Varo promotions and bonus offers of September 2024

Varo was the first online bank in the US to achieve a national bank charter, and it offers a variety of banking and lending products. Currently, it has a $25 bonus referral program.

Bonus type	Bonus amount	Requirements	Learn more
Varo Referral Program	$25	Send your friend a referral link within the Varo app. Your friend must open an account, deposit at least $20 and spend at least $20 using the Varo Visa Debit Card within 30 days of account opening. You and your friend each receive $25. Your Varo account must contain a positive balance and be in good standing during the referral, and your friend must be a new Varo customer.	Go to site

Varo’s best bonus offer

With only one offer on the table, the referral bonus is Varo’s best offer.

For Varo’s referral bonus, you can refer up to five friends in a calendar year. If you max out your referrals and meet all requirements, you can earn up to $125 every year.

For you and your friend to earn the referral bonus, send your friend the unique referral link within the Varo app. Then, your friend must open a new Varo Bank Account, deposit at least $20 into the account and make qualifying purchases totaling at least $20 using their Varo Debit Card. Your friend must complete these requirements within 30 calendar days of opening the account.

What does Varo consider a qualifying direct deposit?

Varo considers qualifying direct deposits as payroll, pension, or government benefits such as Social Security or unemployment insurance. Peer-to-peer payments, tax refunds, government stimulus payments or funds deposited using a Varo routing number do not qualify.

Compare more bank account bonuses

Varo is an online bank in the US, that provides a range of banking and lending products. Notably, Varo offers its accounts with no monthly fees. And overall, Varo’s referral bonuses are pretty easy to earn. Most banks with welcome or sign-up bonuses tend to require hundreds or thousands of dollars in deposits to earn the bonuses.

But you must be comfortable with an all-digital banking process as Varo doesn’t have physical branches. If Varo isn’t the right bank for you, compare more bank account bonuses to earn some extra cash when you’re switching banks.

Bank	Bonus offer	More info
PNC	Up to $1,000	Learn more
SoFi®	Up to $300	Learn more
Upgrade	Up to $200	Learn more
Fifth Third Bank	Up to $325	Learn more
Chime	Up to $100	Learn more

• SoFi terms and conditions

  New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  Our account fee policy is subject to change at any time.
  SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms
  See list of participating banks at SoFi.com/banking/fdic/receivingbanks
  We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time
  Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Frequently asked questions

Are there banks with immediate signup bonuses?

Unfortunately, most banks don’t pay signup bonuses immediately. Most bonuses have specific conditions to meet, such as spending a certain amount within a designated period. After meeting those conditions, most banks will issue the signup bonus within 30 to 90 days, provided your account remains open and in good standing.

Does Varo have a $100 bank bonus?

Varo had a promotion where you could earn a $100 referral bonus by opening a new account and meeting certain conditions, and it also had a $50 account opening bonus. However, these promotions are now expired.

Does Varo have a direct deposit bonus?

Currently, Varo does not have a direct deposit bonus for its bank accounts. However, some of its other products feature incentives related to direct deposits. For example, at least $1,000 in direct deposits can increase your savings APY from 3% to 5% on up to $5,000.