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OP bonuses to owner-customers

Being an OP owner-customer is quite beneficial. The number of perks and benefits has never been greater! OP bonuses are just one such example. As an owner-customer, you will automatically earn OP bonuses from your monthly purchases and services. Bonuses can be used to cover, for example, your banking service charges and insurance bills.


How can you earn OP-bonuses?

 

As an owner-customer, you earn bonuses from all transactions with us entitling to bonuses. If, for example, the combined amount of your loans, savings, monthly insurance premiums and funds in accounts comes to 100,000 euros, your annual earned OP bonuses amount to 250 euros. Bonuses come from, for example

  1. funds in accounts
  2. purchases paid using OP-Visa or OP-Mastercard as a credit card
  3. paid insurance premiums, such as home, travel and vehicle insurance
  4. loans, such as home loan, student loan and consumer credit
  5. savings and investments

Calculate how much bonuses you could earn

 

How can I use my OP bonuses?

 

OP bonuses earned on your bonus account are used to pay charges and fees that would otherwise be charged from your account. They are used automatically without any action needed from you. Bonuses are used to pay, for example,

  1. banking services such as card payments, international payments and foreign exchange commissions
  2. loan servicing and handling fees
  3. insurance policies, such as premiums for home, family and vehicle insurance
  4. custody and subscription fees and other charges for savings and investments
  5. legal services and OP Home's commissions

 

As an OP cooperative bank customer, you can become an owner-customer with your online service user identifiers.
 

Become an owner-customer

If you are not an OP cooperative bank customer, book an appointment and become an owner-customer at a bank branch.
 

Book an appointment

In most OP cooperative banks, the owner-customer’s member cooperative contribution amounts to about 100 euros.

Learn more about OP bonuses:​

Members of a family may constitute a single entity earning bonuses together, or a family unit. This is how all family members generate OP bonuses through their banking and insurance transactions. It is advisable to include all members of the family in the family unit. This means that the family unit can earn more bonuses that will also be used for the transactions done by all those within the family unit.

Members of the family living in the same household may constitute a family unit. All members of the family unit must be owner-customers of the bank where the family unit is established.

Owner and members of the family unit

One family member is the owner of the family unit and all OP bonuses earned by the family unit go to his/her bonus account. Other family members are members of the family unit.

On OP eServices, the family unit owner can see from his/her bonus account whom of the members of the family earn OP bonuses, how much and how much they have been used. Because of bank secrecy, the members of the family, or the members of the family unit, cannot see bonus account transactions.

OP bonuses are also used for service charges and insurance premiums of family members

In the family unit, OP bonuses are used for bank service charges and insurance premiums of the holder of the bonus account and the family members included in the family unit. OP bonuses are first used to pay the service charges of the bonus account holder and then those of the other members of the family. OP bonuses are used for insurance premiums when the policyholder and the payer is the one and the same person.

Under age member of the family unit

An underage child may also be included in the family unit. This means that his/her transactions generate OP bonuses to the bonus account holder. Both parents’ consent is required to include a child in the family unit.

18-year-olds excluded from the family unit

When a member of the family unit comes of age, he/she will automatically be excluded from the family unit. If, however, he/she wants to stay within the family unit, he/she must visit a bank and give written consent to it.

Because the underage child is already an owner-customer, he/she will be opened his/her own bonus account when he/she is excluded from his/her parent’s family unit due to the age of majority.

Dissolving a family unit

If a family unit is dissolved or any of its members leaves it, all of the earned OP bonuses will remain with the owner of the family unit. Pooled OP bonuses will not be shared among the members of the family unit.

OP bonuses are used for an owner-customer’s charges and fees for his/her personal use of services. OP bonuses will not be used for products or services related to a private customer’s business or farming.

OP bonuses are automatically used for purposes determined by OP, such as banking services, insurance premiums, OP-Kiinteistökeskus realty commissions and fees for legal services.

Banking service charges

  • daily banking services (current account, OP eServices, OP-Visa)
  • service charges for automatic debiting of loan repayments
  • custody fees for domestic and foreign book entry securities and securities
  • monthly fees for the market information service investment research, news package and price package
  • OP Saving-for-retirement custody fees
  • operating expense for the first premium of OP Unit-linked Insurance paid at a branch
  • safe deposit box rental fee and custody fees
  • annual and monthly loan guarantee fees
  • service charges for international online payments
  • subscription fees for index-linked bonds
  • asset management fee, management charges and withdrawal fees for OP-Private individual unit-linked insurance
  • asset management fees and commissions
  • loan service charges
  • foreign exchange commissions

Insurance premiums

OP bonuses are used for premiums for home and family insurance, or Extrasure. These include:

  • personal insurance, e.g. health and living allowance insurance
  • home insurance, fire, burglary, leakage, valuables, boat/yacht, pet and horse insurance
  • liability and legal expenses insurance
  • forest and forest fire insurance
  • traveller’s, luggage, travel liability and legal expenses travel insurance

OP bonuses are used for premiums for motor vehicles, or Motor Vehicle Cover. These include:

  • motor liability insurance
  • Crisis Cover that supplements motor liability insurance
  • Super, Maxi, Standard and Medium Motor Insurance

The insurance premiums are debited to your bonus account either in part or in full depending on your bonus pool. OP bonuses are always used for insurance premiums from the bonus account with most bonuses. Customers cannot choose the insurance policy for which their OP bonuses are used to pay the premium. The bonus account must always has a minimum balance of 10 euros for the payment of banking service charges. OP bonuses are used for insurance premiums when the policyholder and the payer is the one and the same person.

You can see the use of your OP bonuses for insurance premiums immediately after your bill has been created in the billing system. Due to the disclosure obligation under the Insurance Contracts Act, insurance bills are delivered to customers no later than one (1) month before their due date. Bonuses will be used before the delivery of the bill, so that any amount paid in cash would be correctly shown in your bill.

Earned OP bonuses are used for the insurance premiums of the family unit’s owner. OP bonuses are also automatically used for transactions done by members of the family unit, provided that they are owner-customers. OP bonuses are used for insurance premiums when the policyholder and the payer is the one and the same person.

Read more about a family unit under “OP bonuses of the whole family”.

OP Home's real estate agent commissions

OP bonuses are used for OP Home's real estate agent commissions either in part or in full depending on the bonus pool available. A real estate agent can do this by proxy on your behalf.

OP bonuses can be used, for example, for:

  • real estate commission
  • fee for appraisal
  • commissions for rented housing
  • fee for the contract of sale drawn up by OP Home.

OP-Isännöinti housing agency fees, OP-Tilikeskus fees or OP-Talohuolto fees cannot be paid using OP bonuses.

Fees for legal services

OP bonuses can be used, for example, for:

  • estate inventory
  • estate distribution
  • partition of estate
  • last will and testament
  • continuing power of attorney
  • premarital/postmarital agreement
  • deed of gift

OP bonuses are used to pay service charges, fees and insurance premiums determined by OP Financial Group and for payment of separately specified services.

OP bonuses are automatically used for the service charges of the OP cooperative bank whose owner-customer you are. Moreover, OP bonuses are used to pay insurance bills.

OP bonuses are used in chronological order. Any unused bonuses expire after five (5) years of their accrual.

Bonus account with several OP cooperative banks

If you are an owner-customer of two or more OP cooperative banks, you have your own bonus account with all of them. OP bonuses are used from only one bonus account at a time even if you had OP bonuses available in several bonus accounts. OP bonuses are used from the bonus account with the most bonuses.

Owner-customers earn OP bonuses through their transactions in OP Financial Group entitling to OP bonuses.

Private customers earn OP bonuses through their personal banking, wealth management and insurance transactions. Private customers also earn OP bonuses through their transactions related to their business and farming.

Transactions that generate bonuses are calculated at person level. For example, a loan that you share with another person generates bonuses in proportion to both persons’ share of the loan.

Insurance premiums bring OP bonuses to the payer notified to the insurer’s customer data.

Transactions done by a spouse and underage children can be included in generating OP bonuses if the members of the family form a family unit and all of them are owner-customers.

Read more about a family unit under “OP bonuses of the whole family”.

OP bonuses go to the bonus account

OP bonuses go monthly to the bonus account of the OP cooperative bank whose owner-customer you are.

You can see your OP bonuses earned through your transactions in the previous month in your bonus account in the early part of next month. You can see the balance of your bonus account and the transactions on OP eServices (op.fi), OP-mobile and Pivo. The bonus account transactions show how much you have earned bonuses and their amount used to pay for banking services and insurance premiums. In a family unit, only its owner can see transactions in the bonus account.

Cases where OP bonuses do not accrue?

When you become an owner-customer, you agree to it that you will earn OP bonuses as soon as you do transactions that entitle to OP bonuses. If you like, you can refuse OP bonuses. Such refusal must always be performed at a bank branch in writing or by proxy on the op.fi service.

Bonus entitlement excludes a person who or a member within his/her family unit has non-performing loans or loans subject to collection procedures, if the person or any member of his/her family unit is subject to debt reorganisation or if the person or any member of his/her family unit has misused his/her customer relationship.

OP bonuses are calculated by multiplying your annual euro transactions by 0.0025. For example, transactions worth 100,000 euros bring around 20 euros in OP bonuses a month, or some 250 euros a year.

You generate OP bonuses to the OP cooperative bank whose owner-customer you are. There is no maximum amount for bonuses.

Transactions that generate bonuses are calculated at person level. For example, a loan that you share with another person generates bonuses in proportion to both persons’ share of the loan This means that if a couple wants to earn OP bonuses through their home loan, it pays both of them to be an owner-customer.

OP bonuses come from

Funds in accounts

OP bonuses are calculated based on the monthly average balance of the funds in accounts, such as the current account, High-yield Account and ASP account.

Loans

OP bonuses are calculated on the monthly average balance of loans. The average balance includes, for example, home and student loans, the amount of credit facility available in OP-Visa and OP Mastercard as well as hire purchase for private individuals.

Payment Protection Insurance

The Payment Protection Insurance premium generates OP bonuses, provided that the premium is added to the loan principal and is paid on a one-off basis for the entire policy period.

Purchases with OP Visa credit

All purchases at home an abroad made using OP Visa credit generate OP bonuses.

Investments, for example

  • Mutual funds
  • OP Unit-linked Insurance
  • OP unit-linked pension insurance (taken out since 25 May 2011).

OP bonuses are calculated based on the monthly average of the OP Mutual Funds’ daily market values. OP Unit-linked Insurance and OP Pension Insurance are included in the customer volume at the month-end value. Pension policies generate OP bonuses during retirement too. Interest-bearing endowment or pension insurance does not generate OP bonuses.

Non-life insurance

OP bonuses come from insurance premiums for home, family and motor vehicle policies. OP bonuses come from paid Motor Vehicle Cover and Extrasure insurance premiums for the month when the premium is paid. Note that you also get OP bonuses from the portion paid using OP bonuses. OP bonuses go to the premium payer notified to Pohjola Insurance.

Cooperative capital

Your membership share, or the membership cooperative contribution you have paid, does not generate OP bonuses. Profit Shares do not generate OP bonuses either.

OP bonuses are automatically used for all services/products determined by OP starting from the oldest ones as long as they are valid. Any unused bonuses expire after five (5) years of their accrual.

OP bonuses earned until the termination of owner-customer membership will remain valid during the year of termination and in the subsequent two years and will automatically be used for bank service charges and insurance premiums.

Earned OP bonuses can be used for a decedent’s estate service charges. However, the decedent’s estate does not earn new OP bonuses and those earned previously cannot be transferred to a member of the family unit or a decedent’s estate distributee.

Tax treatment of OP bonuses is determined by legislation in force from time to time, legal practice and statements issued by the Finnish Tax Administration.

Using OP bonuses to pay fees and charges related to banking and insurance services is tax-exempt, provided that the bonuses are used for banking and insurance services specified and chosen by OP Financial Group and for other Group service charges, and the customer does not have an option to specify how he/she uses bonuses.

Taxable OP bonuses earned through business

OP bonuses earned by a private customer through his/her transactions related to business or farming is exempt from tax, excluding bonuses earned from loans.

If loans related to a private customer’s business or farming generate OP bonuses and these are used for private household transactions, such bonuses are taxable income for the fiscal year during which they are used.

Taxable family unit OP bonuses earned through loans

If loans related to a private customer’s business or farming bring OP bonuses to a member of the family unit, such bonuses are his/her taxable income and he/she must report the monetary value of the used bonuses subject to tax in the tax return for the year during which they are used.

If the family unit member has generated taxable OP bonuses to the bonus account of the owner of the family unit and the family unit is dissolved, the unused taxable bonuses will be zeroed from the account as instructed by the tax authorities. OP bonuses subject to tax cannot be transferred from a bonus account to another.

Tax deductibility

The portion of the services, fees or insurance premiums paid using OP bonuses is not tax-deductible.

Learn more about the bonus rules.