Saving Money with OVO Energy!

stphnstevey

Hi Ovo Energy company representative

I presume there is no scope to use it as a savings account then? Would you limit the amount we could keep the account in credit?

Thanks

cifpower

Would Ofgem now take a dim view of using this scheme as a quasi-savings account and require OVO to either enforce a deposit cap or split it off and require OVO to apply for a banking licence?

I can imagine the Daily Mail headlines of OVO turning into Extra Energy and a pensioner in Widnes unable to withdraw their lifetime savings

Terry98

cifpower wrote: »

I can imagine the Daily Mail headlines of OVO turning into Extra Energy and a pensioner in Widnes unable to withdraw their lifetime savings

Reminds me of last years headlines http://www.uswitch.com/gas-electricity/news/2014/06/13/ofgem-orders-ovo-to-discontinue-3-interest-on-bill-overpayment/

footyguy

^^^

Quite apt since this is last years thread too
(bumped by stphnstevey)

Terry98

footyguy wrote: »

^^^

Quite apt since this is last years thread too

I watched the film Deja-Vu last night.

I think I've seen it before!

JJ_Egan

stphnstevey wrote: »

Hi Ovo Energy company representative

I presume there is no scope to use it as a savings account then? Would you limit the amount we could keep the account in credit?

Thanks

Answered last year by the rep and no you cannot turn it into a savings account .