OVO Energy 3% Interest Reward - What is it?

  • 20 February 2017
  • 16 replies
  • 2953 views

Userlevel 5
Badge +2
You know we love to treat our customers and what better way than rewarding them with 3% interest each month if their account is in credit?

We're curious to know whether you guys were aware that this was something we offered and if so, what you put your extra pennies towards each month? If you weren't aware that we offered this, what could we do to make this clearer?

Were you also aware the longer you stay with us now, the more your reward goes up? For example stay with us for a second year and you get 4% interest, stay for a third and it moves to 5% and will stay at 5% for every year after that! We think that's pretty good!

Share your thoughts with us - we'd love to hear them!

16 replies

Userlevel 5
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I was not aware of this - is it available to every pay monthly customer?
Userlevel 5
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Yep! It's our way of giving back the interest we earn when your account with us is in credit. It’s also our way of rewarding you for paying in advance, so it's a win win situation. You'll be able to see it reflected on your statement each month.

Lucy
Userlevel 5
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That's great. Thanks Lucy, will be sure to check my statement 🙂
Userlevel 3
Badge +3
I think I'm right in saying that OVO are the only UK energy company that pay interest on credit balances (statement admittedly unverified, but I'm fairly sure...). I deliberately set my direct debit around £15 per month too high, so I have a credit "buffer" in case of high usage (stupid immersion heater) but it's also like a bonus savings account (my Actual savings account is paying less than 1% right now)... In August I'll request a refund of the excess, and take my girlfriend on holiday 🙂
At what point does the 3% I am getting through remaining in credit get shown on my 'statements and payment history' and against what balance is this generated (ie: mean average for the year and if so what constitutes a 'year' OR accumulative based on the credit level each month OR what?)?
Userlevel 6
Badge +4
At what point does the 3% I am getting through remaining in credit get shown on my 'statements and payment history' and against what balance is this generated (ie: mean average for the year and if so what constitutes a 'year' OR accumulative based on the credit level each month OR what?)?

That's one for the moderators I think @Darran_OVO @Lucy_OVO @Tim_OVO

It will be good to know for future reference
Userlevel 5
Badge +2
At what point does the 3% I am getting through remaining in credit get shown on my 'statements and payment history' and against what balance is this generated (ie: mean average for the year and if so what constitutes a 'year' OR accumulative based on the credit level each month OR what?)?

Cheers @Mattj3135. :)

@huesero Once you have your chosen statement open, scroll to the second page titled 'Statement at a glance' - this is where you'll see the 3% interest listed as the OVO Interest Reward.

The way it’s calculated is the days of the bill period, divided by days in the year, multiplied by 0.03, then multiplied by the balance brought forward.

Lucy
Userlevel 6
Badge +4
At what point does the 3% I am getting through remaining in credit get shown on my 'statements and payment history' and against what balance is this generated (ie: mean average for the year and if so what constitutes a 'year' OR accumulative based on the credit level each month OR what?)?

Cheers @Mattj3135. :)

@huesero Once you have your chosen statement open, scroll to the second page titled 'Statement at a glance' - this is where you'll see the 3% interest listed as the OVO Interest Reward.

The way it’s calculated is the days of the bill period, divided by days in the year, multiplied by 0.03, then multiplied by the balance brought forward.

Lucy


There we have it! Thank you Lucy. #knowledgeispower
I was not aware of the 3% interest, I will be sure to look for it right away as we are always in credit.😊
Userlevel 6
Badge +4
I was not aware of the 3% interest, I will be sure to look for it right away as we are always in credit.😊

Welcome to the forum Purplerosie


Glad to hear you've just learned of the 3% interest in credit balances do keep an eye out - enjoy your bonus - however you choose to use it 🙂
Looking at my latest statements I can not find how OVO calculate the interest of 3%. Is the 3% an APR? but if any one out there can show me how the calculate their interest I would be most grateful. so (3%) of £668.78 = £1.71 . Or is it actually .3 of a percent if which I suspect it is why do they show it as 3% on my statement.

It sounds like a moan but its not what other energy company gives you anything, Its just it bugs my when things don't add up.
Userlevel 7
Badge +2
Hey @ICE Welcome to the forum!

I have moved your question here as this is something that was asked by another user and @Lucy_OVO provided above some info on this which hopefully answers your question!

Were you also aware the longer you stay with us now, the more your reward goes up? For example stay with us for a second year and you get 4% interest, stay for a third and it moves to 5% and will stay at 5% for every year after that! We think that's pretty good!

Darran
Thank you for your direction I was aware of the increase as time goes on but just needed to understand how it was calculated I also believe their is an upper limit on the balance?

It may sound like a moan but unless I can balance the account I can not get peace of mind Just like on the statement it tells you how to convert the gas metred units into KWh.

And just to let @Emma_G know that I do like peaches but just need to remove the bugs as they also like the ripest peaches.
Userlevel 5
Badge +2
You’re right there @ICE- the interest reward is paid on credit balances up to £1,000.

Lucy
I notice that I am receiving 3% interest on any credit balance in my account. After 3 years it goes to 5%. Why am I not receiving 5% as I have been a customer of Ovo for many years. I was an Ovo customer at my previous address CM1 6SS and was receiving 5% interest I moved house on the 1st February 2019 to CM1 6SX and had to set up a new account with you, but why am I only getting 3% interest surely I should be getting 5%. ??.
Userlevel 6
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Hi @ray51 - I've moved your post onto this topic about the interest reward. More info above ☝🏼

If you move house and you were on 5% interest at the old property, we can transfer this to your new account if you get in touch with the team: 0330 303 5063.

Cheers

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