DOC Compass — Offers, decoded

Deal has expired, view the best current checking bonuses by clicking here.

Update 12/19/18: Varo Money is now available on Android as well.

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: