Disclosure: This post is sponsored by indi.
We’ve all been in this spot… you need money ASAP, but payday is still a few days away. Depending on the situation, you’re faced with pulling out a credit card, having to say “no” when you want to say “yes,” dipping into your savings, etc. It’s not a good feeling.
What if there was a way to ease some of that stress? I’m not talking about a magic pill, but a simple solution that helps you access your paycheck even faster.
If you’re interested in learning more, then let’s talk about indi’s Early Pay feature.¹
First, Here’s What You Need To Know About indi
indi is a smart banking solution that’s designed to work for those who traditional banking institutions have overlooked. That means indi was built for people who earn a 1099 income, like gig workers, independent contractors, freelancers, and so on.²
The problem is that while work arrangements have quickly shifted over the years — over 59 million Americans are now freelancing according to a recent study from Upwork, a huge influx in recent years — traditional institutions haven’t been able to keep up with the changing needs of these workers.
indi wants to make it easier for independent workers to save and spend their money, and they’re doing with features like:
- indi debit card: All users get an indi debit card to use for work and/or personal use. It’s a beautifully-designed card that works like a standard debit card, and you can categorize purchases on the go. This makes it easier to claim deductions at tax time.³
- Autosave for taxes: Preparing for taxes is stressful, but indi lets you set up savings goals so you can automatically designate a certain percentage of your pay for quarterly estimated tax payments.⁴
- No monthly fees: Because indi is a digital solution, it has lower overhead, and they pass that savings along to users by not charging monthly fees, signup fees, or overdraft fees. There’s also no minimum balance requirement to open an account with indi.⁵
- Fee-free transfers: If you get paid via PayPal, Venmo, Apple Pay, Google Pay, etc., indi doesn’t charge fees when you transfer money to your indi account.⁶
- ATM access: indi accounts are supported by PNC Bank, and you can access your money fee-free at over 60,000 nationwide ATMs.⁷
You can also trust that your money is safe as all indi accounts are FDIC insured up to the maximum amount permitted by law. Banking services for indi are provided by PNC Bank, N.A.
What I’m most excited to tell you about is Early Pay. This is a brand new feature that lets you access your paycheck up to two days sooner!
Yes, that means that for qualifying deposits — I’m going to explain what that means and other details further down — you can start spending your cash even sooner. Imagine what it would look like for you to access your funds up to two days earlier. To help you see the possibilities of how indi can add a little slack in a tight budget, I’m going to explain five situations when Early Pay can help.
5 Ways indi’s Early Pay Can Come in Handy
1. Rent’s Due
The setup is pretty convenient for landlords — rent is typically due on the first of the month, and most people get paid at the end of the month. But here’s the thing, if there’s a weekend or a bank holiday, most landlords give you a tiny grace period, but not all of them do.
One way Early Pay helps is that there’s less worry about making rent in those situations. If you can access your paycheck up to two days faster, this may help you cover rent before you head into the weekend.
For the average American, housing (this includes rent and mortgage payments) accounts for 30% of their monthly budget, according to a study published by the Bureau of Labor Statistics. Knowing that rent has already come off the top of your account makes it a whole lot easier to budget for the rest of the month. You know where your finances stand, and you can see how much you have to work with.
It also keeps you on good terms with your landlord, and that relationship matters!
2. Time To fill up the Tank
Gas prices hit an all-time high in 2022. We’ve all felt it, and we’ve all been coping with it in different ways. Maybe you’ve cut down on the number of trips you make to the store, are trying public transportation, or have even canceled or changed road trip plans.
One way some people cope is by only putting a few dollars in their tank — $5, $10, $20, or whatever you have access to at the moment. The problem is that your gas money doesn’t go nearly as far when prices are this high, so you have to fill up more often.
This is where indi’s Early Pay feature can come into play. If you’re running on “E” and payday is still a couple of days away, your money is there when you receive your pay through Early Pay, ready to spend.
3. You Need To Hit the Grocery Store
As if high gas prices weren’t enough, the cost of food hit 40-year highs in 2022. Consumers are feeling it all across the grocery store. Chicken prices are up 17.4%, milk up 15.9%, and fruits and vegetables up 8.2%.
It was already expensive to go to the store, and rising food costs have made it even more difficult when you’re this close to payday and realize you need to run to the grocery store.
Knowing that you can spend your paycheck up to two days faster with indi’s Early Pay feature helps you get to the store to grab the essentials.
4. You Forgot Your Mom’s Birthday
My mom would legitimately try to murder me if I wasn’t prepared for her birthday. So would my wife. Honestly, this one applies to far more than just moms and wives — forgetting someone’s birthday is a big deal, and it’s even worse if you don’t have money in your account to play it cool and grab a quick gift.
indi isn’t going to remind you about upcoming birthdays, but their Early Pay feature makes it easier to recover. Having access to your paycheck up to two days sooner means you can confidently grab flowers, a bottle of wine, or make a quick decision to take that special person out for a birthday dinner.
5. Impromptu Night Out
While an unexpected night out with friends might not always qualify as a need, it’s important to be around people. It’s good for your mental health.
Back when I was paying off my student loans, I was constantly saying “no” to friends because I wanted to allocate every extra dollar I made to destroying my debt. My thinking was that if I went out with friends, it would throw me off track. I would occasionally go out when we planned things well in advance, but most of my friends made same-day plans.
I made excellent progress with my debt payoff, but the reality is that I was miserable. I wish I had said “yes” more often. Maybe it would have taken me a few more months to reach my goal, but I think it would have been worth it in the end.
Always saying “yes” will torpedo your financial goals, but occasionally saying “yes” when you can is a huge mood boost.
You’re not going to have more money with indi’s Early Pay feature, but having your funds available sooner makes it easier to say “yes” when you need to get out of the house.
What You Need To Know About Early Pay
indi’s Early Pay feature works with eligible direct deposits to indi accounts. It’s available for indi users based on ACH (automated clearing house) instructions received by payors. Most banks hold funds for a few days even if they’ve received ACH information, but indi makes the funds available before the user’s scheduled payday if they receive information that it is available.
The Final Word on indi
According to the Upwork study I referenced early, not only did over 59 million Americans perform freelance work in 2021, they contributed over $1.3 trillion to the U.S. economy in annual earnings. If you’re part of this faction, you are making a massive contribution to the economy and are changing the work landscape.
Independent workers now make up a huge portion of the U.S. workforce, and their financial needs are different. That’s why I’m so excited about indi — they’ve designed a digital banking solution that helps freelancers and gig workers manage their money.
- Early Pay allows indi cardholders to receive direct deposits up to two days prior to their scheduled payment date. This feature is made available based on the instructions received from the payor of the direct deposit the cardholder receives. We may limit availability of Early Pay, in our discretion, pursuant to deposit limits on a cardholder's account and/or fraud and risk criteria. Direct deposits not eligible for Early Pay will be made available pursuant to our standard funds availability schedule.
- indi is a prepaid account. Your funds will be held at PNC Bank, National Association and are eligible for FDIC insurance, subject to FDIC insurance coverage limits.
- The indi prepaid debit card is issued by PNC Bank, National Association.
- indi’s Tax Savings Goal feature is not a substitute for individual tax planning or for legal, financial, or tax advice. The feature is intended only as a tool to provide a basic sense of your potential tax savings needs. Because indi will not know everything about your finances or your personal situation, your Tax Savings Goal may be more or less than your actual tax liability. The Tax Savings Goal does not account for local taxes. Using funds designated as Tax Savings for other spending may leave too little money to pay your taxes.
- A supported mobile device is needed to use this mobile app. Standard message and data rates may apply.
- Although indi does not charge a fee for this service, your financial institution or payment processor may.
- Visit this locator to find a PNC or PNC Partner ATM near you where indi customers can access money fee-free.
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