Please can someone tell me if I have interpreted the reward scheme correctly? In year one OVO will pay 3% of the amount in credit up to a maximum of 3% of £1000. i.e. £30. Is this correct? (If it is it means OVO are paying a lot more interest than the high street banks)
Best answer by Mw2870
The OVO Interest Reward is calculated monthly as 3% per year, using the amount of
any credit left in your account after you’ve paid your bill, and the number of days
you are in credit in the relevant month.
The credit amount used to calculate your OVO Interest Reward is capped at 12
times the amount of your current direct debit amount. So yes, 3% on £1000 if your DD is at least £83 a month.
Yes, better than banks, and it’s classed as a discount so no tax!
Remember, as per your contact:
You must not make payments into your account just to receive the OVO Interest Reward.
If OVO think you’re making payments into your account just to receive the OVO
Interest Reward, they may refund the extra amounts to you and may withhold
payment of the OVO Interest Reward on those amounts.