Varo Money (Online Bank Account) – $50 Sign Up Bonus (iOS & Android) – Sharing Referrals Still A Nono

Update 12/3/21: Referral bonus reduced to $50

Update 6/11/20: $75 bonus good through 6/30, fingers crossed the $100 bonus returns again.

Update 1/3/20: Bonus has been reduced to $75

Update 12/18/19: Varo has now sent out e-mails saying this won’t be extended again and might be the last time they ever offer $100.

Update 10/13/19: Bonus has been extended until December 31st, 2019

Update 7/3/19: Bonus increased to $100 for referrer and $100 for new member. Direct deposit requirement lowered from $250 to $200. Updated details below. Do not leave your referral or leave your email or ask for a referral in the comments.

Important reminder, do not share your referrals because Varo money will ban you. “Eligibility is based on individual Members inviting only personal friends, family, and known acquaintances. Attempts to generate referral activity by posting a Member’s unique link on third party social media, blog, or other similar websites can result in termination of Member eligibility.”

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: Nationwide
  • Direct deposit required: Yes, $200+ 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: June 30th, 2019 September 30, 2019 December 31st, 2019

The Offer

No direct link to offer, requires a referral.

  • Varo Money is offering a bonus of $100 $75 when you open a new account and complete the following requirements:
    • Receive a direct deposit of $200 $250 or more within the first 45 days

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

Previously they offered a $100 bonus with the exact same requirements. Because of that I wouldn’t recommend doing this deal. I’d also recommend not doing it as they ban sharing referrals.

Hat tip to reader Matt A
    William Charles
  • On December 18, 2019, 22:56

View Comments (660)

  • Valley Direct Data Point

    $400 bonus for new checking plus $7500 of DD in 3 months

    There was not a lot of data points for Valley, so I sourced the DD from two sources within 90 days to make sure I got a win:

    $7500+ from Fidelity CMA
    $7500+ from Treasury Direct

    8/29 account opened
    12/2 $400 bonus awarded

    Sorry I can't say definitively which one worked, but I can safely say one of the was good.

  • I can now report that a $1K deposit to Varo Checking initiated on 6/5 via Astra with name "Payroll" did NOT qualify as a Direct Deposit.

    My Varo Savings account is still not earning 5% APY for this month.

    Before you ask, I honestly can't remember whether I did a quick transfer or a routine with a one-time transfer. Is there a way to tell the difference in the transfer history of the Astra app?

        • Oh, I've found at least one great friend here on DoC! ;-)

          I just wish Varo had more options to qualify for the great savings rate! Boy, will I regret losing it..... especially since I recently got access to Astra, and am trying to work out routines (to share) to keep the savings account at $5K automatically....

          • Yes I found a friend too. There're many high yield savings accounts though I don't use any of them...... @guest_1388992

          • @guest_1389018 True, but I already had gotten Varo's bonus, & was about to close the account when they announced the 5% APY. Woohoo! (DId I mention that I'm really lazy?) ;-)

            Planning to give Astra a try later this month. Will report back.

            And I didn't become interested in high yield savings accounts until ~6 months ago, when I had to replace a maturing Ally 5-yr CD @ 2.3% to one paying 0.87%. OUCH!

  • Does anyone know what still works as DD for the 3% qualification purpose.
    Alliant?
    Treasury Direct?

  • Current referral bonus is $50 for both parties. New user only has to spend $20 in 30 days. Good through December 15.

  • I cannot log into the new Varo Bank App by using my existing user name and password. Has anybody successfully logged in?

  • @will @chucksithe Steady (https://steadyapp.com/) is offering $75 for opening a new Varo account and spend $25 with Varo debit card within 90 days of opening (must be new, first time Varo account holder)
    Screenshot: https://imgur.com/eG1bAhe
    Prodege companies are promoting the app for ~$1-$1.5 (just download and create a new account, pending instantly)
    I know this app is not popular amongs DoC users, but just want to point it out since the $75 referral is long gone.

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