Interest on credit amount

Hello Bulb,

I have a fair amount sitting in credit for about an year and I wanted to check if like most of the other companies would Bulb pay me an interest on the credit amount.

Before you ask I do have in mind refunding part amount but consciously saving it to even out the hike in energy bill over an extended winter chilly spell.

Thanks

Not as far as I am aware.

No, and at the moment, it probably wouldn’t even be worth considering. The Bank Of England Interest Rate is currently 0.75% (which is most likely what Bulb would offer if it did), so even if you left £500 in your Bulb account for a year and they awarded interest every month on a compound method, you’ll just be £3.76p ‘better off’. However, once inflation has taken into account (using the BOE’s inflation calculator for 2018-2017 of 3.3%), that same £500 would be worth just £483.84 in ‘real terms’.

I’m actually not aware of any ‘normal retail’ companies which offer interest on credit accounts with them (with the obvious exception of banks/building societies - and even then, quite a few of them don’t offer interest on ‘current accounts’ - I know my personal bank Monzo doesn’t offer it on ‘current’ accounts [or ‘standard pots’] and only has an option for over £1,000 in a savings account - Nationwide also doesn’t offer interest on ‘current accounts’ and my business bank, Cater Allen, only offers 0.10% once you have over £100k in your account).

I dont know if they still do but OVO did give 3% on the credit balance on a maximum of £1000 credit. Even taking that in to account I was still cheaper moving to Bulb.

It’s so easy with Bulb to manage one’s own credit.
I’d rather they continued to be an excellent energy supplier - I’ll stick with the Nationwide Building Society for financial matters.

So it’s cleat that Bulb don’t pay off any interest on positive credit balance in case it builds up, like in my case.
Can someone please guide me how I must withdraw my credit balance at Bulb to my bank account? Thanks

By using the help button and do a search for the info.

So it's cleat that Bulb don't pay off any interest on positive credit balance in case it builds up, like in my case. Can someone please guide me how I must withdraw my credit balance at Bulb to my bank account? Thanks

If you have been building up a credit have you thought about reducing your DD payments, you can do this via your account dashboard?

By using the help button and do a search for the info.

Tried ‘help’ but in vain. More precise steps would be helpful if you know please. Thanks.

So it's cleat that Bulb don't pay off any interest on positive credit balance in case it builds up, like in my case. Can someone please guide me how I must withdraw my credit balance at Bulb to my bank account? Thanks

If you have been building up a credit have you thought about reducing your DD payments, you can do this via your account dashboard?

Hi Allanr, aware of option to lower DD monthly account but will prefer to keep it constant to manage my outward payments better. It’s now become a habit to set aside the fixed amount which I don’t want to reduce and then struggle to come back to when the credit balance is exhausted. Thanks for the tip though.

Found it under help. I need to send an email to
help@bulb.co.uk

Thanks @scudo

Hi @Tanurag

That’s an interesting idea. I don’t think it’s something we’ve discussed before. I’ll add it to the Open Road Map so we discuss the idea. Thanks for the thought.

How much credit would you like refunding? Before we do refund any credit, we’ll double check that you’ve given us up to date meter readings.