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3% OVO Interest Reward - am I getting it?


i have a large credit in my account as interest rates are low so we put some of our savings but i am not getting the full 3% on my entire balance only the credit i was in before ?confused as
when i watched your video it says pays the 3% on the entire balance.
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Best answer by Tim_OVO 4 May 2017, 13:59

i have a large credit in my account as interest rates are low so we put some of our savings but i am not getting the full 3% on my entire balance only the credit i was in before ?confused as
when i watched your video it says pays the 3% on the entire balance.


Hi Bernie,

I'd like to make this the go-to topic on our 3% interest reward, so I've tweaked the title and added some tags, making it more 'searchable'.

If you’re in credit when we generate your statement, we’ll work out your OVO Interest Reward based on the credit balance brought forward from that statement. You should then see it on your next statement, on the main page (2) along with all the other transactions.

With that in mind, look out for the next one - your high credit balance will have an impact by then! More info (and a quick video) on this here!

There's another topic on this here.

Tim
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i have a large credit in my account as interest rates are low so we put some of our savings but i am not getting the full 3% on my entire balance only the credit i was in before ?confused as
when i watched your video it says pays the 3% on the entire balance.


Hi @bernie o

This does sound strange. Have you contacted OVO to establish what's happening here? If not do get in touch with them.

I'm sure one of the mods will be able to advise what's happening here.

Hope it's sorted soon for you
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i have a large credit in my account as interest rates are low so we put some of our savings but i am not getting the full 3% on my entire balance only the credit i was in before ?confused as
when i watched your video it says pays the 3% on the entire balance.


Hi Bernie,

I'd like to make this the go-to topic on our 3% interest reward, so I've tweaked the title and added some tags, making it more 'searchable'.

If you’re in credit when we generate your statement, we’ll work out your OVO Interest Reward based on the credit balance brought forward from that statement. You should then see it on your next statement, on the main page (2) along with all the other transactions.

With that in mind, look out for the next one - your high credit balance will have an impact by then! More info (and a quick video) on this here!

There's another topic on this here.

Tim
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Ovo offers 3% on any credit - a better rate than most savings accounts. Anybody use it to stash cash to earn interest? Is there a limit on what can be built up?
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@mrratcatcher I have moved your question here as we already have a topic open on the 3% interest reward!

Hopefully this info is useful, but it would be great to get others views on this, we can test them to see if they know the answers....!

Thanks

Darran
my partner like yourself thought this was a good idea to get the 3% as saving rates are so low but have just seen that the maximum credit you can earn the 3% on is £1000.so why is it when you top up your account it does not tell you this as i put in £5000 in i day and extra £1000 on previous days as well they should have made this more clear when using top up payments.am now going to get refunded my extra credit.not happy.
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my partner like yourself thought this was a good idea to get the 3% as saving rates are so low but have just seen that the maximum credit you can earn the 3% on is £1000.so why is it when you top up your account it does not tell you this as i put in £5000 in i day and extra £1000 on previous days as well they should have made this more clear when using top up payments.am now going to get refunded my extra credit.not happy.

Hi @bernie o,

Yes you’re right about that £1000 credit cap earning you interest. I’m sorry that you weren't made aware of this until recently. It’s specified in our T&Cs and on our OVO Answers page on this interest reward scheme here: https://www.ovoenergy.com/ovo-answers/topics/payments-and-statements/ovo-interest-reward/what-is-the-ovo-interest-reward.html. If you’ve got any ideas as to how we could make this clearer to our customers, here’s the place to share!

The thinking behind this cap is simple: the interest reward is there to ensure that customers who are asked to stay in credit aren’t penalised financially because of it. The interest reward shouldn’t be used in the same way as an interest earning bank account, as the credit doesn’t have the same protections that a bank provide.

Hopefully this reasoning makes sense - what do you think?

Tim
I think you have my account start date as 2017. I actually joined Ovo in October 2011, my account was erroneously taken over at the beginning of 2017 and took some time to be sorted out. I was assured that when it was all sorted out that it would not affect my account. Can you help or do I need to phone up.
I think you have my account start date as 2017. I actually joined Ovo in October 2011, my account was erroneously taken over at the beginning of 2017 and took some time to be sorted out. I was assured that when it was all sorted out that it would not affect my account. Can you help or do I need to phone up.

Hey @Jean

I've moved your query over to this topic so it's easy to find for others.

I'd like to take a look into your account to see what's going on with the interest reward. So I can do this, can you please PM me your full name, DoB and account number?

Thanks,
Emma
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Here's the topic I was referring to @Wee Davy

Tim
The interest rate is applied monthly, but it is not a monthly interest rate. They calculate it based on an annual average. So that is why it looks like you're not getting the full amount - because you will not get a 3% interest on your credit, you will get an interest of approximately 0.24% each month... A little misleading me thinks.
@bernie o

The interest rate is not 3%. It is 0.24% applied each month (3.00 /365*30). It is nothing like a savings account, it is simply a misleading way of people keeping their balance in credit - or even topping up their balance because they misunderstand the way the interest rate is calculated.

It is 3% - but applied over the year. Hence dividing by 365 and then multiplying by 30 [or how ever many days there are until your next bill].
@mrratcatcher

Didn't tag you in the above post, thought you might be interested.
where do i find out how much reward interest i receive each month on the surplus i have in my account
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It won't be shown in your account, until a statement is generated.
Just joined forum because, like roberttaylor, I also want to see how much interest my balance has made. Hope this is the correct way to join in.
My "Illustrative-statement" generated for 1st Dec (today) shows my balance brought forward at top then lists charges split by fuel type, online discount, total new charges (inc VAT), DD Receipt (credit), and finally, my new balance.
Where is the interest detailed?
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My "Illustrative-statement" generated for 1st Dec (today) shows my balance brought forward at top then lists charges split by fuel type, online discount, total new charges (inc VAT), DD Receipt (credit), and finally, my new balance. Where is the interest detailed?

Hi @Rich W

That illustrative statement is to give you an idea of what your charges would be if you were billed that day. It's effectively a pretend statement. Your interest reward will be on the third page of your actual monthly statement under the 'Other Transactions' header.

Tim
Thanks Tim. I was attracted by the big blue button (looks embarrassed). It is all clear now.
Does OVO pay 5% interest on any credit balance or is it limited to a certain amount?

What is to stop someone putting in £10,000 to get this great interest rate?
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Does OVO pay 5% interest on any credit balance or is it limited to a certain amount?

What is to stop someone putting in £10,000 to get this great interest rate?


Hey @naitment,

I've moved your post over to this topic where you should be able to find all the info you need.

Comment any other questions below!

Nancy
Did not receive monthly 5% interest on my last statement dated 23 January even though I was well in credit. Why not?
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@Rowland Hill I've moved your post over here where users are asking questions about the Interest Reward.

Hopefully you'll be able to find this answer to your query. If not, comment any further Qs below. @Mw2870 - maybe you could help answer?

Nancy
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I credited my account with £1000 about a month after I joined OVO. It correctly showed the interest payment on my next statement (nominally 3% as mentioned by others earlier).

Returning to @Tim_OVO's question of 8 months ago: If you’ve got any ideas as to how we could make this clearer to our customers, here’s the place to share!

I think the logical place to inform customers of the interest terms is in the Acknowledgement-email you send anyway. Particularly if the payment brings the customer's credit above £1000, the email should remind them that there's no interest payments above this.

As I understand it, the £1000 is most likely imposed by the Regulator. OVO is registered as an Energy Retailing Company, and not a bank. Credits aren't covered by FSA rules, nor would the Regulator be happy if OVO itself was funding its own development strategy from customer funds instead of a business loan!

HTH
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Appreciate your thoughts on this @Transparent- cheers for sharing!
I have been and ovo customer for several years. I understand I am now on 5% interest.
I cannot see the entries for this addition to my balance.
I have telephoned your customer service and they can see it.
perhaps I don't know how to access it. im not too computer literate
can you tell me the steps
Check out the information in this topic, @100373530

The interest reward is displayed on your monthly statements under 'Other Transactions'.

Cheers,
Emma

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