As an OP cooperative bank owner-customer, you earn OP bonuses for using our services. OP bonuses in your bonus account are used automatically to offset your banking service charges and insurance bills.
How do you earn OP bonuses?
Owner-customers earn OP bonuses on all transactions with us entitling to bonuses. If, for example, the total amount of a home loan, savings and monthly insurance premiums is 100,000 euros, the annual amount of OP bonuses comes to 250 euros.
The accrual of OP bonuses will change as of 1 November 2020. From November, deposits in current accounts, unsecured consumer credits, OP’s hire purchase, purchases paid on credit using OP-Visa and the balance of credit with interest of OP-Visa and OP-Mastercard cards will no longer contribute towards the OP bonuses earned.
For what are my OP bonuses used?
The OP bonuses in your bonus account are used to pay banking service charges that would otherwise be charged from your current account. The bonuses are also used to offset insurance premiums. OP bonuses are used automatically to pay for service charges and insurance bills in the order that the charges arise.
OP bonuses are used, for example, for:
- daily banking services (current account, OP eServices, OP-Visa card)
- loan service and origination fees
- home, family and vehicle insurance premiums
- custody and subscription fees for savings and investments
- fees for legal services and OP Koti realty commissions
A minimum balance of 10 euros is always left in your bonus account for the payment of banking service charges.
Any unused OP bonuses will expire after five years from the time you earned them. Owner-customers will get a notification of any expiring OP bonuses two months before the expiration date.
OP bonuses awarded by OP Financial Group are tax-exempt to owner-customers. However, the exemption from taxes requires that the bonuses are used for banking and insurance services specified and selected by OP Financial Group and the Group’s other service fees. Because of this, owner-customers can’t redeem OP bonuses for cash or decide themselves how to use them.
Where can I view my OP bonus balance?
As an owner-customer, you can view your OP bonuses monthly on OP-mobile or the op.fi service.
- On OP-mobile, you can see your bonus balance by selecting More > Owner benefits > OP bonuses. To see your monthly bonus message, go to More > Messages, and select % Bonuses at the bottom. Bonus messages show how you have earned your OP bonuses and what they have been used for.
- You will see up-to-date information about your OP bonuses on the op.fi service right after logging in. Below your Account details, select OP bonus to view you bonus account’s Transactions feed. The bonus account’s Transactions feed shows how you have earned OP bonuses and what they have been used for. OP bonuses will be updated to the op.fi service and OP-mobile at different times. The up-to-date information on your OP bonuses is available at op.fi.
- OP bonuses are paid monthly based on how much in euros you used OP’s services during the previous month.
- If you don’t use OP-mobile or the op.fi service, you will receive twice a year by post with your bank statements a compilation of OP bonuses for checking your bonus balance.