Ovo Energy is offering customers who build up a credit balance a better return than many savings account providers.
The return is equivalent to 3% interest a year – a better return than you’ll find offered on most savings accounts.
The Ovo initiative is not suitable as an alternative to saving with a bank or building society – it does not offer consumer savings protection via the Financial Services Compensation Scheme. However, it may be worthwhile for Ovo customers with small balances on their energy accounts.
A fairer deal than the banks offer
Which? savings expert Jo Langenhan says: ‘If energy companies can offer their customers such as fair deal, then why can’t the banks?’
See the Which? guides for more on savings accounts and energy suppliers.
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