Green.Energy - 10% extra on top ups - *Extended 1st Feb*

brewerdave

This doesn't make any financial sense ! How can they pay out £1k after holding £10k for 60 days? Even in the heady days around 2008, the banks were only offering ~ 7.5% pa - and many of those banks no longer exist! If a significant number of people do this, then Green.energy will be no more and OFGEM will have a major headache trying to find an SOLR who are prepared to deal with these huge credit balances.

fewkeste

How does one subscribe to this thread? - it's been so long since I've done it I can't remember what to do!

imaginary_80s

fewkeste said:

How does one subscribe to this thread? - it's been so long since I've done it I can't remember what to do!

At the top of the thread (looks like this screen grab below) - click on the third icon along that looks like the end of a ribbon (to the left of the profile button). This will bookmark the thread. Then, open your 'edit profile' page and go to 'notification preferences' and make sure "Notify me when people comment on my bookmarked discussions" is ticked.

[Deleted User]

imaginary_80s said:

fewkeste said:

How does one subscribe to this thread? - it's been so long since I've done it I can't remember what to do!

At the top of the thread (looks like this screen grab below) - click on the third icon along that looks like the end of a ribbon (to the left of the profile button). This will bookmark the thread. Then, open your 'edit profile' page and go to 'notification preferences' and make sure "Notify me when people comment on my bookmarked discussions" is ticked.

Nearly! 

It is this icon

imaginary_80s

[Deleted User] said:

Nearly! 

It is this icon

Ah yes. Sorry about that.

fewkeste

Thank you both. I haven't subscribed to a new thread for such a long time! Also, I was viewing the thread not logged in so the bookmarks icon wasn't shown.

Incidentally, I hadn't considered the potential downside of this arrangement - I'm a new customer as of 17th April (an esapee from Scottish Power/Yorkshire Energy) and I prepaid a year's worth of electricty (£1200.) I realised that allowing for the discount makes my green Lamont tariff not dramatically different from the Yorkshire Energy tariff I was on before being placed with the awful Scottish Power as a SOLR.

Inigo_Montoya

the latest bonus was added to my account on the 15th - so slightly earlier than 60 days this time

I risked the whole 5K this time so I have a £500 bonus 

now to see if they will allow me to withdraw some of the funds without taking the bonus away 

worst case scenario as far as I can see is I cannot withdraw (without losing bonus), Green go bust & the SoLR picks up the tab

imaginary_80s

Inigo_Montoya said:

the latest bonus was added to my account on the 15th - so slightly earlier than 60 days this time

I risked the whole 5K this time so I have a £500 bonus 

now to see if they will allow me to withdraw some of the funds without taking the bonus away 

worst case scenario as far as I can see is I cannot withdraw (without losing bonus), Green go bust & the SoLR picks up the tab

Got my bonus this time on the 17th (day 59 of the 60 days). Got the full £500 here too, for the second time. 

Just a tip, go on their chat box and give them meter readings straight away (regardless of what day you usually submit monthly readings), then say you understand they need to keep the current balance of the account back so here are the readings so they can do that, and can they please transfer the remaining full balance from your Green account back into your bank account. Last time and also this time, they've replied the same day to say yes no problem and the transfer takes 5-7 working days. Cleared last time into my bank account within about 5 days, less the £20-whatever I owed since I'd last been billed. No hassle last time, not expecting any hassle this time either (they've already confirmed yesterday that they've requested the transfer to my bank account).

[Deleted User]

imaginary_80s said:

Inigo_Montoya said:

the latest bonus was added to my account on the 15th - so slightly earlier than 60 days this time

I risked the whole 5K this time so I have a £500 bonus 

now to see if they will allow me to withdraw some of the funds without taking the bonus away 

worst case scenario as far as I can see is I cannot withdraw (without losing bonus), Green go bust & the SoLR picks up the tab

Got my bonus this time on the 17th (day 59 of the 60 days). Got the full £500 here too, for the second time. 

Just a tip, go on their chat box and give them meter readings straight away (regardless of what day you usually submit monthly readings), then say you understand they need to keep the current balance of the account back so here are the readings so they can do that, and can they please transfer the remaining full balance from your Green account back into your bank account. Last time and also this time, they've replied the same day to say yes no problem and the transfer takes 5-7 working days. Cleared last time into my bank account within about 5 days, less the £20-whatever I owed since I'd last been billed. No hassle last time, not expecting any hassle this time either (they've already confirmed yesterday that they've requested the transfer to my bank account).

Nice job, easiest money making scheme of the year I think.

I've decided to leave my balance with them, won't earn much interest elsewhere plus I want to try to keep them liquid so they don't go under - I'm on a decent tariff right now.

The only dilemma I had was changing supplier, I could save a further £100pa switching elec to an infamous bottom end energy suppliers but decided against it given I've had more than that saving out of Green for the top ups. 

imaginary_80s

[Deleted User] said:

The only dilemma I had was changing supplier, I could save a further £100pa switching elec to an infamous bottom end energy suppliers but decided against it given I've had more than that saving out of Green for the top ups. 

I had the same dilemma. I usually would have got itchy feet and switched away earlier this year, but Green Mondays has kept me firmly with them - as you say, there's nothing else like this going on anywhere else (as far as I'm aware) and it just can't be matched. A 60-day loan of £5k for a £500 return really is a no brainer. I don't know how they're doing this, but long may it last! I'll only switch away when they haven't done Green Mondays for a long time (or if I ask and they tell me they won't be doing them any more).