Here’s a quick look at how our referral program works. See full terms and conditions below.*
Where can I find my unique referral link?
If you’re eligible for the referral program, find your unique referral link in the email we sent, or in your app in Settings.
I got referred to Varo by a friend. How do I make sure we both get our bonuses?
First, register your email at the unique referral link your friend gave you and open a Varo Bank Account by June 30, 2020. Then, receive a qualifying direct deposit of at least $200 or more into your Varo Bank Account within 45 calendar days of when the new account was opened.
What is a qualifying direct deposit?
A qualifying direct deposit must be $200 or more (two or more that add up to $200 do not qualify) of Referee’s payroll, pension or government benefits (such as Social Security) from their employer or the government agency. Any funds transfers from an external bank accounts or other financial institution account or peer-to-peer payments such as through PayPal, Square, Venmo, Apple Pay, Cash App, or similar services are not considered eligible ACH deposits. The direct deposit must post to the Varo Bank Account within 45 calendar days of opening.
What if I got a referral from my friend but I already have a Varo account?
Unfortunately, you wouldn’t be eligible for a bonus because you already have an account.
Can I refer a friend who has an Android?
You bet! You can refer friends who use iOS or Android.
When will my referring friend and I get our bonuses?
Cha ching! You’ll both get your bonus payment in the form of a credit to the Member and Referee Accounts within seven (7) calendar days after the eligible ACH deposit posts to the Referee’s Account.
How many friends can I refer? How much can I earn in Referral Bonuses?"
You can refer as many friends as you like! However, you can only earn an all-time maximum of $500 in program bonus payments. If you used a referral link and received a referral bonus when joining Varo, that payment counts towards the $500 Program lifetime payment limit.
Is every Varo customer part of the program?
Generally, the program is open to all Varo members. However, if we suspect that a member is abusing the program, for example, by posting their unique link on third-party social media, blogs or other similar websites, we may terminate their eligibility. A member’s unique referral link is intended for personal friends and family only.
Can I refer myself for a second account if I have an existing Varo Bank Account?
No. You can’t open more than one Varo Bank Account per Social Security Number.
Full Terms & Conditions
*In order for each referring Varo member (“Member”) and referred friend, family, or acquaintance (“Referee”) to both qualify for and receive a $75 Refer-a Friend Program (“Program”) bonus all of the following conditions must be met: (1) Referee must open a new Varo Bank Account (“Account”) (subject to approval) between January 1, 2020 and June 30, 2020; (2) Referee must be a personal friend, family member, or known acquaintance of Member**, have used the Member's unique referral link to request the new Account, and must be a new Varo Member with no current or prior Account(s); (3) the Referee’s new Account or Varo Savings Account must receive a qualifying direct deposit of $200 or more within forty-five (45) calendar days from when the new Account was opened; and (4) The qualifying direct deposit must be one (1) Automated Clearing House (ACH) electronic payment payable to the Referee. Eligible ACH payments are payroll, pension, or government benefits direct deposit payments originating from the Referee's employer or a government agency. Any funds transfers from an external bank or other financial institution account or peer-to-peer payments such as through PayPal, Square, Venmo, Apple Pay, Cash App, or similar services are not considered eligible ACH deposits.
To receive a bonus payment, each Account must be open and in good standing. An Account is considered to be in good standing if it is active, is not in the process of being closed, and has not had a negative balance for sixty (60) calendar days or more. The bonus payment is made in the form of a credit to the Member and Referee Accounts within seven (7) calendar days after the eligible ACH deposit posts to the Referee’s Account.
Each Member is limited to receipt of $500 in Program bonus payments. If the Member received a bonus payment when first joining Varo, that payment will count toward the $500 Program bonus payment limit. If you qualify for a Program bonus payment that exceeds the limit, your Program bonus payment will include the full amount up to the limit plus the excess balance. Credits of $10 or more will be reported on tax form 1099-INT for new Members. Credits of $600 or more must be reported on tax form 1099-MISC for existing Members.
By participating in the Program, both Member and Referee acknowledge that information about Referee’s request for an Account and bonus qualification status will be shared with the Member.
**The terms of this Program may be canceled or modified, and a Member’s eligibility to participate in the Program may end at any time without prior notice. Attempts to generate referral activity by posting a Member’s unique referral link on third-party social media, blog, or other similar websites can result in termination of Member’s Program eligibility.
Credits of $10 or more will be reported on tax form 1099-INT for new members.
Credits of $600 or more must be reported on tax form 1099-MISC for existing members.