I personally haven’t tried it, but from what I hear from others, NO it doesn’t. They have a pretty strict sensor on what qualifies, and sometimes even REAL DD’s from employers don’t trigger and you need to open a ticket *each month* to correct it. Pretty killer interest rate though still if you can swing it.

Chase work as DD for HMBradley or u referring to SoFi & Chime. TIA.

Hey I would check out Porte Bank. Although it says direct deposit $1000 each month to earn 3%. A normal deposit works.

T-Mobile money also offers a checking that gives 1% APY. If you’re a T-Mobile customer you can get up to 4% on the first $3k after making 10 debit transactions a month and 1% on the rest.

One finance bank also offers a 1% savings up to $5k without doing anything.

Definitely needs to be a paycheck vs. just an ACH transfer from bank –> bank to qualify. Most employers allow a split of paychecks to a few different banks. Either a % split, or sometimes a specific dollar amount.
I know what you mean about the security and insurance aspect. As with any start-up, fintech banks are probably mostly concerned with meeting the minimum possible regulations first to get their product out the door. Any additional effort/money spent on security might be overkill for a company just starting out.

Thanks for sharing this! I know there’s a feature where you can “dispute” transactions and prove that they are technically payroll related. But, I think this needs to be done every single month, and it’s approved at their discression.

I agree that if it’s too much of a hassle (or required additional paid software) it isn’t really worth it! Churning is an option (many other banks unofficially approve ACH transfers as payroll deposits).

Chime is a good one! SoFi is the other one my wife and I did recently. I think it’s $50 for those also, very similar to Chime. (Pretty sure my Chase ACH counted as a DD FYI).

Ally was crushing it for so long, but I know many people that are pulling out now and looking elsewhere too. I think there’s gonna be a good shift over the next few years if these new fintech banks can offer good rates like this.