Snag 5,000 MyPoints by Opening a Varo Bank Account

Looking for a straightforward way to boost your MyPoints balance? There's a current promotion that lets you earn a nice chunk of points just for trying out Varo Bank. It's one of those offers that's pretty simple on the surface—open an account, move a little money, and make a small purchase. But as with any financial offer, the devil's in the details. Let's break down exactly what you need to do to get those 5,000 points and what you should keep in mind before you jump in.

Your Step-by-Step Guide to the Bonus

To successfully nab these points, you can't just wander over to Varo's website. You have to follow a specific path. First, you need to be logged into your MyPoints account and find the Varo Bank offer through their portal. Clicking that special link is non-negotiable—it's how MyPoints tracks that you came from them.

When you sign up for Varo, you'll go through their standard application, which includes providing your Social Security Number and other personal details for identity verification. Once approved, the real work begins: you need to link an existing bank account, transfer in at least $25, and then use your new Varo Visa® Debit Card to make a purchase (or a few) totaling $25 or more. All of this—from account approval to that final purchase—needs to happen within your first 30 days as a Varo customer.

The Fine Print You Really Need to Read

This is where most people trip up. The email address rule is critical. If your MyPoints account is under 'you@gmail.com' and you sign up for Varo with 'you2@gmail.com', you'll get nothing. Double-check this before you submit the Varo application.

Also, note the definition of 'new user.' It's not just about never having a Varo account. The terms specify that if you've previously even *installed* the Varo Bank app, you might be disqualified. That's a pretty strict interpretation, so if you've ever downloaded it to check it out, even without opening an account, this offer might not be for you.

Finally, manage your expectations on timing. The points won't show as 'pending' in your MyPoints account. You just have to complete the steps and then wait, potentially for up to 45 days. Mark your calendar so you know when to follow up if the points haven't appeared.

Is Varo Bank Worth a Look on Its Own?

While the points are the main attraction here, it's wise to consider if you actually want the bank account. Varo is a fully digital, mobile-first bank. They offer features like no monthly fees, early direct deposit, and a savings account with a competitive interest rate (though rates can change).

If you prefer in-person banking or need to deposit cash regularly, a digital-only bank like Varo probably isn't a great long-term fit. But if you're comfortable managing your money primarily through an app and the features align with your needs, this offer becomes a nice bonus for doing something you might have considered anyway. Don't open it *just* for the points if you'll hate using it—the hassle won't be worth the reward.

Bottom Line

• A 5,000-point bonus for a minimal deposit and spend is a good value for the effort.
• The email address match is the single most important detail; get it wrong and you forfeit the bonus.
• Patience is required—allow up to 45 days after meeting all requirements for points to post.
• Only proceed if you're genuinely okay with using a digital banking app, as you'll need to keep the account active to complete the spend requirement.

Common Questions