OVO Interest Reward is just our way of thanking you for keeping your account in credit and rewarding you for your loyalty. Since our tariffs are bill smoothed at certain points of the year, you’re likely to build up credit - and if we've got your money, we think it’s only right to pay you interest on it!
How does OVO Interest Reward actually work?
As an example, if you're in credit when we generate your statement, we'll work out your OVO Interest Reward based on the credit balance in that statement.
You won't actually see the Interest Reward payment, as a line item on your bill until your next statement. The amount of interest is prorated, based on the amount of days between your two statements.
We'll automatically calculate the OVO Interest Reward that is due to you and we will credit this to your account. We will only ever pay you interest if your account is in credit. Don't worry, although we give you interest when you're in credit, we'll never charge you interest when you're in debt!
Increasing the reward!
You'll start with a 3% reward in your first year. In year 2, we'll increase this to 4% and then it's 5% for year 3 and beyond. Essentially, the longer you stay with us, the more we'll say thank you!
When is my OVO anniversary date?
Your anniversary date is the day you first came on supply with OVO. If you want to check what date your OVO anniversary is, find a copy of your welcome email and look for your supply start date - this date will be your OVO anniversary for the next year (and all the years after!).
A few key terms and conditions
OVO Interest Reward is available only to customers paying in advance by Direct Debit. It is payable on balances up to the maximum credit balance - which is currently capped at $1,500.
You must not make payments into your account just to receive the OVO Interest Reward, for example, by overestimating your projected energy usage when you enter into this contract or making top-up payments (outside of your standard direct debit) via credit or debit when they are not required. If we believe 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.
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. You won't see the reward until your next statement. 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 about getting a refund?
If you would like a refund, you can request this at any time. We always encourage our customers to keep at least one month's typical direct debit amount in their account, as this helps them to receive the full benefit of the OVO Interest Reward. Terms apply.
Note: All terms and conditions of this and all other aspects of The One Plan can be found here: www.ovoenergy.com.au/terms/market-contract.