OVO Interest Rewards Terms & Conditions
Last updated: 2 March 2021
These terms explain how you can earn the OVO Interest Reward and are supplemental to our core supply Terms and Conditions.
Terms defined in our supply terms and conditions will have the same meaning in these additional terms.
1.1 You will be eligible for the OVO Interest Reward if you:
a) comply with these terms and conditions and the OVO supply terms and conditions;
b) are an OVO pay monthly member;
c) take your supply through a credit meter;
d) pay your energy bills by monthly direct debit; and
e) keep your account in credit by paying for the supply in advance.
If you meet all of this criteria, you are an ‘Eligible Customer’
2. OVO Interest Reward
2.1 OVO Interest Reward is the interest we pay on credit balances of Eligible Customers for so long as you remain an Eligible Customer, unless we change or withdraw it under section 3.1 below.
2.2 The OVO Interest Reward is calculated based on:
(a) the yearly rate, depending on how long you’ve been with us, as set out in our Charges List; and
(b) the remaining credit in your account each month after all charges for the supply of energy and for any other fees that apply under our contract have been paid. The remaining amount is prorated for the number of days since we last credited your OVO Interest Reward.
2.3. We’ll calculate the OVO Interest Reward and will automatically credit it to your account.
2.4. The maximum credit balance on which you can earn the OVO Interest Reward is stated in our Charges List.
2.5. The intention of OVO Interest Reward is to encourage customers to build up a reasonable amount of credit in order to manage the costs of additional winter energy usage. You must not make payments into your account just to receive the OVO Interest Reward. If we think you're doing this, we'll refund the extra amounts to you and we may withhold payment of the OVO Interest Reward on those amounts.
3. Changes to these terms and conditions
3.1 We may change these terms and conditions at any time. We’ll update them on our website if we do. Please check this page regularly to review updated terms. The date these terms and conditions were last updated is at the top of this page. We can change any aspect of the OVO Interest Reward (including its rate and how it's calculated), or stop or withdraw offering it entirely, at any time.