Varo Money (Online Bank Account) – $200 Sign Up Bonus (iOS & Android)

Extended to October 15, 2026

Update 8/14/26: Terms now state: ‘Each Sender may refer up to five Referees for a Bonus each calendar year–you acknowledge and agree if you complete the Offer, but are not one of the first five Referees from a single Sender to do so, you will not receive a Bonus.’ Because of that I wouldn’t recommend using a link from the referral thread. 

Update 8/11/26: Referral bonus has been increased to $200 for both parties. Not everybody is able to generate the higher $200 links. Valid until August 31, 2026. Hat tip to VeggieTable

It’s possible to edit links to show the $200 bonus. It’s possible if somebody has edited their link you will only receive whatever their bonus naturally shows, so remember to use a link from a trusted user and confirm they have not edited it.  If we get confirmation that editing has no effect we will reopen the referral thread at a later date.

Offer at a glance

• Maximum bonus amount: $200
• Availability: Nationwide
• Direct deposit required: Yes, $500+ within first 45 days
• Additional requirements: Use a referral
• Hard/soft pull: Soft pull
• ChexSystems: No
• Credit card funding: Unknown
• Monthly fees: None
• Early account termination fee: None
• Household limit: None
• Expiration date: August 31, 2026 June 30th, 2019 September 30, 2019 December 31st, 2019 March 31, 2026

The Offer

No direct link to offer, requires a referral. Find a referral here. 

• Varo Money is offering a bonus of $200 when you open a new account and complete the following requirements:
  • Receive a direct deposit of $500 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.

Referral Bonus

This bonus requires using a referral link. Do not share your referrals in the comments below, they can be found and shared in this linked post. The person who refers you will also receive $200 so try to use a link from a reader that makes helpful comments.

You’re able to receive a total of 5 referral bonuses for a total of $1,000 currently. If the person referring has reached the cap you will receive nothing.  If the person referring has reached the 5 cap the person being referred will still receive the $200 bonus. 

Our Verdict

Bonus is very good as the requires are easy to meet and you can potentially refer others. It’s nice that they have removed the anti sharing language and also increased the sign up bonus to $200 from $150/$100. We will add this to our list of the best bank account bonuses. 

F.A.Q’s

When will my bonus post?

Terms state: “The Bonus will be deposited into your Varo Bank Account within 30 business days of the receipt of the Qualifying Direct Deposit”

According to real life reports it seems like they might batch process bonuses within that 30 business day period so everybody waits a different length of time. For example somebody that received a direct deposit on 6/21 and another person that received it on 6/28 could both be paid out at the same time on 7/11. 

I didn’t get my bonus, they are saying it didn’t track?

This seems to be a new issue, we aren’t sure what is causing it. Front line reps say that it can happen during the application process but doesn’t seem to be an easy way to resolve the issue. As always take screenshots of your application process including the link and code that was used and escalate through Varo before filing a CFPB complaint. 

Is it possible to get this bonus multiple times (churn)?

Terms state it isn’t possible. They state:

….individual who is not currently and has not previously been a Varo Bank customer (either with Varo Bank, N.A. or Varo Money, Inc.)

Additionally we haven’t see any datapoints of anybody being eligible a second time. 

What counts as a direct deposit?

Terms state:

Qualifying Direct Deposits are an electronic deposit of a paycheck, pension or government benefits (such as Social Security or Unemployment Insurance) from an employer or the government into the New Customer’s Varo Bank Account. Tax refunds and government stimulus payments, person-to-person payments (such as Venmo and Varo to Anyone), and funds deposited using a Varo routing number are not considered a qualifying direct deposit. Varo, in its sole discretion, will determine whether a deposit is a Qualifying Deposit for purposes of this Offer. 

You can see what has triggered it in the past here. Just keep in mind those aren’t guaranteed to work.

Hat tip to reader Matt A