Varo Money Varo Account 20,000 MyPoints Bonus

Varo Bank : Varo Account

Bonus Amount
20,000 MyPoints
Account Type
Varo
Available In Your Area?
Yes
Offer Expires In
Limited Time Offer
Bonus Requirements
  1. Enroll in the offer using your MyPoints account.
  2. Open a new Varo account using the same email address and fund it with at least $25.
  3. Bonus will be credited within 45 days in the form of 20,000 points, which can be cashed out for about $126.
Other Details
Hard Credit Pull?
Monthly Fees?
Varies By Account
Open Online?
Share with a friend

MyPoints is offering 20,000 bonus points to new Varo Bank customers. You'll need to first enroll in the offer through MyPoints, then use that same email address to open a new Varo account and fund it with $25.

The 20,000 points can be cashed out for ~$126.

How To Earn The Bonus

The Varo Money Varo Account promotion requires you to deposit and maintain a minimum balance in order to earn the 20,000 MyPoints. Full requirements to receive this bonus are:

  1. Enroll in the offer using your MyPoints account.
  2. Open a new Varo account using the same email address and fund it with at least $25.
  3. Bonus will be credited within 45 days in the form of 20,000 points, which can be cashed out for about $126.

The fine print

  • Points will not pend.
  • Please allow up to 45 days after completing the transaction for Points to be credited to your account.
  • Must create a Varo Bank account through the MyPoints affiliate link.
  • Offer only valid to new Varo Bank users. If you've previously installed the Varo Bank App you are ineligible for this promotion.
  • You must use the same email address associated with your MyPoints.com account when opening your account to earn Points.
  • Must enter valid sign-up information, SSN, and account funding information to earn Points. Must be approved and fund at least $25 earn Points.
  • Offer may only be redeemed once (1) per user.
  • This offer is presented to you by MyPoints on behalf of a third-party merchant or sponsor ("Merchant"). MyPoints does not endorse (and therefore is not responsible to you for) the Merchant's views, policies, products or services.
  • If you are not credited within 45 days of offer completion, you have 14 days to contact the MyPoints Help Center for further investigation. Help Center tickets submitted after the 14 day grace period are not eligible for further investigation and Points.

Why Varo Bank?

Varo Bank is a neobank that was founded in 2015. Originally starting out as a fintech company that partnered with The Bancorp Bank, Varo was acquired its own national banking charter in 2020.

This means that while other digital banks rely on a chartered bank to provide their accounts and insurance, Varo is able to operate independently.

With more than one million customers nationwide, Varo is one of the largest neobanks in the US. They offer a free checking account, a high-yield savings account, and two specialty products: Varo Believe and Varo Advance.

Varo Money

The Varo Bank account is a fee-free checking account that has no minimum balance requirements.

The account comes with a Varo Visa debit card enabled with contactless debit card purchases, or use your digital wallet whether you’re on iOS or Android.

There are no foreign transaction fees, and you can send money between other Varo accounts for free.

There’s no minimum deposit requirement to open a new account, so even if you’re starting from scratch, you can sign up.

Fees

Varo Money does not charge a monthly fee.

Savings Account

Varo Savings is a high-yield savings account that comes with the tools and rates to help you build your account balance over the long term.

There are no monthly maintenance fees or minimum balance requirements.

The standard annual percentage yield (APY) for the account is relatively low compared with typical online banking rates. However, Varo’s bonus rate earns 3.00% on balances up to $5,000 with qualifying requirements.

Here’s what you’ll need to do in each statement period to get it:

  • Receive direct deposits totaling $1,000 or more
  • Do not exceed a savings account balance of $5,000 for the entire calendar month
  • Keep both your Bank Account and Savings Account balances above $0.00

Fees

Savings Account does not charge a monthly fee.