Varo Bank is one of the few fully chartered online banks in the United States — meaning it holds an actual bank charter, not just a partnership with a traditional bank. For new customers, Varo is currently offering up to $100 cash when you open a free account and set up direct deposit. If you are looking for a fee-free bank account with a real cash bonus, Varo is worth a close look.
What Is the Varo Bank Sign-Up Bonus?
New Varo customers who sign up through a referral link and receive qualifying direct deposits within the promotional period can earn up to $100 in cash bonuses. The exact bonus amount depends on the current promotion — Varo runs tiered bonuses based on direct deposit amounts. Check the current offer when you sign up, as the amount may vary.
| Bonus Amount | Up to $100 cash (varies by promotion) |
| What You Need to Do | Open account + receive qualifying direct deposits |
| Account Type | Varo Bank Account (free checking) |
| FDIC Insured | Yes — Varo is a nationally chartered bank |
| Monthly Fee | None |
| Minimum Balance | None |
How to Claim Your Varo Bonus — Step by Step
- Click the sign-up link on this page to open your Varo Bank account.
- Enter your personal information — name, address, Social Security number (required for FDIC-insured accounts).
- Your Varo Bank Account and debit card will be issued within a few business days.
- Set up direct deposit from your employer or a qualifying income source.
- Meet the direct deposit requirements within the promotional window.
- Your cash bonus will be deposited into your Varo account.
What Makes Varo Different From Chime and Cash App?
The key difference between Varo and most other online banking apps is that Varo holds a national bank charter. Chime and Cash App are financial technology companies that partner with FDIC-insured banks — your money is still protected, but the underlying structure is different. Varo is the bank itself, which gives it more flexibility to offer products like personal loans and savings accounts with competitive rates.
Varo also offers a high-yield savings account with a competitive APY for customers who meet monthly requirements (receive direct deposits and maintain a positive balance). For people who want to keep their checking and savings in one place and earn interest on their savings, Varo is worth considering over apps that only offer checking.
Varo Bank Pros and Cons
| Nationally chartered bank | Full bank charter — not just a fintech app |
| No monthly fees | No maintenance fees or minimum balance |
| High-yield savings | Competitive APY on savings when you meet requirements |
| Early direct deposit | Get your paycheck up to 2 days early |
| Varo Advance | Small cash advances up to $250 for eligible customers |
| No physical branches | App-only banking |
| Savings APY requirements | High rate requires meeting monthly direct deposit and balance conditions |
| Limited ATM network | Fee-free ATMs through Allpoint network only |
Varo Bank is a solid choice for anyone who wants a fee-free checking account with the added benefit of a high-yield savings option. The fact that it is a nationally chartered bank (not just a fintech app) gives it more credibility and flexibility than most competitors. The sign-up bonus makes opening an account a no-brainer if you are already considering a fee-free banking option.
Written by the StackMyReferrals Editorial Team. We review products independently and only recommend products we believe are genuinely useful. When you sign up through our links, we may earn a referral bonus — this never affects our editorial opinion.