Interest Rewards are our way of saying thanks to OVO members, by paying you 3-5% interest on your positive balance.
You could earn between 3-5% interest on the positive balance in your OVO Energy account. Sound good? Keep reading, to find out how it all works.
What is the OVO Interest Reward?
The OVO Interest Reward is our way of saying thanks for keeping a positive balance in your energy account.
It means that you’ll get paid interest on any credit in your account over your Direct Debit amount.
For example, if your usual Direct Debit is £100, and there’s £150 in your account, you’ll earn interest on the £50. In fact, we pay the Interest Reward on any amount up to £1,000.
We want to celebrate you for sticking with us on our journey to net zero carbon. That means your Interest Reward will go up the longer you’re with us:
In your first year, you’ll get 3%
In your second year, you’ll get 4%
In year 3 and beyond, it’s 5%
You’ll get your new Interest Reward rate automatically on your first and second OVO anniversaries.
Oh, and don’t worry: though we’ll pay you interest on your positive balance, we’ll never charge interest on a negative balance.
Why we created the OVO Interest Reward
We believe that customers should be treated fairly. Part of that is giving something back whenever we can.
That’s why we were chuffed when, in 2014, energy regulator Ofgem let us pay interest on our members’ positive balances.
In 2017, we decided we could go one better. We introduced Interest Rewards that grow over time, as a ‘thanks’ for members who stay with us long term. So now you'll get 3% interest in your 1st year, 4% in your second year and 5% in your 3rd year – and for every year after.
How does the OVO Interest Reward work?
We work out your Interest Reward by looking at the positive balance on your account between Direct Debit payments. Then, we add the Reward to your account just before your Direct Debit payment is made each month.
You can see which Interest Reward rate you’re earning on the homepage of your OVO account.
How often do we calculate the Interest Reward?
We work out your Interest Reward monthly, just before your Direct Debit payment.
When is your OVO anniversary?
Your OVO anniversary is the date that we started powering your home. If you’re on a dual fuel tariff, your anniversary will be the date we started supplying the first fuel to you.
You can find out exactly when that was by checking your welcome email or letter. You should have got one of these from us when you first set up your account. The email or letter will tell you when your supply start date is. That date will be your anniversary each year.
We’ll also reach out to let you know when you’re coming up to your OVO anniversary. It’s a milestone worth celebrating!
How to check your Interest Reward
It’s easy to check your Interest Reward in your online account. See the rate you’re currently getting – 3%, 4%, or 5% – underneath your current balance, on the homepage of your account.
To see how much you’ve earned this month, check your latest statement on your Billing history screen.
Got more questions about the Interest Reward?
Can I change my plan and keep my OVO Interest Reward?
Of course! When you renew your plan with OVO, you’ll continue to get your Interest Reward.
It’ll keep going up, no matter which plan you choose. Your OVO Anniversary is based on when you joined us, not when you joined a specific tariff, so go for it!
A little reminder of our Interest Reward rates:
Year 1: 3%
Year 2: 4%
Year 3 and beyond: 5%
I can see credit in my account but no OVO Interest Reward. What can I do?
Does your account have a positive balance (“in credit”), but you’re not seeing any Interest Reward on your Billing history page? This could be because your positive balance is below your Direct Debit amount.
Remember, we only pay the Interest Reward on amounts over your Direct Debit, and under £1,000.
For example: let’s say your Direct Debit amount is £40. If your positive balance is £60, we’ll pay interest on £20. But if the positive balance is £39, we won’t pay any interest.
1 OVO's 2019 analysis of academic research into the effectiveness of feedback on energy consumption behaviours indicates that being able to monitor your energy usage by installing a smart meter and having access to energy insights information can lead to a reduction in energy use. The reduction in energy use results from the customer making changes to their habits by curtailing home energy use through actions such as optimising heating settings or switching lights off. The actual savings achieved will vary depending on individual energy use and the nature of changes made to a customer's energy habits.
2 Based on analysis carried out by the Carbon Trust for OVO Group (2020), 28% of an average individual’s carbon footprint in the UK comes from energy. In this analysis, the carbon footprint includes the following lifestyle categories: energy, transport, shopping, food and drink and holidays. See table below for each category. This carbon footprint data has been calculated using BEIS 2020 emission factors. This excludes emissions from things that the average person cannot directly control such as supporting the NHS, defence, government bodies, etc. Please note these figures are not reflective of potential changes to your habits during the coronavirus pandemic.
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