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ChipAI
Kemu
Posts: 15 Forumite
Reading the MSE email and trying to understand the Chip story. The description says "With the interest, Chip's actually giving you a marketing bonus for saving." I believe Cashbacks and other 'incentives' are not counted as interest. Does it mean the Chip 'interest' doesn't need to be declared as savings income for tax purposes?
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I've had a reply from Chip. They say that the interest and the bonus do indeed count towards my personal savings allowance. I think MSE needs to change the description - now how do I do that?0
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Cashback is not counted as interest because it's considered a discount on future account fees. I think the MSE email is pretty clear. The sentence at issue describes the payment as interest and interest is taxable. There's no rule about "marketing bonuses" not being taxable.
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