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The end of OVO rewards, whose decision was this?

  • 22 January 2024
  • 7 replies
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OVO to stop paying interest on credit balances. Can I still keep a balance more than the equivalent of one months direct debit? I need to take this action as presently I cannot accurately foresee my monthly bills as I no longer have gas central heating but individual electric radiators, some oil free, some oil filled. When my bank balance is healthy I top up my OVO balance so it is more than the previous bill. I don’t have, or want, a smart meter. 

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Best answer by Emmanuelle_OVO 24 January 2024, 10:46

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Jeffus
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OVO to stop paying interest on credit balances. Can I still keep a balance more than the equivalent of one months direct debit? I need to take this action as presently I cannot accurately foresee my monthly bills as I no longer have gas central heating but individual electric radiators, some oil free, some oil filled. When my bank balance is healthy I top up my OVO balance so it is more than the previous bill. I don’t have, or want, a smart meter. 

Yes

M
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Thank you

M
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Userlevel 1

I shall be leaving ovo as a result of this decision:( I enjoyed the 5% interest. Its nothing to do with the government how much credit I'm in and the way ovo reward us. Anyway once my contract ends I will be off to octopus.  Only reason I wasn't there before was cause of the interest I got with ovo.

 

Jeffus
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Userlevel 7
Badge +2

I shall be leaving ovo as a result of this decision:( I enjoyed the 5% interest. Its nothing to do with the government how much credit I'm in and the way ovo reward us. Anyway once my contract ends I will be off to octopus.  Only reason I wasn't there before was cause of the interest I got with ovo.

 

Why just Octopus?

Are you going to look around for others deals that might be cheaper?

Emmanuelle_OVO
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Userlevel 7

OVO to stop paying interest on credit balances. Can I still keep a balance more than the equivalent of one months direct debit? I need to take this action as presently I cannot accurately foresee my monthly bills as I no longer have gas central heating but individual electric radiators, some oil free, some oil filled. When my bank balance is healthy I top up my OVO balance so it is more than the previous bill. I don’t have, or want, a smart meter. 

 

Hey @margiejay, the removal of the interest reward doesn’t affect how much credit you’re allowed to leave in your account. Some customers who were keeping large amounts of credit in their account solely for the interest may now choose to get some credit refunded.

 

You don’t have to get a smart meter, although if your meter reaches the end of it’s life (meter recertification) it will be replaced with a smart meter.

 

Hope this helps. 

Renewable Energy? Big Fan.
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Hi Emmanuelle

 

thanks for your reply. I started receiving this interest at the same time as my Bank stopped paying interest on my current account, both at a similar percentage rate, so it softened the blow. It then just became a habit to top up OVO with spare funds. I can’t imagine why anyone would deliberately deposit funds into OVO to earn a few quid on a large amount of money. But there’s nowt so queer as folks! as us Northerner's say (No offence intended).  
 

Some time ago I read that if I did have to have a smart meter, recertification or house move, I could ask for it to be made into sleep-mode (I’ve forgotten the proper terminology).  At 79 (me not the meter) I hope that scenario would still be available. 
 

many thanks again

 

Emmanuelle_OVO
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Userlevel 7

Hey @margiejay,

 

It is indeed possible to put a smart meter in non communication mode or ‘dumb mode’ which essentially means it won’t send meter readings across to your supplier, you’d still have to do that manually.

 

If you have any energy related questions do pop back and we’ll be happy to help 😊

 

Removal of the Interest Reward

 

In the past, some of our plans have been eligible for the OVO Interest Reward. Customers on these plans, who kept their energy account balance in credit, were paid interest. This interest was paid on the positive account balances that were higher than their Direct Debit amount.  

 

Due to the rule changes on where Direct Debit payments must be as accurate as possible and that we must not let credit build up excessively. The aim is for our customers’ payments to accurately cover their energy usage over 12 months – leaving them with a balance of 0. 

 

What does this mean for our customers?

 

These changes mean that it’s no longer possible for us to offer the OVO Interest Reward in a way that gives our customers the best value. Because of this, the scheme will be closing. 

 

If your account is in credit by more than 1 month's Direct Debit amount, you can now request a refund or review your Direct Debit via the online account.

 

Renewable Energy? Big Fan.

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