Coop bank everyday rewards

Rich2808

I note that the £4 reward is actually £5 gross but they net off the 20 per cent tax. So from April when the new £1000 tax free interest allowance comes in (£500 for high rate taxpayers) shouldn't the £4 be grossed up to £5. Otherwise most beneficiaries will have to claim £12 a year back from the taxman.

So the reward surely will become £5 a month?


http://ask.co-operativebank.co.uk/system/templates/selfservice/coop/#!portal/401100000001000/article/PROD-3954/Are-Everyday-Rewards-payments-subject-to-tax

Kernel_Sanders

tg99 wrote: »

Hmmm might give it a whirl though and change one of my two current Tesco DDs with Coop to weekly as had forgotten it had a weekly option....and see if it works for Jan.

If it does then it might only be because they've given a Club Lloyds - style concession for the first month .

Jakg

hgt wrote: »

Yes you can have one of each Tesco account, then as many DDs as you like on each. I happen to have 2x Tesco Internet Savers, but that was due to a quirk in the application process, I don't think they normally allow you to have more than one of the same account type.

Once you have 2x Tesco accounts that can give you 2 separate DDs
for your current account. Despite what some people assume, they really will show up as two seperate DDs and the current account providers seem to count them as such. Certainly mine do at Halifax & BOS as they are the only DDs I have on those accounts and I'm getting my bonuses etc.

I have 2 Tesco accounts, but as you say that gives you 2x DDs. Where do the other two come from?

colsten

Jakg wrote: »

I have 2 Tesco accounts, but as you say that gives you 2x DDs

These can give you as many DDs as you like. I haven't counted mine but must have well over 2 dozen now.

Ed-1

Rich2808 wrote: »

I note that the £4 reward is actually £5 gross but they net off the 20 per cent tax. So from April when the new £1000 tax free interest allowance comes in (£500 for high rate taxpayers) shouldn't the £4 be grossed up to £5. Otherwise most beneficiaries will have to claim £12 a year back from the taxman.

So the reward surely will become £5 a month?


http://ask.co-operativebank.co.uk/system/templates/selfservice/coop/#!portal/401100000001000/article/PROD-3954/Are-Everyday-Rewards-payments-subject-to-tax

No as the personal savings allowance only applies to savings interest - the reward payment is not interest - it's classes as an 'annual payment' by HMRC and is subject to income tax, so will continue to be taxed after savings interest starts being paid gross (as will Halifax reward).

You can only claim back tax paid on reward payments if your income from employment is below your personal allowance for income tax (£10,600 at the moment).

Peterknows

ceredigion wrote: »

Peterknows :
You are obviously co op, care to comment on this thread.

We have no knowledge of that offer sorry its between the website and the bank I expect.

Peterknows

You actually can have a Single Paypal Direct Debit on your Coop bank account and as long as you do 4 transactions within the month it will count as 4 direct debits the system does not know who they are with only that they are Direct Debits.:money:

Peterknows

hgt wrote: »

Perhaps this 'PeterKnows' chap just doesn't understand the difference between DDs and SOs. People never believe me when I tell them they can use Tesco accounts to transfer money via DD. My 2x Tesco accounts are now pulling DDs from 5 different current accounts - been doing that successfully for years! I usually find that Tesco use a different reference for the DD to each account, so far all my other current accounts have treated these as 2x separate DDs and hence meet the criteria, so I don't think the Co-Op will be any different. Money for nothing :-)

Oh I do know the difference but you will be surprised how many people do not know even when explained in simple laymans terms.:p

As above you can have just one single direct debit but as long as it pays out the system does not know the originator.
4 times within the qualifying period you will have fulfilled the requirements to be paid your £4:money:

Peterknows

Jakg wrote: »

I'm replying to your comment, but really this is more aimed at Co-op themselves.

I have 6 direct debits on my current account.

2 of those are infrequent (one is to PayPal for eCheque payments, the other annual car tax) so wouldn't qualify.

Of those 4, one is to a charity, and the other three are for credit cards. I doubt the average person has three credit cards!

My phone bill comes out via a CPA, and all my household bills come out of a joint account.

4 direct debits is just too high I think.

I have four credit cards plus you can have a single Paypal Direct Debit and as long as you make 4 purchases within the month you qualify.

My Coop account is not my main account but it has 4 Direct Debits on it.:money:

Peterknows

colsten wrote: »

arrrrgh

Leave them alone

Ethical banking whats the issue.