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Varo promotions and bonus offers of July 2024

Earn $50 by opening a new account and using the Varo Visa Debit Card.

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 $50 new account bonus and a $25 bonus referral program.

Bonus typeBonus amountRequirementsLearn more
Varo Account bonus$50Open a new Varo account and spend at least $25 in qualifying transactions using the Varo Visa Debit Card within 60 days of account opening.
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Varo Referral Program$25Send 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.

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Varo’s best bonus offer

Varo’s best bonus offer depends on how you look at it.

Its $50 bank bonus for opening a new account is the best one-time offer and has fewer requirements than the referral bonus. However, the referral bonus isn’t a one-time thing — you can get the referral bonus five times each calendar year.

To receive the account bonus, you must open a new Varo Bank Account and make at least $25 in qualifying transactions using a new Varo Visa Debit card within 60 days of opening the account. The account must be in good standing when the bonus is paid, typically within 14 days of completing the qualifying transactions.

For Varo’s referral bonus, you can refer up to five friends in a calendar year. While the referral bonus technically has more requirements than the one-time opening bonus, it’s still very reasonable. 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 bank account and 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.

BankBonus offerMore info
PNCUp to $1,000Learn more
SoFiUp to $1,000Learn more
ChimeUp to $100Learn 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’s current bank bonus is $50. In the past, Varo had a promotion where you could earn a $100 referral bonus by opening a new account and meeting certain conditions, including direct deposit of $200 or more within the first 45 days​. This promotion is 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.

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To make sure you get accurate and helpful information, this guide has been edited by Bethany Hickey as part of our fact-checking process.
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Holly Jennings is an editor and updates writer at Finder, working with writers across all niches to deliver quality content to readers. She’s edited hundreds of financial articles ranging from credit cards to investments. With empathy at heart, she especially enjoys content that breaks down complex financial situations into easy-to-understand information. Prior to her role at Finder, she collaborated with dozens of small businesses to maximize the reach and impact of their blog posts, website copy and other content. In her spare time, she is an award-winning author for Penguin Random House, writing about virtual reality worlds, magical girls and lasers that go pew-pew. See full bio

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Holly has written 22 Finder guides across topics including:
  • Editing for tone and empathy
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  • Personal finance
  • Establishing new credit

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