If you’re an OP cooperative bank owner-customer and a personal customer, you will earn OP bonuses on all services and transactions entitling to bonuses. You earn bonuses from
- secured bank loans such as home or student loans
- funds in savings accounts
- mutual funds
- unit-linked insurance
- paid insurance premiums such as home and motor vehicle insurance and continuous travel insurance
How does the use of services related to business or farming and forestry contribute towards OP bonuses?
- If you don’t have a business ID, your transactions related to business or farming and forestry are considered as use of services by a personal customer, and the transactions will earn you OP bonuses as described above. However, OP bonuses earned from loans related to business or farming and forestry are taxable income.
- If you’re engaged in business or farming and forestry and have a business ID, once the services related to business activities are transferred to the company, that is, are used under a business ID, they will no longer bring you OP bonuses.
- If the services are in a company's name, that is, used under a business ID, they do not accrue OP bonuses.
What are taxable OP bonuses?
OP bonuses earned through the use of banking and insurance services are tax-free for personal customers, apart from a personal customer’s (has no business ID) secured loans related to business or farming and forestry and the OP bonuses earned from them.
If you’re engaged in business or farming and forestry, they are taxable income for the tax year during which they are used to cover banking service charges or insurance bills. As a customer, you have the duty to file the use of OP bonuses in your tax return yourself.
Information on your taxable OP bonuses is available on the op.fi service
As a personal customer, if you have loans related to business or farming and forestry, you can see the taxable OP bonuses earned from them by logging into the op.fi service; go to Päivittäiset raha-asiat (Daily banking) - OP-bonukset (OP bonuses).
A summary of used taxable OP bonuses is available in Oma arkisto
You can see details of the used taxable OP bonuses in Oma arkisto (My archive) after logging into the op.fi service. To find the page after login, select your own name at the top corner of the page and then Oma arkisto (My archive) from the menu that opens. If you don’t have an OP user ID, we’ll send a summary of the previous year's used taxable OP bonuses to you by letter for the purpose of filling in a tax return.
Family unit and taxable OP bonuses
A family unit doesn’t affect the taxability of OP bonuses earned from loans related to business or farming and forestry. The family unit member must file the monetary value of the used taxable OP bonuses in their tax return for the year during which the OP bonuses were used.
If the family unit is dissolved, any unused taxable OP bonuses will be reset to zero for reasons of bank secrecy and tax consequences.