- Mobile App. SoFi Money makes it easy to bank from your phone. You can pay bills, transfer and receive funds, and deposit checks without setting foot in a bank.
- Monthly Giveaway. Through the end of 2021, SoFi is giving away $20,000 in cash prizes each month. Each time you spend with your SoFi Money debit card, you earn one entry for a chance to win. If you have direct deposit set up, you earn three times as many entries.
- Cash Bonus. If you switch a direct deposit from your current bank to SoFi Money, you get a one-time cash bonus of $100. This deposit appears in your So-Fi Money account within two weeks.
7. Wealthfront Cash Account
When you set up direct deposit on your Wealthfront Cash Account, the money can enter your account up to two days before your official payday, depending on your payroll provider. In addition to making the money available sooner, that gives it two extra days of each pay period to earn interest. And with unlimited free transfers to your connected investment account, you can easily put your money to work in the market at any time.
The Wealthfront Cash Account offers a generous interest rate of 0.10% APY, with no account fees or monthly maintenance fee. You can make payday loans in Fredericksburg OH an unlimited number of transfers into and out of your account each month at no cost. You can also make payments directly from your account or withdraw cash with no fees through a nationwide network of 19,000 ATMs. And, unlike most banks, it insures the cash in your account up to $1 million – four times the amount covered by the Federal Deposit Insurance Corporation.
One unique feature of Wealthfront is its Self-Driving Money™ vision. It gives you the option to take care of all your financial obligations automatically. Once you direct-deposit your paycheck, Wealthfront can pay all your bills, replenish your emergency fund, and direct any extra money into an investment account based on your personal goals.
8. Axos Bank – Direct Deposit Express
Another online bank that offers faster access to your paycheck is Axos Bank. Its fee-free Essential Checking account comes with Direct Deposit Express, a feature that gives you access to your paycheck as soon as your employer submits the payroll instruction to the bank – up to two days before your coworkers get theirs. All you have to do is set up direct deposit for your account, and the bank does the rest.
- Low Fees. Essential Checking has no monthly maintenance fees, no minimum monthly balance, and no overdraft or nonsufficient funds fees. It also offers unlimited reimbursement for ATM fees from other banks within the United States.
- Online and Mobile Banking. You can use the Axos website or mobile app to manage your account from anywhere. Its features include free mobile check deposit and online bill payment. And you can integrate it with third-party apps like Venmo or Mint.
- No-Hassle Switching. If you don’t currently have an Essential Checking account, it’s easy to set one up. Axos can walk you through the whole process in two minutes. You don’t even need to make an initial deposit.
Another Axos account that comes with Direct Deposit Express is Nationwide My Checking. This special checking account is available only to customers of Nationwide insurance. It’s similar to Essential Checking except it requires an opening deposit of $100.
The very first payroll advance app was ActiveHours, which is now Earnin. Its creator, Ram Palaniappan, says its goal is to make the financial system fairer by helping workers break free of the pay cycle that holds back their money.