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OVO Interest Reward

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

Our OVO Interest Rewards* are just our way of thanking you for your loyalty. And for keeping your account in credit too. You'll start with a 3% reward in your first year, before we increase it to 4% in year two, and 5% the following year. Essentially, the longer you stay with us, the more we'll say thanks. 

So that's:

  • 3% in your first year with us.
  • 4% in your second year. 
  • And 5% in your third year, and every year after. 

How do we work it out? 

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 then see it on your next statement. 
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.

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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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O​VO​ Energy Ltd, registered office 1 Rivergate Temple Quay Bristol, BS1 6ED, company no. 06890795 registered in England and Wales, VAT No. 100119879

Additional terms and conditions
Please see below for full terms and conditions on 33% renewable electricity, 3-5% interest rewards, exit fees and saving claims.

 

1Monthly cost - Representative monthly direct debit costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas) paying in advance by direct debit, including online discount.  All rates correct as of 20/3/2018, but may go up or down.

2Weekly cost - Representative weekly costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas).  All rates correct as of 22/11/2017, but may go up or down.

3Pay Monthly Savings claims: Saving based on the estimated annual cost of Simpler tariff for a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas) paying monthly in advance by direct debit, including online discount. Comparisons made against the average of the Big 6 standard variable tariffs with equivalent features. All rates correct as of 20/3/2018.“The Big 6” are British Gas, Scottish Power, SSE, Npower, E.ON and EDF.

4Pay As You Go Savings are based on the average estimated annual costs for new PAYG OVO customers quoted through the OVO website (based on household and/or consumption information provided by those customers), compared to their current supplier and tariff. Comparisons taken between 01/01/2016 and 11/10/16. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location. 

We include almost twice as much renewable electricity as the national average: At least 33% of electricity in all of our tariffs comes from renewable sources. The national average, according to Ofgem as at March 2014 was 16.7%. For more information please visit this page.

33% of your electricity comes from renewable sources: 33% renewable electricity as standard as of 1st April 2015. Renewable electricity is generated from wind, solar, geothermal, wave, tidal, hydro, biomass, landfill gas, sewage treatment plant gas and biogas.

OVO Interest Rewards: Interest Rewards are paid on credit balances of customers paying by monthly Direct Debit. It is calculated at 3% in your first year, 4% in your second year and 5% in your third year (and every year thereafter) if you pay by Direct Debit. Interest Rewards are paid monthly based on the number of days you’re in credit and the amount left in your account after you’ve paid your bill. Full terms apply: https://www.ovoenergy.com/terms

95% of new customers save when switching to OVO: Savings based on the average estimated annual costs for all new OVO customers quoted through the OVO website, compared to their current supplier and tariff. Comparisons taken between 01/05/2016 and 11/10/16. Incl VAT.

94% of surveyed customers would recommend us: OVO conducted a survey of their customers in between 1st January 2016 and 15th April 2016. Out of 15,312 customers who responded, over 94% rated OVO 6+ when asked 'how likely would you be to recommend us to a friend and family, on a scale of 1 to 10.

uSwitch's Energy Supplier of the Year 2017: OVO energy was voted and awarded  'Energy Supplier of the year' and best for: Overall Customer Satisfaction, Most Likely to be Recommended, Value for Money, Best Deal for You, Customer Service, Billing Services, Energy Efficiency, Meter Services, Online Services, Green Services and Transfer Process. OVO Energy scored a 96% customer satisfaction score.

* EV - Everywhere, full terms and conditions: https://www.ovoenergy.com/ev-everywhere/terms

* OVO SolarStore (Beta), full terms and conditions: https://www.ovoenergy.com/ovo-solar-store/terms

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