Ovo 3%

tali

Currently i am with Ovo,I am about £300 in credit.
Do i keep in credit and enjoy the 3% interest , or do i reduce my DDbebit ?
Also, given that 3% is generous -how much should this be factored in if i wanted to switch suppliers?

backfoot

I would be keeping the credit balance high if you do not need the funds.3% tax free is a good rate and exceeds most high street savings rates.

It isn't going to make you rich given the relatively small credit balances involved but you can do your calculations to see if it significant in terms of Supplier comparisons.

reeac

I'm with Ovo and last year got in credit to the extent of around £150 (electricity only). I had a lot of trouble getting them to reduce my DD and toyed with the idea of deliberately building up my credit just to get 3percent tax free and so see whether they eventually took any action themselves. Eventually I got them to reduce my DD.

tali

reeac wrote: »

I'm with Ovo and last year got in credit to the extent of around £150 (electricity only). I had a lot of trouble getting them to reduce my DD and toyed with the idea of deliberately building up my credit just to get 3percent tax free and so see whether they eventually took any action themselves. Eventually I got them to reduce my DD.

I'm sure i could get my DD down from £101 to £90- but have decided to build credit.
Can't say i have ever had any probs with any supplier unwilling to reduce DDebits