Energy Direct Debits: Get money back & your payments lowered Discussion
Comments
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I understand OVO pay 3% interest on accounts in credit up to £1k.
Has anyone taken advantage of this by keeping their OVO balance topped up to £1k?
An alternative to managing DDs to maintain minimal overpay!enter?0 -
I understand OVO pay 3% interest on accounts in credit up to £1k.
Has anyone taken advantage of this by keeping their OVO balance topped up to £1k?
An alternative to managing DDs to maintain minimal overpay!enter?
You might wish to read this:
The maximum credit balance on which you can earn the OVO Interest Reward is stated in our OVO Energy Charges list for all other meters.
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.0 -
My mother has been with OVO for over 3 years (I have been with them for longer) and has a £500 + balance with OVO which has been building up since she joined - she started with them paying the same amount os EDF were charging her (and they were about to increase her payments) and has been paying the same amount ever since, and still managed to build up this credit. Because she has been with them this long, then OVO pay her 5% interest which is far better than she gets in a savings account, and their customer service is excellent. The only "problem" we had with them was that they somehow forgot to bill her for 2 years, and I only realised when I saw how much credit she was building up (about £2500) but all sorted quickly and politely.0
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I understand OVO pay 3% interest on accounts in credit up to £1k.
Has anyone taken advantage of this by keeping their OVO balance topped up to £1k?
An alternative to managing DDs to maintain minimal overpay!enter?
Cheapskates!
Iresa pay 4.5% interest on any credit balance. :money:
and they probably have cheaper tariffs - unfortunately they are not accepting any new applicants at present
Similar restrictive terms apply to prevent anyone using their account as a savings account.0 -
I've just had my first bill after switching from my previous supplier. I'm in the Energy Club (or whatever you call it) and had been getting repeated mails telling me I was over paying by at least £30 per month and needed to switch, despite my contract not having expired. I plugged the '49 days until expiry' date, into my calendar so I could switch as soon as I could no longer be charged an exit fee. Then waited...
Actually, the exit fee was only £20 so I could have just switched anyway and been, theoretically, better off. Fortunately I didn't though. Now my first bill has come through, I'm paying more than I did before. The switch has cost me money, not saved it. I chose the cheapest option, which was supposed to save me over £350 per year and yet, based upon my first bill (from readings, not estimates) I'll be paying around £30 per year more, not £350 less.
Not impressed!!! If this site can't be trusted to give me good advice, I may as well go and live under a rock!
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I've just had my first bill after switching from my previous supplier. I'm in the Energy Club (or whatever you call it) and had been getting repeated mails telling me I was over paying by at least £30 per month and needed to switch, despite my contract not having expired. I plugged the '49 days until expiry' date, into my calendar so I could switch as soon as I could no longer be charged an exit fee. Then waited...
Actually, the exit fee was only £20 so I could have just switched anyway and been, theoretically, better off. Fortunately I didn't though. Now my first bill has come through, I'm paying more than I did before. The switch has cost me money, not saved it. I chose the cheapest option, which was supposed to save me over £350 per year and yet, based upon my first bill (from readings, not estimates) I'll be paying around £30 per year more, not £350 less.
Not impressed!!! If this site can't be trusted to give me good advice, I may as well go and live under a rock!
I wonder how that could possibly occur? :cool:
Perhaps you could give us all the details and someone could take a look.
e.g. consumption, post code, suppliers & tariffs involved.0 -
I've just had my first bill after switching from my previous supplier. I'm in the Energy Club (or whatever you call it) and had been getting repeated mails telling me I was over paying by at least £30 per month and needed to switch, despite my contract not having expired. I plugged the '49 days until expiry' date, into my calendar so I could switch as soon as I could no longer be charged an exit fee. Then waited...
Actually, the exit fee was only £20 so I could have just switched anyway and been, theoretically, better off. Fortunately I didn't though. Now my first bill has come through, I'm paying more than I did before. The switch has cost me money, not saved it. I chose the cheapest option, which was supposed to save me over £350 per year and yet, based upon my first bill (from readings, not estimates) I'll be paying around £30 per year more, not £350 less.
Not impressed!!! If this site can't be trusted to give me good advice, I may as well go and live under a rock!
Hi - welcome to the forum. Which comparison tool did you use? MSE Cheap energy Club offers the Ofgem methodology which is based on costs for the next 12 months AND a more useful 'this is what you pay for a year now' compared to 'this is what you will pay for a year on these tariffs'.
The Ofgem methodology assumes, for example, that a consumer with say one month to run on a fixed tariff will pay one month at present tariff cost PLUS 11 months on the supplier's standard variable tariff. This leads to an inflated cost. Meanwhile you choose another fixed tariff and you can end up paying more and still show a saving.
In sum, if you are on a fixed tariff with LESS than 12 months to run then savings should always be ignored.
Finally, in fairness to Ofgem. some form of mathematical assumption has to be made. The methodology is only flawed for those of us on fixed tariffs with less than 12 months to run.0 -
OveEnergy pays me 5% interest on my credit balance. I know of nowhere else I could get that so I'm happy to have my account well in credit!0
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Been with EDF nearly a year since moving into my first mortgaged home. DD was pretty high as they based usage on the precious occupants; a family with 2 teenage kids. (It's just me and my partner) Since providing regular reads I have had DD reduced twice without asking and found out today they are refunding £204 as we were so much in credit. Happy I didn't have to fight for it. I shall still shop around once our current tariff ends in August0
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I’m with OVO and like many energy companies they pay 3% interest on credit balances. That’s better than I can get anywhere else. I deliberately overpay and use it as a savings account. Rather than paying for appliance insurance, I use my built up credit to replace any appliances which breakdown or any plumbing or electrician bills.0
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