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. |
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 |
Axos bank | Up to $400 | Learn more |
SoFi® | Up to $300 | Learn more |
Discover® Online Savings Account | Up to $200 | Learn more |
Upgrade | Up to $200 | Learn more |
Chime | Up to $100 | Learn more |
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 2.5% to 5% on up to $5,000.
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