That $150 bonus is back again! Based on multiple reader data points, approval is instant with an SSN, and opening an account with an ITIN is also quite easy. Better yet, you can satisfy the Direct Deposit requirement with LemFi Us to US transfer. The offer expires on July 15, so don’t wait!

Readers have used LemFi to transfer into this checking account—just enter the routing number and checking account number, put payroll in the memo, and the account-opening bonus was triggered!

About Varo Money

Varo Bank, N.A. is a licensed national bank in the United States. It started out as a fintech company and later successfully obtained a bank charter, becoming one of the first fully digital consumer chartered banks in the U.S. This means your deposits are insured directly by the FDIC, with the same level of protection you’d expect from a traditional major bank. Varo is a fully online mobile bank designed to provide a simple, transparent, and low-cost banking experience. It has no physical branches; everything is handled through its mobile app, while offering high-yield savings and a convenient checking account.

Account Opening and Bonus

Right now, if you sign up for Varo through a referral link and receive Direct Deposit $500 within 45 days, you can earn a $150 bonus.

You’ll need an SSN or ITIN to open the account. Since this is only a checking account, it should not affect your credit report or credit score. When applying, be careful not to sign up for anything besides Varo Money, such as Varo Believe or a loan.

About DD

If you can switch your payroll deposit, you can simply direct it to this checking account and complete one DD within 45 days. If that’s not convenient, you can consider using the transfers below to mimic a Direct Deposit (DD), commonly known as a fake DD.

Methods reported to work include the following (from a DOC article):

  • Alliant: 1, 2, 3, 4,
  • Ally: 1, 2, 3, 4, 5(didn’t work) , 6  (didn’t work)
  • Bank of America: 1, 2  (didn’t work)
  • Capital One: 1, 2  (didn’t work)
  • Charles Schwab: 1,
  • Chase: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11(didn’t work) , 12, 13(business) , 14  (personal, didn’t work)
  • Current: 1,
  • Discover: 1, 2(savings) , 3, 4, 5, 6, 7,
  • M&T: 1, 2, 3, 4, 5,
  • Santander: 1, 2  (didn’t work)
  • Square cash: 1, 2  (didn’t work)
  • Unify: 1,
  • USAA: 1, 2,
  • Wealthfront: 1, 2, 3,
  • Wise: 1,

Pick an account you already have. For brokerage accounts, you can transfer funds directly out to Varo; for bank accounts, you can send an ACH transfer to Varo with the note “payroll.” There’s a good chance this will trigger the $150 account opening bonus.

Fees

This account has no monthly fee and no early account closure fee.

Other Products

Varo also has a few other products worth mentioning.

Varo Believe Credit Card

Not especially useful, though it may help a bit with building credit. You need a Varo account in order to apply.

Varo Advance

This appears to be a loan product. It claims to be interest-free, but there are fees.

Varo Savings

This one is a bit more interesting. It starts at 2.5% APY, and if you meet two requirements the following month, you can earn 5% APY. However, that rate only applies to balances up to $5,000; anything above that earns 2.5% APY.

  • Total of $1,000 in DD each month
  • A positive balance in your Varo account

Summary

This account doesn’t have any hidden fees, and getting an easy $150 is pretty nice. You could also open a savings account just for the 5% APY, though the balance cap is unfortunately quite low.

Application Link

Right now, if you sign up for Varo through a referral link and complete $500 in Direct Deposit within 45 days, you can earn a $150 bonus.