We have stopped our Tuesday and Wednesday double dividend scheme until further notice, as we feel we should not be handing out stamps and encouraging members to attach them to cards when trying to limit the spread of coronavirus in our stores. We also do not want to put any additional pressure on our colleagues by encouraging our members to shop on these two given days, when our stores are already very busy.
Our colleagues will not be handing out stamps but instead an extra 1% bonus dividend will be added to your bonus dividend pot the day after you shop with us which you can view through our Member Portal
For more information, read our FAQs.
Unlike other retailers, we return profits to you, our Members, in the form of dividend, remaining profit goes toward taxes and investing back into the Society.
Dividend earned on purchases
Whenever you quote your Share Number in our stores, a dividend will be applied on qualifying purchases. This is currently 4p for every £1 spent excluding GST, though this could be subject to change. The dividend rate is approved at our AMM in June.
Your dividend value is automatically calculated during the trading year, which ends on the second Sunday in January. You can draw your Dividend as cash after the annual AMM or leave it in your share account to gain interest. You can collect your dividend from any of our Co-op Post Office counters; click here for details, locations and opening times.
Every time you shop with us between January to November you’ll also receive a 1% bonus dividend on qualifying products which will save up in your bonus dividend pot. You can either transfer the money you collected into your share account where it will earn interest, or withdraw it as cash from any of our member service counters.
We have always given back to our members and are proud to have offered a double dividend scheme on a Tuesday and Wednesday for a number of years, but sadly we need to make a change to protect the health of both our colleagues and members during this period.
We are removing our Tuesday and Wednesday double dividend scheme until further notice as we feel we should not be handing out stamps and encouraging members to attach them to cards when trying to limit the spread of coronavirus. We also do not want to put any additional pressure on our colleagues by en-couraging our members to shop on these two given days, when our stores are already very busy.
It is never easy making decisions like this but stopping double dividend does not mean our members will not receive a bonus dividend.
During December, each complete £1 card of stamps is worth £1.05 for Christmas shopping in your Co-operative food stores.
What you won’t earn dividend on
Here’s a list of items that dividend isn’t applied to:
- Besco dry cleaning services
- Fax machine usage
- Gift vouchers
- Guernsey Electricity Key Card
- Home delivery charges
- Lottery tickets
- Parking paycards
- Pay as you go SIM and top up cards (Airtel, JT & Sure)
- Postage Stamps
- Raffle Tickets
- School Bus Tickets
- Speed Dial Cards
Financial peace of mind for you
The Society follows a Voluntary Code of Practice that governs co-operative societies, and which requires that we provide you with a statement about the nature of your investment/savings and any change, affecting it:
The position you occupy as a Shareholder of the Society is no different from that of a Shareholder in any other body corporate in the sense that, if the Society fails, you may not receive, all or any, of your savings/investment returned to you. Your savings are withdrawable, without penalty, at the discretion of the Board. The Society is not a Bank, and is therefore, is not part of the Banking Deposit Protection Scheme (BDPS).
Only one change has occurred during the year which related to interest rates, these were notified separately.
We are pleased to confirm that your investment and savings, in the Society, is backed by our net assets of over £54 million, and our independent Auditor reports annually to the Financial Commissions of Jersey and Guernsey that deposits held with us do not exceed 100% of our most recently published capital and reserves as per our financial statements.
You can view our latest audited financial statements by using this link.