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!
Best answer by Bradley_OVO
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"
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.
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).
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,