But, I am a little disappointed in a couple of things:
Been with OVO at existing home for six years and receive 5% interest on any credit balances on account we, bought another property in the SWest and I thought be loyal and move the service provider from BGas to OVO but, disappointingly I only receive 3% interest on any credit balance for the 2nd property! Now I know its not a lot but, considering I've been a loyal customer for 6 years and I am the same person for the second property paying the bills why can't I get 5% straight away. Seems wrong I am loyal after all.
Second thing and again you may think I being petty but, if I recommend OVO to a friend and they set up a new account we both get £25.00 gift card but, if you want to open a new account for 2nd property do you get a voucher No you don't because your the same person paying the bills!
Both of these points seem nonsense and unfair to me after all I am being loyal or am I misunderstanding something?
Best answer by Tim_OVO
I'm going to step in and answer this, as another forum user might struggle to know OVO policy on stuff like this - it's a good question though!
About the interest reward, this will always reset to 3% for a new property for the first year. The reason for this goes back to why the higher interest reward is possible for a property that's been with us for longer. In short, the costs involved go down the longer the supply is with us. So it helps us for you to stay with OVO, so we give you an incentive to stay.
It's a similar story with the Refer a Friend reward. Apart from the name being a give away (it's for other people not for other properties), this reward is to incentivise direct sign ups (which are cheaper for OVO) instead of sign ups via broker. If we didn't specify that the people signing up needed to be different people, not only would we need to change the name of the reward, but it would be open to abuse by landlords or estate agents who deal with dozens of properties.
I hope this helps explain our thinking behind these rewards.