The end of the interest payment to help the customers pay the right amount through direct debit

Thank you

I’m sorry to see the IR go. At least this is one fewer headache for those responsible for VAT at OVO. Those of us who have been lucky enough to earn the reward have always achieved more than the advertised percentage, because (negative) VAT has - rightly or wrongly - been applied. The maximum was thus 5.25%, and my reward for 2023 was more than 2½ times what I paid in VAT.

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?

Did you try asking for a refund of some of your credit as an alternative?

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. 

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

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 😊

So for those of us who have stored money in our account willingly we are now going to be punished by having the 5% interest earned taken away effectively putting our bills up by 5%. This was  aloyalty scheme only available to those customers who had had an account prior to a certain date. Read on to see what lhappens when you’re loyal. This was the only incentive to stay with OVO whilst every supplier was effectivley having to offer the base price due to the price cap. The amount I requested to be refunded I was told was the maximum. If I’d asked for another £1 more I wouldn’t have been allowed it. Yet I’m £2200+ in credit, I’ve requested £1500 back which is on it’s way but I think it’s unfair to now cap how much we can have back if you’re no longer wanting to pay interest out. OVO shouldn’t be allowed to have it both ways. Screw the customer then screw the customer again! If OVO really do think that this is good customer service they are offering then I’d be intersted to hear how they arrived at such a decision.