Using OVO Energy like a bank account with interest

Drunk_Dancing_Monkey

Hi Everyone,

Just a little question about the interest that OVO Energy pay on your in credit balance as 3% is quite good, does anyone purposefully put thousands of pounds into their account in credit to earn interest on this is a similar way to a bank account and is there a limit to it.

Thanks

System

I think that you may need to take more water with your drinks. Have a look at paragraph 7 in Ovo's terms and conditions:

http://www.ovoenergy.com/coreterms2014/

pauljoecoe

So for me that would be about £1200. Probably worth doing as I assume there is not tax on that so effectively like a good (or better than most) ISA?

Is it that simple or is there something else I should be aware of?

[Deleted User]

pauljoecoe wrote: »

So for me that would be about £1200. Probably worth doing as I assume there is not tax on that so effectively like a good (or better than most) ISA?

Is it that simple or is there something else I should be aware of?

Paragraph 7.8 is the answer ..If they think you are over funding your account just for the interest, they "may " stop the interest payments