OVO energy 3% interest on account

misternippy

Any opinion, I have switched to OVO energy, very competitive and pay me 3% interest on my account, so I just boost this rather than having a savings account.:money:

ColdIron

You're getting 3% on a balance up to £1,000. You can get 5% elsewhere

Malchester

They will not let you deliberately have a credit balance just to get interest. I am with Tonik Energy (excellent price and service - the best I have experienced in a utility company) and they pay 3% on credit balances but cannot create a large credit just to get interest

masonic

You're likely to make more by switching to the very cheapest supplier. It's been a long time since Ovo came up top of any comparisons I've run.

Skools_Out

misternippy wrote: »

Any opinion, I have switched to OVO energy, very competitive and pay me 3% interest on my account, so I just boost this rather than having a savings account.:money:

Oh dear....:cool:

13.6 You must not make payments into your account just to receive the OVO Interest Reward. If we think you're doing this, we'll refund the extra amounts to you and we may withhold payment of the OVO Interest Reward on those amounts.

https://www.ovoenergy.com/terms

Furthermore, as the credit balance used to calculate the Interest Reward is limited to £1000 in any event, 3% of that is £30. Even allowing for the annual increments to a maximum of 5% after 3 years will only reward you with an absolute maximum of £50pa.

Consult a comparsion site.
I feel sure any average consumer will be able to save more than £50 per year simply by switching to a cheaper supplier.

And you can put your £1000 elsewhere, with immediate access ... and earn 5% interest. Access to any credit accumulated with Ovo may take up to 7 working days to be returned to you

talexuser

masonic wrote: »

It's been a long time since Ovo came up top of any comparisons I've run.

Their two year fix in late 2017 was top of the MSE Energy Club at the time.

masonic

talexuser wrote: »

Their two year fix in late 2017 was top of the MSE Energy Club at the time.

I guess they must be more competitive for gas / dual fuel then as I'm running comparisons for electricity only on MSE Energy Club.

Nick_C

I'm on the Ovo two year fix, and I'm happy with my 3%. And I can't get 5% elsewhere on my spare money. I do have a few 5% regular savers, but if I didn't have a credit balance with Ovo then that money would be getting 1.35% in Tesco.

I particularly like building up a credit with Ovo, as I also get 1% cashback on my deposits. I'm currently withdrawing some cash from Ovo as I don't want them to reduce by monthly DD.

talexuser

Yes, dual fuel, and no comparison since has come up with a better deal considering the £60 early get out.

Malchester

I did a price comparison 2 days ago and for dual fuel the Tonik energy deal, positively green v17 could not be beaten. Unfortunately it is no longer available to new customers. Also Tonik have DD discount and no early exit charges. Useful as I have moved to alternative cheaper Tonik rates twice during 12 month contract

hugheskevi

Based on my Ovo experience, keeping a credit balance of £998 has not caused any problems.

If the balance goes above £1,000 it seems to be a part of a trigger of some system checks which prevent withdrawals and prompt a check of the source of deposited funds. But once those are confirmed everything is returned to being fully functional.

Withdrawals are slow - it will take about a week from when you request the withdrawal. It is also not possible to request withdrawals for a few days a month, as withdrawals have to be made within 28 days of a monthly statement. Withdrawals are limited to £599.99

The ability to make deposits by credit card but get withdrawals sent to a bank account can be useful to either build up a slow-stoozing credit card balance and/or get cashback. Note this can cause a few problems if you don't leave a bit of time (a couple of days) between deposits and withdrawals though (another thing which triggers checks on source of deposited funds).

Despite regular large deposits (and withdrawals) and a credit balance close to £1,000 most of the time, Ovo have not sought to reduce my monthly Direct Debit.