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’ll see it on all your statements whenever 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.
As long as you’re in credit, we’ll work out your OVO Interest Reward every month and add it to all your statements.
*3% interest – 3% per annum earned on the amount left in your account after you've paid your bill, which is calculated based on number of days in credit and paid monthly.
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.
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