By managing your OVO account online in
My OVO we can cut our admin costs – and save a lot of paper. It’s good news all round, especially as we pass the savings onto you as an Online Account Management Discount.
At the moment, the Online Account Management Discount is £60 a year if you get both gas and electricity from us. If you just get electricity, it’s £30 a year. It’s paid monthly as a discount on your bill: £2.50 per fuel.
You can lose your Online Account Management Discount if you do not follow the
terms and conditions. This includes things like calling or emailing us instead of using My OVO to manage your account – or not giving us regular meter readings. You’ll always need internet to manage your account online – so if you’re moving home and won’t have access to the internet straight away, you could use the My OVO app on your mobile data connection instead. If you don’t use the mobile app, and don’t have internet at your new home yet, you won’t be eligible for the Online Account Management Discount.
Just choose the Online Account Management Discount when you sign up or if you decide you’d like it mid-contract then give us a call.
You’ll get the monthly £5 discount built into your energy plan from the off – or £2.50 if you only have one fuel with us. So if you pay monthly by Direct Debit, you’ll see it on your very first OVO statement and on every statement from then on, for as long as you keep looking after your account online.
Your £30 Online Account Management Discount is calculated daily, throughout the year, for each fuel. While it’s calculated daily, we’ll add the discount to your account when you’re billed. The way we calculate it is a little more complicated than you might think, so we’ll break it down for you.
So, you save £30 for each fuel, every year. Part of this comes from a daily credit amount, paid into your account when you’re billed – and the remainder comes from VAT calculations on discount transactions. It sounds complicated, but here’s a breakdown.
Your daily credit amount is £0.078278. That adds up to £28.57147 over a year. It’s nearly £30, but not quite. So how is the extra amount calculated?
Well, every energy bill is subject to 5% VAT. But as we add your credit every day before we add the VAT to your bill, you don’t have to pay it on that portion.
Now, 5% of your daily credit amount (£0.078278) is a saving of £0.0039139, which adds up to £1.4285745 over a year.
So your annual credit of £28.57147 plus your VAT saving of £1.4285745 adds up to £30 – your Online Account Management Discount for each fuel.
OVO Interest Reward
OVO Interest Reward is where we pay you interest on your credit balances.