Thinking of changing to OVO

worto03

Hi - I'm looking to change gas & elec supplier and OVO struck me as a good idea, from a comparison site it looks cheaper and I like the 3% interest idea (I'm usually in credit by a few 100) and I could overpay then withdrawing occasionally as I have a Santander 123 account too.

Have OVO dropped their prices yet, I guess I should wait if not as some of the big 6 have announced drops?

Also I don't see OVO on TCB or Quidco so is something like uSwitch the best cashback I'll get?

Thanks for any advice - I usually stick to the big 6 so just wanted to make sure before I swap.
Cheers,
worto.

System

I am with OVO. It is a well run company with monthly billing and excellent CS. Their 12 month fixed tariff is very competitive. That said, I am in the process of switching as, in my view, this is not the time to be in a tariff with high exit fees (£30 per fuel). Note that I deliberately used the word tariff and not contract. If OVO reduces its charges on the day you switch, then an exit fee will apply if you move tariff or supplier. The unanswered question is ' have energy prices got further to fall'? My guess is 'yes' but probably not before the General Election.

JJ_Egan

(Have OVO dropped their prices yet, I guess I should wait if not as some of the big 6 have announced drops?)

No drop at present .

teddysmum

NPower have a gas price reduction announcement on their website, but it appears to be only on the standard, ie highest tariff. The others will probably be the same.

Hammer_Time

The main problem that OVO have is that if they bring out a cheaper tariff they will charge you a exit fee to transfer to it. I believe the big 6 don't.

System

Hammer_Time wrote: »

The main problem that OVO have is that if they bring out a cheaper tariff they will charge you a exit fee to transfer to it. I believe the big 6 don't.

'Switchers' need to look at the tariff detail. EDF has no exit fees but E.oN's Fixed Tariff v14 is currently showing £5 per fuel.

Lurker21

worto03 wrote: »

Have OVO dropped their prices yet, I guess I should wait if not as some of the big 6 have announced drops?

Over the next few months suppliers are going to be leapfrogging over each other with ever lower tariffs. So I'd say if your current supplier hasn't dropped their rate yet, wait till they do then see how they compare. And do remember that although switching should be easy, it can problematic and cause you time and effort and even stress. Just read some of the other threads!

Lurker21

espresso wrote: »

The best deals at the moment are fixed for one year etc. with no exit fee. If a better deal is announced, you can't lose by switching again, so no point delaying switching.

If switching between suppliers was guaranteed to be as simple as switching tariffs within a supplier I would agree.

But reading the tales of distress caused by switching between suppliers leads me to conclude it's just not worth switching between suppliers to save a few quid for a short time.