Don't Switch!!!!!!

Madfish

Don't Switch.

That seems to be the current red light on the utilities price indicator because of the recent BG price cuts. However I'm currently with southern electric and have just switched from a pre pay astronomicaly priced meter to a standard credit meter on their standard tariff (which is still high) , now according to uswitch I can save 1/3 off my electric bill by switching at the moment so surely its worth it is'nt it, Am i tied to whoever i switch to for a time? and even if they drop the prices surely that will get passed on to me anyway. Please help....confused....and out of pocket.

KimYeovil

Of course it is worthwhile.

As long as you choose a tariff without a leaving penalty you will be fine. You are free to switch again immediately - domestic supplies are one month notice contracts.

wowsavings

The traffic light system seems to work well as an indicator when prices are going up. However, when prices are going down, if you switch to a supplier after they have announced a price fall and then your current supplier drops their prices, you are still better off than if you hadn't done anything.

I would suggest that in these times, the traffic light should be amber as you won't be worse off, but by waiting you could maximise your savings.

For those that switch rarely, I would say that waiting until all the suppliers have moved is the right thing to do. For those that switch regularly, I would still suggest switching if there are better deals out there.

Another point is that the British Gas price drop was only on their standard tariff. The cheapest online tariffs haven't been affected as their prices change a lot more regularly. Therefore, if you switch to one of the online tariffs, you probably won't be affected by the latest round of price drops.

kjsmith7

wowsavings wrote: »

Another point is that the British Gas price drop was only on their standard tariff. The cheapest online tariffs haven't been affected as their prices change a lot more regularly. Therefore, if you switch to one of the online tariffs, you probably won't be affected by the latest round of price drops.

...Unless you are on the 6% discount tracker or the Web Saver 1 (also a trakcer tariff). The Web Saver 1 is already 10% less and will go down by a further 10% when the prices drop in Feb. Web Saver 1 is the only online tariff available.

Cardew

Madfish wrote: »

Don't Switch.

I'm currently with southern electric and have just switched from a pre pay astronomicaly priced meter to a standard credit meter on their standard tariff (which is still high) , now according to uswitch I can save 1/3 off my electric bill by switching at the moment so surely its worth it is'nt it,

What data did you enter into the uswitch website(or did you phone them)?

markharding557

don't think the light system really applies here cos you have only changed payment method and tariff not supplier