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What's the OVO Interest Reward?

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

OVO Interest Reward 3% 4% 5%

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 5% 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%. However, we’re working on fixing this. Terms apply: https://www.ovoenergy.com/terms.

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. 

Have you changed your tariff prices to cover the cost of the interest?

No - sometimes we have to make changes to prices based on changes to the wholesale costs of energy and to ensure we can give you great service, but we have not increased prices to provide you with this extra benefit.

*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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