ability to regularly change tariff with your supplier ?
pennymakespounds
Posts: 1,482 Forumite
in Energy
Been with EDF for a few years ... Have always been very best or second best price ( until latterley when some of the new guys are clearly pitching low ) .
What i have regularly done is change tariffs in order to get the lowest price . Particularly in the last year or so , every new fix tariff is cheaper than the previous .
eg .. just gone from "jan 17 fix" .. to Feb 17 fix" . to save another 5% . ...
EDF allows you to change tariffs like this .. only takes a couple of clicks .. and is instant .
My question is .... whether all companies allow you to do this ? , without penalty.?
All the cheaper alternative suppliers have their £50+ exit penalties
which for me is a deterent to join them ... but will be even worse if during the period of the fix deal you are not allowed to move tariffs as they bring cheaper ones out .
What i have regularly done is change tariffs in order to get the lowest price . Particularly in the last year or so , every new fix tariff is cheaper than the previous .
eg .. just gone from "jan 17 fix" .. to Feb 17 fix" . to save another 5% . ...
EDF allows you to change tariffs like this .. only takes a couple of clicks .. and is instant .
My question is .... whether all companies allow you to do this ? , without penalty.?
All the cheaper alternative suppliers have their £50+ exit penalties
which for me is a deterent to join them ... but will be even worse if during the period of the fix deal you are not allowed to move tariffs as they bring cheaper ones out .
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Comments
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Nope, not all do.
Ovo for example will not give you a penalty for switching to another supplier but will apply a penalty for switching to another tariff with them.
Others, such as E.on will apply a penalty for switching to another supplier but do not apply the same penalty for switching to another tariff with them.
You have to read the T&C. The penalties described on switching sites are usually about going to another supplier. You would be best to check with individual suppliers and specific tariffs about switching to another internal tariff.0 -
E.On allow it.Stompa0
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Cashstrapped ... you're confirming the bad news .. ie there is no standard and each suppliers t&c's needs checking .. which is too hard work .
Could do therefore on all the EnergyClub supplier & tariff details .. to show "exit fee" .. and an "internal transfer allowed/fee" .
The ability to do "internal tariff transfer" is something i'd guess many don't do.. but certainly in EDF case provides significant opportunity to save money .
I'd guess i've changed at least 4 times in the last year .. about 5% saving each time .
Has certainly kept my cost close to best available .. without me moving supplier and getting in to the £50+ penalty handcuffs . To also lose the internal tariff change would make in just too much of a gamble.0 -
pennymakespounds wrote: »Cashstrapped ... you're confirming the bad news .. ie there is no standard and each suppliers t&c's needs checking .. which is too hard work .
Could do therefore on all the EnergyClub supplier & tariff details .. to show "exit fee" .. and an "internal transfer allowed/fee" .
The ability to do "internal tariff transfer" is something i'd guess many don't do.. but certainly in EDF case provides significant opportunity to save money .
I'd guess i've changed at least 4 times in the last year .. about 5% saving each time .
Has certainly kept my cost close to best available .. without me moving supplier and getting in to the £50+ penalty handcuffs . To also lose the internal tariff change would make in just too much of a gamble.
All savings are good; however,.........
For me, with my modest annual energy consumption of £660 per year, an EDF dual fuel tariff (the cheapest) would cost me £61 (+10%) per year more. No 'handcuffs' apply to the deals that I am on and I can tariff hop at any time.0 -
supplier ?0
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pennymakespounds wrote: »supplier ?
Zog Energy for gas. Saturn 12 - no exit/tariff switch fees but £10 per year more than their Mercury fixed.
GBEnergy for electricity. Premium Saver variable tariff: no exit or transfer fees. Prices may change but GB is required to inform customers of any proposed increase.0 -
pennymakespounds wrote: »Been with EDF for a few years ... Have always been very best or second best price ( until latterley when some of the new guys are clearly pitching low ) .
What i have regularly done is change tariffs in order to get the lowest price . Particularly in the last year or so , every new fix tariff is cheaper than the previous .
eg .. just gone from "jan 17 fix" .. to Feb 17 fix" . to save another 5% . ...
EDF allows you to change tariffs like this .. only takes a couple of clicks .. and is instant .
My question is .... whether all companies allow you to do this ? , without penalty.?
All the cheaper alternative suppliers have their £50+ exit penalties
which for me is a deterent to join them ... but will be even worse if during the period of the fix deal you are not allowed to move tariffs as they bring cheaper ones out .
Each company has seperate terms which you should read and understand before applying to them
EDF has no early exit fees so that makes it easy for them
Some suppliers have early exit fees ... but perhaps only on some of their tariffs. However they may let you transfer tariff with them for no penalty, especially if by doing so you extend the term you are tied to them, but not all do.
Some suppliers may not allow you to transfer tariff before the end date at all. They cannot stop you from switching supplier, (assuming no debt) although you will probably find that will incur early exit fees.
As CashStrapped says, there may even be some that apply early exit fees for transferring tariff with them, but not for switching away to another supplier.
I wouldn't suggest you choose a supplier just because they do not have early exit fees (unless you are planning to switch/transfer soon)
First of all, if you are happy with the deal you have secured, then continue to be happy with it. I doubt anyone will come along and beat it by much, but if they do, then the £50 early exit fees won't really bother you as hopefully you'll be saving more than that by switching.
Also, many switches can attract possible cashback of £30-£40, so mitigating any loss early exit fees may cause anyway.0 -
"They" used to drop the gas price in one tariff, and then drop the electricity price in the next tariff. Fairly harmless, they just to get to say "we are dropping prices" twice. Over this winter, Scottish Power has been dropping the gas price, but raise the electricity price at the same time.
So, yes, there is no exit penalty when you tariff hop within Scottish Power, but you don't necessarily save money.
Might have to split the fuels, and switch separately if they keep this up.0 -
British Gas let you swap between their tariffs for free including their reward tariffs. I think it is allowed 3 times a year. Handy for getting Amazon vouchers ;-).Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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