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OVO Interest Reward

OVO Interest Reward is where we pay you interest on your credit balances.

The OVO Interest Reward is our way of saying thank you for keeping your energy account balance in credit. We pay it on credit balances that are higher than your Direct Debit amount.

For example, if your energy account's in credit by £150 and your Direct Debit amount is £100, we'll pay the reward on £50.

We only pay the Interest Reward on amounts up to £1,000 – any additional credit over this amount won't qualify.

Your interest rate will go up the longer you’re with us:

  • Year 1 - 3%
  • Year 2 - 4%
  • Year 3 and beyond - 5%

You can check the rate you're getting on your Plan screen.

How do we work it out? 

We calculate the Interest Reward monthly on the qualifying credit held on your energy account balance between Direct Debit payments. We apply it to your account balance just before we get your Direct Debit each month. On the Billing screen, we show you the amount of Interest Reward you've accrued during the current billing period.

Oh, and don't worry. Although we give you interest when you're in credit, we'll never charge you interest when you're in debt. 

When is my OVO Anniversary?

It’s the day you first came on supply with OVO. If you’re dual fuel and we started supplying them on different days, it’ll be based on the date we started supplying the first fuel.

If you want to check what date your OVO anniversary is, find a copy of your welcome email (or letter if you prefer postal communications) and look for your supply start date - this date will be your OVO anniversary for the next year (and years after).  

I can see credit in my account but I haven’t got any OVO Interest Reward this month?

If you’re in credit when we generate your statement, we’ll work out your OVO Interest Reward based on the credit balance brought forward from that statement. You’ll see it on your next statement, so if you were in debt with us the previous month or on a different level of interest, this may be why you’re not seeing any OVO Interest Reward or a lower amount than expected. Keep an eye out on your next statement. 

What happens to my OVO Interest Reward if I move home?

When you move into a new property and decide to take OVO with you, your OVO Interest Reward rate will reset at 3%. Terms apply.

I’m getting the 3% OVO Interest Reward, will anything change for me?

Yes - but in a good way! You’ll keep benefitting from our OVO 3% Interest Reward each month until you come up to your first OVO anniversary (we’ll let you know when this is). 
After that, we’ll automatically increase your interest to 4%, and then 5% in year 3. We’ll email you to let you know when we do. 

I’ve been with OVO for a while, what OVO Interest Reward do I have?

You’ll be able to see how much reward you get by logging into My OVO and viewing your most recent statement. On the ‘Your statement at a glance’ page, there will be a breakdown of various transactions relating to your account and the OVO Interest Reward will be included there.

Can I change my plan and keep my OVO Interest Reward?

Yes you can - you won’t lose your OVO Interest Reward level. You’ll continue to increase up to 5% as long as you stay with us. Your OVO Anniversary is based on when you joined us, not when you joined a specific tariff, so go for it!  

Why has my OVO Interest Reward increased during my plan?

It’s because your OVO Anniversary is based on when you joined us, not when you joined a specific tariff, so if you’ve changed tariffs with us over time, then you may have increased at different points to your tariff contract lengths. 

My fixed contract finished and I didn’t renew - do I still get the OVO Interest Reward?

Yes you do, as long as you stay with us you’ll keep your OVO Interest Reward. 

*3% OVO Interest Reward (rising to 5% in year 3) is available only to customers paying in advance by Direct Debit, and is payable on balances up to the maximum credit balance for the Interest Reward specified in our Energy Charges list (currently £1,000). Terms and conditions apply.

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