We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.
How to Set Up Direct Deposit
Get a direct deposit form from your employer, fill it in, attach a check or deposit slip, then submit it.
Margarette Burnette is a savings expert who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press, USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
Jeanne is a former NerdWallet writer focusing on credit, debt and loans. She has covered financial topics for more than 20 years, including stints at Fortune and Money magazines.
Alice Holbrook Assigning Editor | Homebuying, savings and banking products
Alice Holbrook joined NerdWallet in 2013 and is an editor on the home/mortgages team. Previously, she was an editor on the banking team, covered insurance and banking as a writer, and did a stint on the copy desk. Her work has been featured by USA Today, MarketWatch, Newsweek and The Washington Post. Email: <a href="mailto:[email protected]">[email protected]</a>.
Wealth psychology expert and coach Kathleen Burns Kingsbury, founder of KBK Wealth Connection and host of the Breaking Money Silence podcast, is an internationally published author and speaker. As an expert on financial psychology, Kathleen has appeared on television and her work has been featured in The New York Times, The Wall Street Journal, "PBS NewsHour," Money magazine, Today Money, Forbes and CNBC. Kathleen served as an adjunct faculty member at the McCallum Graduate School at Bentley University from 2009 to 2019 and currently teaches at Champlain College.
At NerdWallet, our content goes through a rigorous editorial review process. We have such confidence in our accurate and useful content that we let outside experts inspect our work.
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Direct deposit is a free electronic transfer service that sends your paychecks or benefit checks to a bank account or prepaid debit card of your choosing.
Having Chase or Bank of America direct deposit, among other banks', can also help you avoid monthly checking account fees.
Here’s everything you need to know about how to set up direct deposit at your financial institution.
1. Get a direct deposit form from your employer
Ask for a written or online direct deposit form. If that isn’t available, ask your bank or credit union for one. We’ve included a list of forms from top banks, including the Capital One and Bank of America direct deposit forms.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
If you receive Social Security or other federal benefits, it’s legally required to get them through direct deposit or a Direct Express prepaid debit card. To sign up, visit GoDirect.gov or call (800) 333-1795.
2. Fill in account information
You typically need to provide the following personal and bank details:
Bank's mailing address. Find this on your bank statement or your financial institution’s website. If you use your bank's direct deposit form, you'll likely need your employer's address.
Bank's routing number. This is the nine-digit number, also known as the American Bankers Association — or ABA — number, printed on your bank statement or along the bottom left of your checks.
Your account number. This comes after the routing number on the bottom of your check. You may also find it on your deposit slip or bank statement.
Type of account. This typically will be your checking or savings account. It’s where your direct deposit will go.
Other. Some forms also ask for your Social Security number or mailing address.
3.75%SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.75% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
3.30%3.30% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 12/21/2022.
Min. balance for APY
$0
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
3.75%Annual percentage yield (variable) is as of 12/09/2022.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
2.50%SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.75% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
1.25%Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Use your Axos Visa® Debit Card for a total of 10 transactions per month (min $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30% APY. Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account to earn 0.20% APY. Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account to earn 0.20% APY. Use your Rewards Checking account to make your full monthly Axos consumer loan payment to earn 0.15% APY.
Monthly fee
$0
Money market accounts pay rates similar to savings accounts and have some checking features.
Money market accounts pay rates similar to savings accounts and have some checking features.
You can choose to deposit 100% of the check into a checking account, but there’s a benefit to splitting direct deposit into two or more accounts. If you can put a portion, such as 20%, of your paycheck or benefit check into a high-yield savings account, you can save automatically each month. (To find savings accounts with the highest rates, see our list of the best online savings accounts.)
A smart way to monitor your money
Track your cash, cards, and bank accounts all at the same time.
4. Attach a voided check or deposit slip, if required
Some employers use a voided check or deposit ticket to verify the account and routing numbers. If you’re asked to do this, write “VOID” across the front of a blank check, which ensures the check’s unusable if it’s lost or stolen. Then attach the check or slip to the direct deposit form.
5. Submit the form
Give the form to your employer, and wait for the direct deposit to go into effect. It may take weeks, so monitor your bank account regularly.
Direct deposit is a convenient service that can give you faster and safer access to your hard-earned money than a check. You’ll need to take some time to set up the automatic deposit. But you’ll save time later by eliminating trips to a bank to cash checks — or waiting for checks to clear. It is also a great way to automate saving money each month.