I’ve been with OVO since around 2019 (Lumo for a few years prior) and have noticed that there is no interest being applied to my account (I’m £560 in credit). I’ve logged a call but am being told I need to wait “around 21 days” for an investigation to complete.
Has anyone else experienced this?
Updated on 30/01/24 by Emmanuelle_OVO:
We no longer offer the interest reward. You can find out more on our website here.
In the past, some of our plans have been eligible for the OVO Interest Reward. Customers on these plans, who kept their energy account balance in credit, were paid interest. This interest was paid on the positive account balances that were higher than their Direct Debit amount.
In practice, they take the balance on the account at the midnight before the Direct Debit is taken. [Whether this includes the day’s standing charges or not isn’t clear, but it ought to according to the rules. That’s pretty immaterial, though, because a month’s interest on £1’s-worth of SC would only be at most 0.4p, so within the rounding error.] I’m surprised that you were offered £30 in compensation: that would be equivalent to a year’s IR on a constant credit balance of £600. I’ve tried to maintain my credit at the maximum £1000, because until recently the interest was 5 percentage points above what my bank would have paid. It easily covers all of the VAT I’m charged, which is in itself quite satisfying.
One last point about IR: ever since I started calculating my bills myself to make sure OVO’s figures were right, the only faults that have arisen have been with this silly 5%. It had to be adjusted twice last year, and making those adjustments probably cost more than the compensation you were offered. I wonder if anyone at OVO regrets having introduced the scheme all those years ago.
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OVO Energy Ltd, Floor 5, Crescent, Temple Back, Redcliffe, BS1 6EZ, (Company no. 06890795) registered in England and Wales.
OVO (S) Gas Limited is registered in England and Wales (Company No. 02716495) at Floor 5, Crescent, Temple Back, Redcliffe, BS1 6EZ.
OVO (S) Gas Limited is part of OVO Group Ltd
