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jimgamgee1ring
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January 22, 2024
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The end of the interest payment to help the customers pay the right amount through direct debit

  • January 22, 2024
  • 72 replies
  • 1594 views

 During the early periods of high energy prices I was continually bombarded with emails to increase my DD as I “would not have enough money in my account to cover a 12 month plan’ and needed to ensure my account had a positive balance to cover any high bills” .  Considering that I wasn’t on any fixed plan, I really couldn’t understand OVO’s thinking.  Thankfully that particular period is over and everything has been good to this point.

I have, for many years received an interest payment monthly on my bill for keeping a positive balance on my account.  This wasn’t a great amount - but it was now nice to have. Today, I have received an email informing me of the following: 

 
“You’ll no longer get Interest Rewards from February 2024
 This won’t affect your energy plan and our terms are staying the same. 

 Direct Debit payments need to be as accurate as possible
 
The aim is to make sure customers are paying the right amount for their energy. We don’t want you to have more in your energy account than you need to.”

You can’t win - can you?

Best answer by Emmanuelle_OVO

Updated on 08/09/25 by Ben_OVO

 

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.  OVO took the business decision to remove the Interest Reward as part of treating all customers fairly.

 

How does OVO work out my monthly Direct Debit?

 

The aim is to make sure you have credit for 1 month’s payment in your OVO account by the end of March. This is to help cover any change in your home energy use over the course of the year.

 

For new customers, this only comes into effect once you’ve reached March. When you first join, the aim is to make sure you have no balance left to pay after 1 year.

 

Your Direct Debit payment amount will be regularly reviewed to make sure it still covers your home’s energy use.

 

72 replies

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Blastoise186
Super User
Blastoise186Super User
Super User
May 11, 2026

It was announced pretty widely at the time all over the place. Did you maybe just miss the email?

Either way, if you’re going to refund some credit out, you’ll be glad to know OVO recently sped that up a lot. It now takes roughly 5 working days on average to get through but please allow up to 10 to be safe. Also, don’t burn the account to zero! Leave some in there for at least a month or two worth of bills. :)

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1
Newcomer
100550717
Newcomer
May 11, 2026

Completely missed that which is unusual for this household ! 
My usage is minimal so I’ll probably just leave £50 but frankly I think it should be zero as with any other creditor. 
Thanks for the responses 

david

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OVO Energy Ltd, Floor 5, Crescent, Temple Back, Redcliffe, BS1 6EZ, (Company no. 06890795) registered in England and Wales.

OVO (S) Gas Limited is registered in England and Wales (Company No. 02716495) at Floor 5, Crescent, Temple Back, Redcliffe, BS1 6EZ.

OVO (S) Gas Limited is part of OVO Group Ltd