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Will OVO honour my interest reward if I roll onto the Simpler Energy plan?


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I am currently on a fixed rate plan getting the 3% Interest Reward. My plan comes to an end in April

If I roll onto the Simpler Energy plan will i get the 4% interest reward?

It is not particularly clear on the renewal page online unfortunately. The whole page could be a lot better. 

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Best answer by Blastoise186 4 March 2022, 10:15

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Screenshots related to my question above

Screen shot for fixed rate renewal 

Screenshot for Simpler Energy automatic rollover

 

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However there is also this on the same page

 

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Heya, morning @Jeffus !

Good news. You’ll keep OVO Interest Reward going even on Simpler Energy and will get the 4% rate - as long as you don’t leave OVO. The OVO Interest Reward perk has been discontinued for new members and migrated SSE customers as of around October 2021, but still remains available for anyone who already has it, regardless of tariff.

It won’t be mentioned as much anymore though, to help reduce confusion and manage expectations for newer members. It’s also why I’ve stopped mentioning it on the forum for the most part.

Hope this helps

 

Just wanted to pop in here to let you know I did indeed pass this feedback on to the team, @Jeffus.

 

They’ve taken on board the comments you’ve made as they appreciate the confusion the change of rates close to your renewal time may cause. It’s worth mentioning that any members choosing to roll-on to the Simpler plan would receive another communication highlighting the new rates with at least 28 days notices (giving you time to fix in at this point if you’d prefer).

 

Thanks as ever for raising any areas you feel we could improve. :slight_smile:

 

 

 

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Thanks @Blastoise186

This is just a generic comment

My plan expires 22nd April so clearly if i rolled over to the Simpler Energy plan I would go onto the new price cap.

However the renewal page is quoting £103 pounds a month based on the current price cap from 23th April. 

I am 100% sure my elderly mum and disabled brother definitely wouldn't understand the 103 quote wasn't realistic. It is not even obvious as you you need to unhide the small print and even then there is no mention these are not the rates for 23rd April. 

@Jess_OVO perhaps something to feedback? 

I find this extremely troubling. 

 

 

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Just wanted to pop in here to let you know I did indeed pass this feedback on to the team, @Jeffus.

 

They’ve taken on board the comments you’ve made as they appreciate the confusion the change of rates close to your renewal time may cause. It’s worth mentioning that any members choosing to roll-on to the Simpler plan would receive another communication highlighting the new rates with at least 28 days notices (giving you time to fix in at this point if you’d prefer).

 

Thanks as ever for raising any areas you feel we could improve. :slight_smile:

 

 

Will Ovo honour my interest rewards if I roll into a variable tariff?

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Hi @GazeL ,

Yup, OVO will indeed continue to honour OVO Interest Reward for you, regardless of what tariff you're on as long as your account remains active. It’s no longer offered to new members, but it remains in place for existing members for the foreseeable future.

Many thanks, I asked because my fixed rate tariff is about to end and OVO offered me a new 2yr fixed with Int Rewards, a 1yr fixed with Int rewards or a variable rate with no mention of interest rewards.

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No worries. Most references to OVO Interest Reward have been removed from OVO’s platform to avoid confusion for new members and to help manage expectations. It’s a bit too complicated to have versions of these pages for existing members under a grandfather rule as well as another without it.

If you need a hand again, feel free to stop by. :)

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Thanks for spotting this one, @GazeL.

 

I’d like to pass this feedback on to the team to make sure we clear up any interest reward confusion. Where exactly did you notice this information? Was this via a renewal email or on your online account/OVO app? 🙂

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@Jess_OVO it is on the app and the website renewals. No mention of interest rewards continuing on the variable rate tariffs on the plan features. Screen shots from the app. The website renewal options have disappeared for me again for some reason, also my last direct debit wasn't taken so the knock on effect is that there is no interest reward appearing for me until it is taken. Never had this before. I will leave it a bit as i know ovo must be busy. 

 

Hi Jess, it was on a renewal email sent to me on 15 Mar,

G.

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@Jess_OVO it appears as i changed my direct debit amount close to my normal direct debit date, i have caused a separate issue.... 

The system has changed my direct debit date even though i didn't ask for it and skipped a month, taking no direct debit in March. 

As there is no direct debit in March, so it appears there is no trigger for the interest reward on my current billing period which usually appears after the direct debit appears on the billing period, which is usually a few days after the direct debit leaves our bank accounts.

I won't be doing that again.... 😊

 

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Sorry for the Direct Debit mix-up there, @Jeffus.

 

As the interest reward is calculated based on the credit on your account of the date we request your Direct Debit, any missed Direct Debit payments would mean the interest reward credit wouldn't be applied for that month. In future we’d recommend allowing 5 days before your usual Direct Debit date when making any changes to avoid inadvertently skipping a month.

 

I’ve taken the feedback you’ve both mentioned in terms of the renewal messaging back to the team, so thanks again for raising this to us, @Jeffus and @GazeL . 🙂

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Sorry for the Direct Debit mix-up there, @Jeffus.

 

As the interest reward is calculated based on the credit on your account of the date we request your Direct Debit, any missed Direct Debit payments would mean the interest reward credit wouldn't be applied for that month. In future we’d recommend allowing 5 days before your usual Direct Debit date when making any changes to avoid inadvertently skipping a month.

 

I’ve taken the feedback you’ve both mentioned in terms of the renewal messaging back to the team, so thanks again for raising this to us, @Jeffus and @GazeL . 🙂

Thanks @Jess_OVO 

It is interesting the system decided to skip a month rather than changing the amount in the next month. I think this would be a better approach.

Alternatively the system should ideally say a month will be skipped and you won't get your interest reward and we won't take a direct debit 

Or simply not allow changes close to a direct debit date.

I wouldn't have charged the amount had i been aware. 

At the moment it feels like the worst of all options in terms of being clear for the customer?

Sometimes small things can be annoying 😊

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I can think of another fix as well actually. If the DD date is too close for the change to complete, allow the option of queueing up the change to take effect from the following month and take the next payment at the existing level anyway OR skip the next payment completely and catch up afterwards (as it does now). Ideally, I’d make this optional so that the member gets to decide what’s best for them.

I’m always thinking of best of both world options, and this seems fair to me.

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I can think of another fix as well actually. If the DD date is too close for the change to complete, allow the option of queueing up the change to take effect from the following month and take the next payment at the existing level anyway. Ideally, I’d make this optional so that the member gets to decide what’s best for them.

I’m always thinking of best of both world options, and this seems fair to me.

Yep. I expected it to do that. I was surprised it completely skipped a month of direct debit.

I can always make a manual payment next month if needed. 

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