Money Wellness
Image of someone checking their energy usage on a smart meter
calendar icon29 Jan 2024

Money saving energy scheme to close

Energy provider Ovo has announced its to close its Interest Rewards scheme from February.

The Interest Rewards scheme allowed households earn interest when their Ovo energy account was in credit, with it being paid to positive account balances higher than set Direct Debt amounts.

The scheme was offered to customers who had been with Ovo before September 2021 and who were in credit by more than £100.

Customers using the scheme could earn 3% a year in interest, which was calculated monthly.

Ovo says it’s closing the scheme because the rules around Direct Debit payments have changed making it no longer viable.

Direct Debit payments now need to be as accurate as possible, and credit can’t be allowed to build up excessively. The aim is to get payments to cover every usage over 12 months, leaving households with a neutral (0) balance over the year.

The change won’t affect customers' energy contracts, with the terms remaining the same.

However, Ovo has that it’ll waiver exit fees for any households with a fixed tariff who wish to leave as a result of the changes.

Ovo customers whose accounts are in credit are being advised to request a refund or review their Direct Debt payments and adjust them accordingly.

Avatar of Caroline Chell

Caroline Chell

Caroline has worked in financial communications for more than 10 years, writing content on subjects such as pensions, mortgages, loans and credit cards, as well as stockbroking and investment advice.

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