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Maximising overpayment to gain interest?

  • 10 July 2017
  • 4 replies
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I've been in ovo long enough to now be on the 4% interest level. I'm interested in maxing this out given the state of savings rates in the high street. It says it will pay interest up to £1,000 credit. My predicted annual amount is £888 with a £74 monthly DD. So theoretically, can I bump up my DD to £157/month which would equate to £1,800 by the end of the year? Or better, do a one off DD of £1,000, then revert to £74?
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Best answer by Lucy_OVO 11 July 2017, 18:07

You might as well take advantage of this @idom! You can earn the interest on a credit balance up to £1,000. 🙂

Lucy
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You might as well take advantage of this @idom! You can earn the interest on a credit balance up to £1,000. 🙂

Lucy
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I have only just noticed that point 13.6 of your T&Cs states: "You must not make payments into your account just to receive the OVO Interest Reward. If we think you're doing this, we'll refund the extra amounts to you and we may withhold payment of the OVO Interest Reward on those amounts."

However, I have been doing just that for some time and I imagine many other people have too. I keep my account topped up to £1000 to earn the maximum interest (at 5% as I have been a customer for over 2 years). Do Ovo really enforce this condition, and if so, how many people have been reprimanded for doing this? Or is this wording just to keep the financial watchdogs happy?
Userlevel 1
I had hoped that someone from Ovo would have responded to this.
I have only just noticed that point 13.6 of your T&Cs states: "You must not make payments into your account just to receive the OVO Interest Reward. If we think you're doing this, we'll refund the extra amounts to you and we may withhold payment of the OVO Interest Reward on those amounts."

However, I have been doing just that for some time and I imagine many other people have too. I keep my account topped up to £1000 to earn the maximum interest (at 5% as I have been a customer for over 2 years). Do Ovo really enforce this condition, and if so, how many people have been reprimanded for doing this? Or is this wording just to keep the financial watchdogs happy?


Hi @Bonzo Kelly

I’ve moved your query to an existing topic on our interest reward, so it’s easier for others to find.

You’re right, if we think you're increasing your payments to receive the interest reward, we'll refund the extra amount to you and may withhold payment of the OVO Interest Reward on those amounts. However I don’t have visibility over how many customer accounts have undergone this review.

We try to run regular Direct Debit reviews on all our Pay monthly customer accounts, to ensure they’re not paying too much or too little for their energy usage. During these reviews, the team will also check for any overpayments.

That being said it is sometimes difficult to spot these overpayments and inevitably some will slip through the net. Rest assured we do enforce these conditions and take them seriously.

Thanks,
Emily

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