Ovo - interest rewards - free energy?

gsk

Hi all,

This is a long shot I know but I heard on the radio that ovo give 3% on accounts in credit. Could anyone help debunk the myth that my brain has created please?

I pay £80 per month dual fuel. If I overpayed by £2746 then after my first months bill of £80 my account balance would be £2666.66. They would apply a 3% interest reward to my credit balance which would take it back up to £2746 and so on and so on and not actually be paying for my energy. I've checked the t&cs on their website and all it seems to say is that they won't pay *more* than 12 times your monthly direct debit in rewards in any one year.

Can any burst my bubble please as this seems too good to be true.

Thanks!

2013yearofthehouse

No idea on the details and have no further info other than what you've written in your post, but isn't it "equivalent to 3% a year" rather than 3% a month? So approx. 0.25% interest a month?

gsk

If you're right then to get £80 per month for 'free energy' I would need to overpay by £32,000. That might be a little more difficult to manage!!

OVO_Energy

Hi everyone!

Yes we do pay 3% on credit balances

Ovo’s Interest Reward is a thank you discount we give to our customers for paying monthly in advance.

The interest is calculated from the balance brought forward, which is the closing balance on a customer's last statement over the current bill period. Sadly we’re not a bank so you can’t pour your life savings in - gold star for the effort though!


Hope this helps. If you have any other questions about the Ovo Interest Rewards then feel free to ask

Thanks - Ovo

johnk

What about the DD payments made between the two billing days? Do they get interests? Similarly what about additional payment on top of monthly DD?