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Home » Banking » Checking » Rewards » Best Bank Accounts To Get Your Tax Refund Or Direct Deposit Early

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

Updated: April 30, 2022 By Robert Farrington

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Best Early Direct Deposit Bank Accounts

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.

Best Early Direct Deposit Accounts
1. Discover Cashback Debit
2. GO2bank
3. Current
4. Chime
5. Varo
6. Empower
7. Oxygen
8. Copper

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.

1. Discover Cashback Debit

Discover offers the Cashback Debit Checking Account. This checking account allows you to earn up to 1% cash back on up to $3,000 in debit card purchases every month. See website for details.

Plus, this account has no fees or minimum balance requirements - including free-free overdraft protection! And, you can get your paycheck up to two days early with no charge!

They are very mobile friendly, have access to over 60,000 free ATMs, and even have no-fee check ordering. Read our full Discover bank review here.

Why I Like It: Cashback debit on a free checking account.

Learn more about Discover Cashback Debit here.

Discover Cashback Debit Account

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Rewards

1% cashback on up to $3,000 in purchases per month

ATM Access

60,000 Free ATMs

Availability

Nationwide

Promotions

None

Discover Bank Logo
OPEN AN ACCOUNT

2. GO2bank

GO2bank is a mobile bank that is working to take mobile banking to the next level. What we love about GO2bank is that they are really helping people access banking who may have never had a bank account before. GO2bank was created by Green Dot Corp, which many people may already be familiar with.

This account has a $5 monthly fee, but it's easily waived if you receive an eligible direct deposit payment during the previous monthly statement period.

Plus, the perks are amazing. You can currently earn 1.00% APY (Annual Percentage Yield) on up to $5,000 in your savings account, paid quarterly². You can also earn up to 7% cash back when you purchase eGift Cards from the nearly 100 popular merchants in the GO2bank mobile app as well as 3% cash back on Amazon eGift Cards bought in the app³.

Plus, they offer up to $200 in overdraft protection with opt-in and eligible direct deposit⁴.

Read our full GO2bank review here.

Why I Like It: A savings account that earns interest combined with a deposit account that has amazing overdraft protection.

Learn more about GO2bank here.

GO2bank

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$5 (Waived with Qualifying Direct Deposit)

Earns Interest

Up to 1.00% APY

ATM Access

19,000 Fee-Free ATMs

Availability

Online Nationwide

Promotions

None

GO2bank logo
OPEN AN ACCOUNT

3. Current

Current is a leading mobile banking app that has been endorsed by a huge range of personalities, including YouTuber Mr. Beast. It makes banking convenient and easy - it's that simple.

Current offers a free checking account that you should consider. It has no minimum balance requirements, no overdraft fees, fee-free ATM withdrawals at over 40,000 ATMs, and up to 15x points for cash back!

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

Check out our Current Review here. 

Why I Like It: Free mobile banking.

Learn more about Current Free Checking here. 

Current

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

0.0% APY

ATM Access

40,000 Fee-Free ATMs

Availability

Nationwide

Promotions

None

Current Logo 2021
OPEN AN ACCOUNT

4. Chime

Chime was one of the original free mobile banking apps that revolutionized mobile banking. They started with a mobile-first mindset, and also wanted to keep fees as low as possible.

As such, they have a top notching free checking account if you're okay with a mobile only platform. Chime has no physical locations, and all of their banking is done online - in the app. 

They have some amazing features, including being able to receieve qualifying direct deposits up to two days early!

Check out our Chime Review here. 

Why I Like It: Free mobile banking with great features.

Learn more about Chime Free Checking here. 

Chime

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

0.50% APY¹

ATM Access

38,000 ATMs Nationwide

Availability

Nationwide

Promotions

None

Chime
OPEN AN ACCOUNT

5. Varo

Varo is a modern app and online bank that is delivering awesome free checking with interest.

Varo has no minimum balance requirements, no monthly fees, and earns interest! And you can get your paycheck direct deposit up to two days early⁵.

It includes a debit card and a solid mobile app experience!

Read our full Varo review here. 

Why I Like It: A free checking account that can be combined that earns interest.

Learn more about Varo.

Varo

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

Up To 5.00% APY

ATM Access

55,000 Fee-Free ATMs

Availability

Nationwide

Promotions

None

Varo Bank logo
OPEN AN ACCOUNT

6. Empower

Empower is a mobile banking app that has a comprehensive set of personal finance features and is perfect for people who want only one app to manage their finances. It offers spending, saving, budgeting, cash advance, and more.

Empower is free for the first 14 days. After 14 days, Empower charges $8 per month for continued access to its full suite of money management tools.

With Empower, you can get your paycheck up to two days early⁷.They also offer cashback of up to 10% on places and things you spend money on already⁸.

Read our full Empower review here.

Why I Like It: Early paycheck, cash advance, and more.

Learn more about Empower here.

Empower

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$8/mo

Earns Interest

0.01% APY⁹

ATM Access

37,000 Fee-Free ATMs

Availability

Online Nationwide

Promotions

None

Empower Finance Logo
OPEN AN ACCOUNT

7. Oxygen

Oxygen is one of the few business banking options that allow you to get your direct deposit and other qualifying ACH payments up to two days early. They offer both personal and business accounts, and are designed for the freelancer or self-employed entrepreneur.

This account has no monthly maintenance fees, no overdraft fees, and no minimum balance requirements. 

Right now, this account earns 0.25% APY on deposits up to $20,000.

It also offers 2.00% cash back with certain merchants.

Read our full Oxygen Banking review here.

Why I Like It: Free checking for freelancers and soloprenuers. 

Learn more about Oxygen here.

Oxygen

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

Up To 0.25% APY

ATM Access

55,000 Fee-Free ATMs

Availability

Online Nationwide

Promotions

None

Oxygen Bank
OPEN AN ACCOUNT

8. Copper

Copper is a banking app that helps teach teens about financial literacy. Many banks don’t have accounts oriented towards teens. With parental oversight, Copper lets teens spend via an included Mastercard debit card. And parents are able to track and monitor their teens’ spending.

Copper offers all of the mobile banking features you’ve come to expect from modern financial institutions. It's app-based, has a debit card, and connects to Apple Pay, Venmo, and more.

It has no monthly maintenance fees, no overdraft or non-sufficient fund fees, and you can get your direct deposit early!

Read our full Copper review here.

Why I Like It: Free teen checking with early direct deposit.

Learn more about Copper here.

Copper

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

0.001% APY

ATM Access

50,000 Fee-Free ATMs

Availability

Online Nationwide

Promotions

None

Copper banking logo
OPEN AN ACCOUNT

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 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

¹ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.

² 1.00% APY as of 11/26/21 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.

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. 

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.

Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Best Bank Accounts To Get Your Tax Refund Or Direct Deposit Early
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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