OVO Interest Reward
Our Interest Reward is a thank you for keeping your account in credit. It’s paid on any credit balances higher than your Direct Debit amount. For example, if your account is in credit by £150 and your Direct Debit is £100, the reward will be paid on the additional £50.
We calculate your Interest Reward monthly – on the qualifying credit you’ve kept on your balance between Direct Debit payments.
The Interest Reward is applied each month just before we receive your Direct Debit payment.
Your interest rate will go up the longer you’re with us:
- First year - 3%
- Second year - 4%
- 3 years and over - 5%
You can see the amount you receive on your Charges page.
Do you calculate my Interest Reward daily on your new system?
No, the Interest Reward displayed at your current monthly charges is a monthly amount, and not calculated daily. We recalculate and reset it when we receive your next Direct Debit payment.