CREDIT ON ENERGY ACCOUNT

Paul18077

Interesting article on METRO today but no reference to OVO energy that gives you 5% when you are in Credit up to £1000.
it is worth to mention I would say

Northern_Wanderer

I shant be a bank to any of those practically insolvent energy companies. Because when they go bust with everyone's hard earned cash, we ALL pay for it in our future bills.

Do you have a link to the article?

Gerry1

Probably no mention in the Metro because the promotion was withdrawn a long time ago, unless you have evidence to the contrary?

Paul18077

My Ovo Energy February bill got interest on my credit.

Northern_Wanderer

So, is OVO operating like a bank now? This tactic is a little worrysome to me.

brewerdave

Reminds me of what Green. Energy were doing about 18 months ago - I believe it was 10% return if you overpaid and left the credit for 6 months? Wonder whether Shell ( as the SOLR) paid these excessive credits back ??

Gerry1

Paul18077 said:

My Ovo Energy February bill got interest on my credit.

But is the scheme still open to new applicants?  Evidence, please !

Northern_Wanderer

https://www.ovoenergy.com/terms/interest-rewards

Although I am seeing other articles that say they were ordered to stop paying these rewards previously.

I do feel we should all stop giving these companies credit though.

Paul18077

Gerry1 said:

Paul18077 said:

My Ovo Energy February bill got interest on my credit.

But is the scheme still open to new applicants?  Evidence, please !

that I do not know. talk to them.

phillw

I found it difficult to get interest from OVO. At the time I switched away because I could get cheaper energy than jump through the hoops to convince them to build up a balance.

(b)   the remaining credit in your account each month after all charges for the supply of energy and for any other fees that apply under our contract have been paid.

2.5. The intention of OVO Interest Reward is to encourage customers to build up a reasonable amount of credit in order to manage the costs of additional winter energy usage. 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. 

MWT

phillw said:

2.5. The intention of OVO Interest Reward is to encourage customers to build up a reasonable amount of credit in order to manage the costs of additional winter energy usage. 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. 

That is there to avoid falling foul of the banking regulations I would say...