Update 12/19/2018: Now available on Android as well.

Varo is a mobile-only banking app that provides free checking and high-yield savings. These accounts have no overdraft or monthly fees or minimum balance requirements. The app by Varo Money also includes a fee-free ATM network. The app is only available in iOS for now. Android users have to wait. They are now offering a $100 signup bonus, but you need to receive a referral.

Bonus Requirements

Earn $100 when you join a friend on Varo. You need to fulfill the following requirements:

• Sign up through a $100 referral
• Receive a payroll direct deposit of $250 or more within 45 days

Offer Terms

• In order for each party, the referring Varo member (the “Member”) and the 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) open a new Varo Bank Account (subject to approval) by December 31, 2018, using the same email address used for registration in the prior step; and 3) receive at least one qualifying direct deposit of $250 or more into the new Varo account within 45 days of the date the account was opened.
• The qualifying direct deposit must be an electronic payment payable to Referee such as (a) a tax refund, paycheck, pension payment, or Social Security benefits from the U.S. Treasury; (b) a paycheck from Referee’s employer; or (c) a pension payment. Transfers from external bank or other financial institution accounts or peer-to-peer payments (such as through PayPal or Square) do not qualify.
• Bonuses will be paid in the form of a credit to the Varo accounts of the Member and Referee within one week after Referee’s qualifying direct deposit occurs.
• Referee must be a new Varo member with no prior Varo account(s).
• Referee acknowledges that non-payment or payment of the bonus and any related promotional communications will result in Member’s awareness that Referee requested and/or opened a Varo account.
• The name of the direct deposit recipient must be the same as the account holder.
• Member is limited to receipt of a total of $500 in referral payments through participation in this promotional program. Varo Money Inc., the sole sponsor of this promotional program, reserves the right to cancel or modify its terms, or terminate a Member’s eligibility to participate in this promotion at any time without prior notice.

Guru’s Wrap-Up

A pretty easy bonus and there’s no hard pull. The offer is available nationwide for iOS devices only. The problem is that you need to be referred by someone with a $100 bonus offer. If you have a referral, you can post it in the comments so other readers can apply. DoC also has referrals in his post. Not all referrals give you $100.