EQ Boost explained: turning dividends into shopping vouchers
EQ Boost lets you use your dividends to buy shopping vouchers with extra spending value. Equiniti runs the service for participating companies whose shareholder records it keeps. You pay for the vouchers with your own dividend money; the benefit is the extra value.
How it works
When you join, Equiniti pays your dividend into an EQ Boost account. You use the balance to buy vouchers from participating retailers, including companies whose shares you do not own.
How the extra value worksA voucher with a 10% boost would turn £100 of dividend money into a £110 voucher to spend with that retailer. The 10% is an example.
Retailers and rates change, so check EQ’s current list before you buy.
Can you use it?
You must be over 18 with eligible shares in a participating company. EQ’s terms appear to limit the service to UK residents; if you live elsewhere, ask Equiniti before applying. Your shares must be registered in your own name or held through a service the company arranges, called a company-sponsored nominee.
Ordinary holdings through a broker or investment app do not qualify. EQ generally allows company-sponsored nominees, but this does not confirm that every such holding can elect EQ Boost. Ask Equiniti if you are unsure whether your holding qualifies.
Corporate shareholders and executors or administrators acting for deceased shareholders cannot join. For a joint holding, the first-named holder applies.
Which shares qualify and which vouchers you can buy
EQ’s eligible companies list names companies it marks as eligible for EQ Boost. Its retailer list shows the shops whose vouchers you can buy. A shop’s presence on the retailer list does not make its shareholders eligible.
The company list can fall behind a delisting. It still names Britvic, whose shares were delisted in January 2025. Check the company’s current listing and ask EQ which share class can use the service.
M&S is on both lists. Our M&S page covers its current offer and the older shareholder vouchers.
What you gain and what you give up
Extra value on planned shopping
The extra value helps if you already shop with the retailer. Compare prices with other shops and offers before buying a voucher, and avoid spending more than you planned just to use it.
Cash is more flexible
Vouchers expire and come with spending rules. Once you buy one, you can spend it only where the voucher allows. If the retailer goes bust, you could lose the voucher’s value.
Money in the account has less protection
Money in an EQ Boost account is not covered by the Financial Services Compensation Scheme. EQ’s terms say that money transferred from an Equiniti Financial Services account loses its protection under the Financial Conduct Authority’s client-money rules.
Your tax obligations stay the same
EQ says joining leaves your personal tax obligations unchanged. Turning a dividend into vouchers does not make it tax-free.
A small shopping benefit is no reason on its own to buy or move shares. Read about the investment risks.
Joining and buying vouchers
You need your shareholder reference to register for Shareview.
- 1. Change your dividend instructionIn Shareview Portfolio, open “My Investments”, select your holding, then choose EQ Boost on its Dividend Election page if it appears. If EQ Boost or your holding does not appear, ask Equiniti. Choosing EQ Boost replaces your cash or reinvestment instruction. Make the change at least 15 working days before the payment date, unless EQ gives another deadline.
- 2. Activate your accountFollow EQ’s email to register. You need your date of birth and an email address that no other EQ Boost account uses.
- 3. Choose vouchers when the dividend arrivesCheck each voucher’s rate, expiry date and spending rules before buying.
Keeping cash or leaving
EQ Boost receives the whole dividend and every later dividend for that holding until you change your instruction. You cannot add your own cash to the account. You can spend part of the balance on vouchers and withdraw the rest to a UK bank account in your name.
To stop future dividends going into EQ Boost, change your instruction in Shareview at least 15 working days before payment, unless EQ gives another deadline. The change is free. If you miss the deadline, you can withdraw the money once it arrives.
You can ask EQ to refund an unused voucher within 14 days of purchase. The refund goes back into your EQ Boost account.