It's our way of giving back the interest we earn when your account with us is in credit.
It’s also our way of rewarding you for paying in advance – because we want to give you a fairer deal.
Matt explains how it works.
At the moment, the OVO Interest Reward* is set at 3%. You may see it on your statements if your account’s in credit.
The OVO Interest Reward isn’t connected to Bank of England interest rates. However, it does reflect what’s happening to interest rates generally – we review it every 6 months.
Though we give you interest when you’re in credit, we don’t charge interest when you’re in debt.
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 should then see it on your next statement.
*3% interest – 3% per annum earned on the credit balance brought forward from your last statement. It’s calculated based on number of days in credit and paid at regular intervals. The OVO Interest Reward is not paid on final statements.
3% OVO Interest Reward 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.