When eligible, you’ll be invited to apply in the Varo Bank app. Here’s the minimum you’ll need to become eligible:
- Qualifying direct deposits* of $500 or more in the past 90 days to your Varo Bank Account
- Active use of your Varo Bank Account with no negative balances or an overdue Varo Advance.
- Additional qualifications apply as part of the approval process.
Once you’re invited to apply, we’ll review your application and let you know if you’re approved within 2 business days.
*Qualifying direct deposits can be made to either your Varo Bank Account or Savings Account. The following deposit transactions into your Varo Bank Account are NOT considered qualifying direct deposits:
- ACH Transfers made using your Varo Bank Account number and routing number, including:
- Transfers from an account held in your name at another bank, brokerage firm, or other financial institution whether from the Varo Bank Account holder or a third party; or
- Transfers from digital wallets or Peer to Peer (P2P) services, including, but not limited to, PayPal, Venmo, Square, and ApplePay Cash.
- Non-Payroll transfers made to the Varo Visa® Debit Card via Visa® Direct from digital wallets or P2P services, including, but not limited to, PayPal, Venmo, Cash App, Zelle, GooglePay, Facebook, or other similar transfers.
- Cash deposits made via Third Party Money Transfer Services, including but not limited to the Green Dot® Network.
- Mobile Deposit of checks via the Varo Bank Mobile App.
- Varo-to-Varo Transfers received in the Varo Bank Account.