Here’s a quick look at how our referral program works. See full terms and conditions below.1
Where can I find my unique referral link?
If you’re eligible for the referral program, find your unique link in the email we sent, or in your app on the Dashboard screen if you have an iPhone. On Android, you can find your link in Settings > Invite Friends.
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 link your friend gave you and open a Varo Bank Account by September 30, 2019. Then, receive a qualifying direct deposit of at least $200 into your Varo Bank Account within 45 days of opening.
What is a qualifying direct deposit?
A qualifying direct deposit must be at least $200 (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. Transfers from external accounts or peer-to-peer payments (such as PayPal or Square) do not qualify. The direct deposit must post to the Varo Bank Account within 45 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! Now 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 bonuses within 1 week of the first qualifying direct deposit posting to the referred friend’s Varo Bank 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 Referral Bonuses.
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 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
1In order for each referring Varo member (the “Member”) and referred individual (the “Referee”) to qualify for and receive a $100 bonus, Referee must: 1) use Member’s unique link to register Referee’s email address; 2) request a new Varo Bank Account (subject to approval) by September 30, 2019, using the same email address used for registration in the prior step; and 3) receive one qualifying direct deposit of $200 or more into the new Varo account within 45 days of the day the Referee is advised that the Varo Bank Account is open. The qualifying direct deposit must be one (1) ACH electronic payment payable to the Referee consisting of payroll, pension, or government benefits from the Referee's employer or a government agency. A fund transfer from an account held in Referee’s name at an external bank or other financial institution or a peer-to-peer payment (such as through PayPal, Square, Venmo, or Apple Pay Cash, or similar services) will not qualify. Bonus is paid as a credit to Member and Referee Varo accounts within 7 days after Referee’s qualifying direct deposit occurs. Referee must be a new Varo member with no prior Varo account(s). By participating in this Refer-a-Friend Program (“Program”), Referee acknowledges that non-payment or payment of the bonus and related promotional communications can result in Member’s awareness that Referee requested and/or opened a Varo account. Each Program Member is limited to receipt of a total of $500 in Program payments. Varo Money Inc., the sole sponsor of the Program, reserves the right to cancel or modify its terms, or terminate eligibility to participate in the Program at any time without prior notice. For example: Eligibility is based on individual Members inviting only personal friends, family, and known acquaintances. Attempts to generate referral activity by posting a Member’s unique link on third party social media, blog, or other similar websites can result in termination of Member 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.