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Elite 11+ shopping and chat thread
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the letter said that you would get 3% interest when you are in credit so I wondered how this worked in practice.
Is anyone with Ovo and have you had an interest payment for being in credit?
do other electric companies operate the same scheme?
I wonder if this is 3% gross with no tax taken off?
also what is the maximum you can be in credit?
I've been with Ovo for the last 4 years - every year I check if I can better their offering but I actually haven't been able to yet!
In answer to your questions:
Yes I get 3% credit interest - they apply it every month to the credit balance you have with them.
I don't think there's any other companies do this (but I may be wrong)
It is 3% gross, they don't actually pay it to you though - they take it off your bill thereby reducing your bill.
There are limits to the amount you can be in credit so you can't just pile money in there (more's the pity)
They are a brilliant company to deal with and I've never had a single problem with them.
HTH0 -
Sunshinemummy wrote: »I can just imagine your application... yes I use £50 a month but can my direct debit be £500 a month as the 3% is fab!
It doesn't work like that unfortunately. They determine what your monthly DD should be judging by your usage so you can't add more or build up a massive in credit balance :rotfl:0 -
Zippy, in waities
Pedigree dentastix 7 young&small dogs are £1.50 each 2 for £2.20 and are on my picks would they work out 90p pack please?Sealed pot challenge number 003 £350 for 2015, 2016 £400 Actual£345, £400 for 2017 Actual £500:T:T £770 for 2018 £1295 for 2019:j:j spc number 22 £1,457Stopped Smoking 22/01/15:D:D::dance::dance:- 5 st 1 1/2lb :dance::dance:0 -
It doesn't work like that unfortunately. They determine what your monthly DD should be judging by your usage so you can't add more or build up a massive in credit balance :rotfl:
Shame
:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:
What is the betting that their application rate has shot up significantly since mhoc's comments.... I think she should ask for free utilities!!!100 -
I've been with Ovo for the last 4 years - every year I check if I can better their offering but I actually haven't been able to yet!
In answer to your questions:
Yes I get 3% credit interest - they apply it every month to the credit balance you have with them.
I don't think there's any other companies do this (but I may be wrong)
It is 3% gross, they don't actually pay it to you though - they take it off your bill thereby reducing your bill.
There are limits to the amount you can be in credit so you can't just pile money in there (more's the pity)
They are a brilliant company to deal with and I've never had a single problem with them.
HTH
Thank you - I found this page
https://www.ovoenergy.com/ovo-answers/topics/payments-and-statements/ovo-interest-reward/what-is-the-ovo-interest-reward.html
https://www.ovoenergy.com/ovo-answers/topics/payments-and-statements/payments/how-do-i-pay-online.html
so it seems like you could get the 3% from the interest reward on up to £1000 and this is taken off your energy balance each month“Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”0 -
I've been with Ovo for the last 4 years - every year I check if I can better their offering but I actually haven't been able to yet!
In answer to your questions:
Yes I get 3% credit interest - they apply it every month to the credit balance you have with them.
I don't think there's any other companies do this (but I may be wrong)
It is 3% gross, they don't actually pay it to you though - they take it off your bill thereby reducing your bill.
There are limits to the amount you can be in credit so you can't just pile money in there (more's the pity)
They are a brilliant company to deal with and I've never had a single problem with them.
HTH
I agree with everything Redfox has said. We have also been with them for 4 years and have nothing but praise for them. Great to deal with and not one single problem. Their bills are very easy to understand too. Can't recommend them enough !0 -
Sunshinemummy wrote: »Shame
:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:
What is the betting that their application rate has shot up significantly since mhoc's comments.... I think she should ask for free utilities!!!
I expect everyone's been checking websites and figuring out their usage and working out exactly what tariff they are on and what the unit costs are and who their energy supplier actually is ...
Riveting stuff
I don't seem to have an exit fee for my standard online Scottish power tariff so this makes things simpler“Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”0 -
“Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”0
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