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Why do most of your customers pay in advance by Direct Debit?

At OVO, we ask that you pay one month in advance so we can buy energy in advance.

Paying in advance by Direct Debit helps us keep our costs down and means we can buy your gas and electricity in advance.  We then pass these savings back to you in our great value plans.

More broadly speaking, there are benefits to staying in credit. Being in debt to an energy company makes it harder to switch to a cheaper supplier, which means a less competitive energy market and higher bills.

We’re trying to make things better. Having a credit balance gives you the flexibility to change suppliers.

Another good reason to build up some credit is what’s called ‘winter uplift’. The average home uses more energy in the colder months. If we’ve got your Direct Debit amount right, by winter time, you should have enough in your account to cover any extra energy you use in winter. Remember, whenever you’re in credit, we pay you the 3% OVO Interest Reward* – it’s your money, so it should be your interest.

 

*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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