Posted by William Charles on December 5, 2018
Bank Account Bonuses

Published on December 5th, 2018 | by William Charles


Varo Money (Online Bank Account) – $100 Sign Up Bonus (iOS only?)

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: Nationwide
  • Direct deposit required: Yes, $250+ within first 45 days
  • Additional requirements: Use a referral, must be e-mailed to you and you must use the same e-mail address to sign up
  • Hard/soft pull: Soft pull
  • ChexSystems: No
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: None
  • Household limit: None
  • Expiration date: December 31st, 2018

The Offer

No direct link to offer, requires a referral. Click here to find a referral or share your referral link

  • Varo Money is offering a bonus of $100 when you open a new account and complete the following requirements:
    • Receive a direct deposit of $250 or more within the first 45 days

The Fine Print

  • In order for each party, the referring Varo member (the “Member”) and the referred individual (the “Referee”) to qualify for and receive a $100 bonus, Referee must: 1) use Member’s unique link to register Referee’s email address; 2) open a new Varo Bank Account (subject to approval) by December 31, 2018, using the same email address used for registration in the prior step; and 3) receive at least one qualifying direct deposit of $250 or more into the new Varo account within 45 days of the date the account was opened.
  • The qualifying direct deposit must be an electronic payment payable to Referee such as (a) a tax refund, paycheck, pension payment, or Social Security benefits from the U.S. Treasury; (b) a paycheck from Referee’s employer; or (c) a pension payment. Transfers from external bank or other financial institution accounts or peer-to-peer payments (such as through PayPal or Square) do not qualify.
  • Bonuses will be paid in the form of a credit to the Varo accounts of the Member and Referee within one week after Referee’s qualifying direct deposit occurs.
  • Referee must be a new Varo member with no prior Varo account(s).
  • Referee acknowledges that non-payment or payment of the bonus and any related promotional communications will result in Member’s awareness that Referee requested and/or opened a Varo account.
  • The name of the direct deposit recipient must be the same as the account holder.
  • Member is limited to receipt of a total of $500 in referral payments through participation in this promotional program. Varo Money Inc., the sole sponsor of this promotional program, reserves the right to cancel or modify its terms, or terminate a Member’s eligibility to participate in this promotion at any time without prior notice.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

Yesterday we posted about a deal offering some Varo Money existing customers 5% back on debit card purchases. It’s always nice to see nationwide bonuses like this for new customers. Definitely think this is worth doing if you can find somebody to refer you for $100. I’ll add this to our best bank bonus page. As always please share your experiences and data points in the comments. Referral information is NOT to be shared in the comments, share that in this linked post instead.

Big thanks to reader, Ganesh who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

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The website says “No credit check required” near the sign-up button, so my assumption would be soft pull or no pull.

Was a soft pull to open, no chex either

do you have a referral link i can use if you opened your account please.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

DoC it’s a soft pull and if there is an ETF it wasn’t enforced when I closed it around 40 days in.

Thanks, mind sharing what type of soft pull? My three bureau reports are locked/frozen

Dan - Legal Bank Robber
Dan - Legal Bank Robber

I could not tell you Pete

It’s alright, I’ll work on unlocking all three. May I ask what led to your comment about there being a soft pull? Happen to use a monitoring service that notified you of an inquiry, just not specifically which one?


Dan - Legal Bank Robber
Dan - Legal Bank Robber

I just simply said it wasn’t a hard pull. I couldn’t confirm if they even soft pull.

Curious about DPs on triggering the DD req given that Fine Print specifically excludes “Transfers from external bank or other financial institution accounts “

i got a referral and plan to open account soon, but not sure i can get the 100 bonus due to i am self employed and terms saying: Earn $100* when you receive a payroll direct deposit of $250 or more within your first 45 days. Anyone has input about how strict they are?

Michael Manh Duy Le
Michael Manh Duy Le

On the page with the 5% cashback from Varo some people mentioned Chase ACH push worked in the past.

just transfer from a bank.

William Charles can I get the referral after signing up? If I sign up with a $50 link, will I in turn get the $100 referral link to send out?

Are only certain members getting $100 links to send out? I have had my varo account for a few months, only have $50 link in my email.

can i please get a referral link? [request removed]

I believe that just about any regular bank transfer will work to fulfill the direct deposit requirement. I did the $50 bonus a while back and chase worked for me.

Did it post quickly?

Bonus should post on the same day that your direct deposit hits your account. It did for me at least.

After signing up, how do you generate your own referral links to send out? I signed up but would like to refer P2 for an extra $100.

You have to be targeted by email, unfortunately. Though, I have been targeted by email with referral offers with different expiration dates, so you might want to wait a while until after the current referral offer expires to see if you are emailed a referral offer with a later expiration date.

Srikanth Gokavarapu
Srikanth Gokavarapu

They have very good customer service and no fee at all. No fee what so ever. No fee for using other bank atm’s too though the other bank may charge a fee to use it. It has tons of features and a dedicated section “suggest a feature” where you can post an idea or suggest a feature to Varo. All requests are then reviewed, and users can opt in or vote supporting the feature by selecting “I want in!” and comment etc. They update them too as they review and would display the status like “started”, “comleted”, “under review”. It depends on how many people want to see that feature added I believe. It also provides loans only to its members and actually no one can apply for one. They provide loan offers which would be available on the app if you were qualified for one and I believe it might depend on various other activities it considers.

Is it confirmed that there is no ETF?

You’ll need an i[Pad|Phone] for this:

“This app is only available on the App Store for iOS devices.”

Looking for a referral.

A lot of people that I’ve been sending referral links to have not been able to complete this bonus because they say they don’t have the right iPhone, or no iPhone at all. iPads also work with this app. Unfortunately, the android app is still in beta mode and won’t work with this.

Also, it pays to try to get your direct deposit in as soon as possible because the bonus should post on the same day that your deposit does. At least it did for me. Super quick and easy.

I don’t believe that you need to keep your account open after you receive your bonus, but you might want to anyway because you could be targeted by email with referral links to send out in January or February. They’ll probably only be for $50/$50 since the $100 bonus seems to be some sort of a holiday promotion, but you never know. If you want to take advantage of the $100 bonus, now is the time to do it.

Your $250 will become $300 guaranteed and it’s all free Free $50 Varo Has a Promotion going on till after christmas hurry get you a Easy $50 opening a free Account Varo Is a bank Account I been using them a while now I Can show you its all free Varo dont have fees open a free Account today [link removed. Follow the rules!] we both get $50 added to our Accounts they want a direct deposit of $250 one time I did the direct deposit using my Cash app you Can do It too using any other debit Card try today

William Charles Riff Raff alert! Referral abuse!

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