds depends on the timing of the employer's submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the employer's scheduled payment date.

⁹ Empower is a financial technology company, not a bank. Banking services provided by nbkc bank, Member FDIC. 0.01% Annual Percentage Yield (APY) may change at any time. APY as of September 30, 2021.