Varo $50 Referral Bonus - Step By Step Guide

Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $50 bonus to new users that open a new Varo account with a referral link. Here’s how to earn your Varo referral bonus:

Open a Varo account using a referral link (here’s my Varo referral link)
Spend $20 within 30 days of opening your Varo account.
Your bonus will be deposited within 4-7 business days of meeting the requirements.

The Varo referral bonus is particularly easy right now because it doesn’t require a direct deposit – all you have to do is spend $20 on the Varo debit card. Accordingly, I recommend snagging this bonus while you can.

Varo is also a good beginner bank account bonus for several reasons. It has no fees or minimum balance requirements, so you don’t have to worry about managing the account. The bonus terms are also easy to meet since it doesn’t require a direct deposit. The bonus also posts relatively quickly, so you don’t have to spend a lot of time waiting for your bonus. And finally, when you open a Varo account, you get a referral link that you can use to refer your friends and family, allowing you to stretch your bonus even farther.

In this post, I’ll walk you through exactly what you need to do to earn your Varo referral bonus.

What Is Varo?

At the outset, it can be helpful to explain what Varo is for those of you unfamiliar with it. Varo is a fintech banking app, very similar to banking apps like Chime, Current, and Lili. While they aren’t technically banks in themselves, they partner with FDIC-insured banks and all of your funds are FDIC-insured.

Varo is a solid fintech bank because it offers a checking account with no fees or minimum balance requirements. They also offer early pay, so direct deposits arrive up to 2-days early.

Perhaps most interesting, Varo offers a 5% savings account on up to $5,000. That’s really good, but the downside is to qualify for the 5% interest, you need to have a monthly direct deposit of $1,000. If you were to use Varo as your primary bank account, then this would be a no-brainer – you’d want to take advantage of the savings account.

But if you’re using Varo solely for the 5% interest account, it’ll require more work. Varo also is fairly strict on what qualifies as a direct deposit, so you’ll likely need to do a real direct deposit to qualify for the 5% interest.

I personally don’t use the Varo savings account because of this strict direct deposit requirement, instead opting for 5% interest accounts that are easier to manage (you can read more about those accounts in this post: Where To Get 5% Interest Savings Accounts).

Varo $50 Referral Bonus: Step-By-Step Directions

With that background out of the way, let’s look at how to earn your $50 Varo referral bonus. You’ll need to do the following to earn the bonus.

1. Open A Varo Account Using A Referral Link. The first step is to open a Varo account using a referral link. Here’s my referral link if you’d like to support this blog. The signup process is straightforward and doesn’t have any impact on your credit (if you’re worried about that). You can signup for your account on your phone or on the website.

2. Spend $20 With Your Varo Debit Card Within 30 Days Of Account Opening. Your next step is to spend $20 on your Varo debit card. You’ll have 30 days from when you open your account to do this. Varo will mail you a debit card and you should receive it within a few days. It’s important to remember that the 30 days begins the moment your account is approved, so in practice, you’ll have fewer than 30 days to spend the $20 on the debit card since it’ll take a few days for your debit card to arrive in the mail. Don’t let this trip you up!

Of course, to spend $20 on your debit card, you’ll also need to fund your Varo account with at least $20. You can fund your Varo account at the time you open it. Varo uses Plaid, which allows you to link your external bank accounts to Varo and transfer money into it.

Be sure to make actual purchases with your Varo debit card. The bonus terms specifically state that ATM or over-the-counter cash withdrawals do not qualify, nor do third-party transfers using apps like Cash App, Venmo, or PayPal qualify. The easiest way to meet the $20 spending requirement is probably to pay a bill with your Varo debit card. Paying $20 towards a utility bill or phone bill, for example, would make things simple.

3. After Meeting The $20 Spending Requirement, Your Bonus Will Post Within 4-7 Business Days. The terms state that your bonus will post within 4-7 business days after meeting the spending requirement. That’s nice because it means you won’t have to wait long to get your $50 bonus.

Once your bonus posts, you can withdraw it immediately and send it to your regular bank account.

Pro-Tip: Refer Your Friends And Earn More Varo Referral Bonuses

One nice thing about accounts like Varo is that you get your own referral link that you can use to refer other people. You’ll earn $50 for every person you refer. You’re limited to 5 referral bonuses per calendar year. You can still refer more than 5 people each year – you just won’t get a bonus after you’ve referred 5 people in a year.

From a practical standpoint, if you have a spouse or partner, you can refer them and earn a referral bonus from them. You’ll earn $50 for referring them and they’ll earn $50 after meeting the referral terms.

For example, if you’re a two-person household, you can open a Varo account using my referral link, which will get you $50. You can then refer your spouse or partner, earning an additional $100 ($50 for them and $50 for you). That’d get you $150 for a few minutes of work. That’s well worth it for most people.

Final Thoughts

Varo is an excellent beginner bank bonus because the terms are easy to meet, it doesn’t have any fees or minimum balance requirements, and it comes with the ability to refer other people so you can earn even more referral bonuses.

For anyone who hasn’t earned a Varo bonus yet, this is worth doing. It’ll also get you more comfortable with bank bonuses in general, so you can start moving on to more advanced bonuses.

There’s a lot that goes into bank bonuses and if you’re interested in learning more, I highly recommend reading my post, The Ultimate Guide To Bank Account Bonuses. That post goes into a lot of detail about how bank account bonuses work and how you can take advantage of them and should be required reading for anyone looking to diver deeper into this world.

More Recommended Ebike/Scooters

Check out these other ebikes/scooters I've had the chance to do a review for:

GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

M1 Finance ($50) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $50 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
SoFi Money ($25) - SoFi Money is a free checking account from SoFi. They’re currently a $25 referral bonus if you open a SoFi Money account with a referral link. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
Brex ($250) – Brex is a free business cash management account that is offering new users a $250 Amazon gift card if you sign up using a referral link and meet certain requirements. It’s an easy bonus to earn and well worth doing. Here is my Brex Card Referral Bonus Step By Step Guide.
Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
Spiral ($50) – Spiral is a fintech bank that's currently offering new customers a $50 signup bonus after opening a free checking account with them. The Spiral referral bonus is especially good because it's a free checking account and doesn't require a direct deposit to earn the bonus. Here is my step-by-step guide on how to earn your Spiral Bank bonus.
Nearside ($90) - Nearside is a free business checking account that’s currently offering a $40 signup bonus and a $50 referral bonus if you open a Nearside business checking account using a referral link. Filling out the application should only take you a few minutes. And the bonus terms are easy to meet. Check out my Nearside signup and referral bonus guide here.
OnJuno ($100) – OnJuno is a fintech/neobank that is currently offering a $100 referral bonus if you open an account using a referral link and complete a direct deposit of $250 or more. The account has no fees or minimum balance requirements. Even better, the bonus posts immediately after you meet the requirements. If you can meet the direct deposit requirements, OnJuno is an easy bank bonus that’s worth snagging. Check out my OnJuno referral bonus guide here.
Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
Fifth Third Bank ($350) – Fifth Third Bank is currently offering new customers a $350 signup bonus after opening a new account and meeting certain requirements. This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you live or visit one of these states, make sure to take advantage of this high bonus. Check out my post on Fifth Third Bank to learn more.
Varo ($50) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $50 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
One Finance ($50) – One Finance is a fintech bank that’s currently offering a $50 signup bonus if you open an account using a One Finance referral link and have a direct deposit of $250 or more. This is a completely free bank account with no minimum balance requirement, so if you can meet the requirements, it’s worth doing. Check out my One Finance referral bonus guide here.
Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link.
Brex. Brex is a free business cash management account that is currently offering new users a $250 Amazon gift card if you sign up using a referral link and meet certain requirements.
M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $50 for opening an account.
Albert. A great free app I use to track my finances and save more money. You can also earn a $150 signup bonus if you open a free Albert cash account.