Varo Bank Promotion: Get $25 Checking Bonus & Referral Offer

Varo Bank, an online-only bank recognized for its customer-oriented services and almost non-existent fees, is offering $25 for opening a new account with our referral link and spending $20 with your new debit card within 30 days of account opening. Once you have an active account, you can also refer friends and earn both parties a $25 bonus.

• Update 11/4/2024: The offer is still active. Applying doesn’t impact your credit score.
• Update 8/8/2024: The offer is now $25.
• Update 1/17/2024: To earn the sign up bonus, new account holders must fund your account by at least $20 using external sources, such as instant transfers from another debit card, cash deposits, or ACH transfers. If you want a higher bonus, consider this one from that will land you up to $400 for opening a new checking account.

Varo is a fee-free mobile bank where you manage a Checking and Savings account through their app. Varo Bank provides a digital, user-friendly banking option with an attractive APY for savings accounts and additional features like Varo Advance and Varo Believe. It has established itself as a solid choice for online banking, especially for users who want to manage basic financial transactions while on the move, although it does have a few limitations such as the absence of wire transfers and 24/7 customer service.

READ MORE: GET TOP BONUSES FROM CHASE, AXOS, AND BMO.

Compare their rates with the nation’s top Savings rates here, top Checking rates here, and the top CD rates here.

Varo $25 Checking Bonus

• What you’ll get: $25 sign-up bonus
• Where it’s available: Nationwide
• How to earn it:
  • Sign up for a new Varo account using our referral link
  • Fund your account by at least $20 using external sources.
  • Spend $20 with your new debit card.
• When it expires: None listed.

Varo $25 Per Referal

• What you’ll get: $25 for each referral
• Where it’s available: Nationwide
• How to earn it:
  • Once you have an active account (use our refer our referral link to sign up if you don’t) you can earn $25 per referral
  • Your friend will need to sign up, fund their account by at least $20, and spend $20 with their new debit card.
  • You both with get $25 each.
• When it expires: None listed.

Varo Bank Key Features

1. Checking Account:
   • No monthly maintenance fees or required minimum balance.
   • Early access to direct deposits, which could be up to two days earlier than the scheduled payment date.
   • Access to over 40,000+ Allpoint ATMs, with a $3 fee for out-of-network withdrawals.
2. Savings Account:
   • No minimum deposit, and users are eligible for interest with as little as a penny in their account.
   • Offers a 3.00% APY, with up to 5.00% APY possible if specific monthly requirements are met.
   • Offers auto-savings tools like “Save Your Pay” and “Save Your Change”.
3. Varo Advance:
   • Offers instant access to up to $250, which needs to be repaid within 30 days, with no interest and a fee ranging from $0 to $15.
4. Varo Believe:
   • A credit-building program via a secured credit card with no annual fee or APR.

Brief Overview

• In 2020, Varo became the first U.S. consumer fintech company to be granted a national bank charter.
• It provides multiple ways of access, such as through its extensive ATM network, as well as via its user-friendly mobile app.
• It provides FDIC insurance, safeguarding users’ money up to permitted limits.
• Varo charges some fees, like up to $5.95 for cash deposits via third-party money transfer services and $3 for out-of-network ATM transactions, but it does not charge for foreign transactions or monthly maintenance.

Bottom Line

Varo Bank provides a digital banking platform with a focus on minimal fees and user-friendly mobile access. Offering checking and savings accounts, Varo presents features like high-yield savings, cash back, and the Varo Advance program, even while operating exclusively online. It promotes early access to direct deposits, ease of cash access via a wide ATM network, and various tools to aid savings and credit-building. However, customers might note some limitations like the lack of 24/7 customer support and wire transfer services.

Compare this offer with the best bank promotions here.

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.