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Interest Reward Miscalculated

  • 22 May 2020
  • 8 replies
  • 194 views

I have been receiving an interest reward of 5% for some time on my balance.  This month, it has calculated my reward at what seems to be an equivalent annual rate of 0.5%.  Has anyone else experienced this?

If I email to query it, presumably I will lose my 7.5% self-service reward for this quarter, so looks like I am stuck with it!

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Best answer by Bradley_OVO 22 May 2020, 16:14

Updated on 06/11/20: The info here has been taken from this topic guide on the OVO Interest Reward:

 

How is the Interest Reward calculated?

 

The OVO interest reward is calculated the day before a Direct Debit is taken using the balance on that day.


This is the calculation of how the OVO Interest reward is worked out: 

"(days since Last Calculation / 365) * Balance Prior To Payment * interest Reward Percentage"

Example:


You have a balance of £100 when your previous Direct Debit was taken. Your last payment was taken two days ago and your level of OVO interest reward is 5%. 
= 2(days) /365 x £100 x 0.05 (interest percentage) = £0.027 (rounded up to £0.03)
 

Where can I see this OVO Interest reward payment?

 

The interest reward payments will show in the ‘Charges’ section of your online account, shown here:

 

 

Why can I see a low Interest Reward amount for the month after I went onto the new billing platform?


This is because in the first month of being on the new online account/billing platform, the OVO Interest reward is calculated from payment to payment and not for a calendar month, so you might have your first OVO interest reward payment calculated just a couple of days after being migrated. 

 

Hi @Dsandy 

If you’ve found any discrepancy with your interest reward, we should be able to sort this out relatively quickly for you (knocks on wood).

Feel free to contact the team on FacebookTwitter and our Help centre has online chat!

Don’t worry, with the current COVID-19 predicament, you will not be penalised for reaching out to us this way.

 

Let us know how you get on with this,

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8 replies

Userlevel 7
Badge +2

Hi @Dsandy - You might want to read this discussion on the same subject last month.

Does that answer the problem or is your calculation still wrong?

Hi  @Transparent, a good thought but no, I do really mean that it was calculated at a base of 0.5%.  The amount paid was one tenth of the amount calculated in previous months.

Userlevel 3

Updated on 06/11/20: The info here has been taken from this topic guide on the OVO Interest Reward:

 

How is the Interest Reward calculated?

 

The OVO interest reward is calculated the day before a Direct Debit is taken using the balance on that day.


This is the calculation of how the OVO Interest reward is worked out: 

"(days since Last Calculation / 365) * Balance Prior To Payment * interest Reward Percentage"

Example:


You have a balance of £100 when your previous Direct Debit was taken. Your last payment was taken two days ago and your level of OVO interest reward is 5%. 
= 2(days) /365 x £100 x 0.05 (interest percentage) = £0.027 (rounded up to £0.03)
 

Where can I see this OVO Interest reward payment?

 

The interest reward payments will show in the ‘Charges’ section of your online account, shown here:

 

 

Why can I see a low Interest Reward amount for the month after I went onto the new billing platform?


This is because in the first month of being on the new online account/billing platform, the OVO Interest reward is calculated from payment to payment and not for a calendar month, so you might have your first OVO interest reward payment calculated just a couple of days after being migrated. 

 

Hi @Dsandy 

If you’ve found any discrepancy with your interest reward, we should be able to sort this out relatively quickly for you (knocks on wood).

Feel free to contact the team on FacebookTwitter and our Help centre has online chat!

Don’t worry, with the current COVID-19 predicament, you will not be penalised for reaching out to us this way.

 

Let us know how you get on with this,

Userlevel 7
Badge +2

Yes, please do let us know what happens @Dsandy. If it transpires to be a(nother) bug in the new Billing Software, then you won’t be the only one affected.

Userlevel 2

Well I’m supposed to be receiving 5% interest. 

Last month on the old billing system I received £0.58, this month on the new billing system £0.07.

I have given up trying to get any help from OVO support though. I still haven't got any half hourly graphs, the toggle  between £ and kWh has now disappeared with only kWh showing (despite working up to the 18th May), error message showing not receiving any readings - even though daily reading are clearly shown. So interest calculation not being correct is just the latest issue (Oh, and having no “Zero In” sub menu).

Every time I contact OVO support it is as if I receive the reply to someone else's query, because they never directly answer or resolve my query - are the replies automated or scripted? 

 

Userlevel 7
Badge +2

Hi @Neilupnorth and that feedback is useful.

 

1; Could you copy that bit about the kWh/£ function onto this other Topic where we’ve been discussing it. I’m intrigued that it used to work up until 18th.

 

2; The absence of “Zero in” seems to be due to the iteration of the the new Billing System which you are I are on. See discussion here.

 

3; As for the responses from Customer Services…

Having visited the Bristol HQ on a few occasions, I’ve found that the CS Staff are split into three different levels. Your email or telephone call always starts at the basic level, where there will be some staff who are relatively new to the company. They are more likely to respond with a standard pattern, especially as they’re not going to have much practical experience to fall back on.

The next level of escalation is where your enquiry will be passed to team member with wider experience of the particular subject matter. They have received additional training and will be able to provide a bespoke response.

The top level of CS is where there are staff who are technically excellent. Their time is expensive, and there are filters in place to ensure that their talents aren’t being wasted on trivial matters.

That top-level team sit just across the aisle from the Social Media and Moderators section. So they are on-hand to check technical information for Forum Members like me… who occasionally post things that are beyond what a Moderator is expected to know!

Of course, with the Coronavirus Pandemic, almost all of these people are working outside of the offices.

So my recommendation is to use email (rather than telephone) because this can be forwarded onward to someone with the right knowledge and skill-set. Moreover only put one query in each email.

Userlevel 2

Thanks for your detailed replyTransparent, I have copied the relevant part of my post to the kWh/£  toggle thread as suggested.

Userlevel 6

Hey @Neilupnorth

It actually sounds like there has been a partial payment of your interest reward, this could be down to the date your account upgrading to the new billing platform. Please reach out to the team, we’d be happy to check this over. If you have a social media account we’ll be able to look into this today. You can send us a message on Facebook, Twitter.

Thanks!

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