This is my first time on the OVO Forum, something totally unfamiliar to me, but I understand I can no longer e mail without losing my self service reward! Checking my statement for October 2018 my balance B/F was £10.46 credit and my OVO interest reward was £0.05. For November 2018 my balance B/F was £30.35 credit and my OVO interest reward was £0.13. Looking back at the same period last year similar amounts of B/F credit and OVO interest payments were found. As my OVO interest reward is 5% I cannot understand how the above figures are arrived at. I would be grateful if someone could explain this to me.
Best answer by Anonymous
I think you will find the 5% interest rate is the annual rate - you need to divide the 5% by 12 to get the monthly rate, so using your balance of £30.35 for November 2018 (1 month):-
0.05 (5%) divided by 12 (= 0.004166 per month), multiplied by £30.35 = £0.126, rounded up = £0.13.
I hope this helps.