Variable or Fixed Rate Tariff - Electricity

EmmaG04

This morning I've been doing comparisons as my electricity on a variable rate with Bulb has gone up and now seems expensive. From my comparisons Yorkshire Energy has come in cheaper with both their cheapest rate (variable) and slightly dearer 1 year fixed tariff. I was going to go with their 1 year fixed but then I've looked again this afternoon and their variable rate has dropped in price since this morning. Now I'm unsure on what to do and I'm wondering if their fixed rate will also decrease.
If I went onto their variable rate can I then in a month or so switch onto their fixed rate or would I have to switch onto a fixed rate with a different supplier?

I'm quite new to this, I bought a one bedroom flat 2 years ago and have been with Bulb since I moved in, so I've not got any experience of switching suppliers.

matelodave

If you are on a rate that doesn't have any exit penalties then you can change suppliers or tariffs as often as you want although bear in mind that it takes around 3 weeks and a bit of hassle when changing suppliers.

Changing tariffs with your existing supplier is usually much faster but beware of charges, dunno about YE but some suppliers will charge exit fees even if you swap tariffs with them. It seems that most variable tariffs don't have charges but a lot of fixed ones do so make sure you check first - good luck

kev2009

I tend to always go for fixed rate tariffs, simply because I like to know what i'm paying each month and know that's the price for 1 or 2 years.  For example, my Gas i'm now into my 2nd year of my 2 year fixed.  For my electricity, there wasn't really any good 2 year fix deals around when i was looking so i went with a 1 year fix, towards the end of that, the prices went way up so I've switch to E.On on one of there 1 year fixed rates and will then see where I go from there.  I have noticed this year that some dual tariff deals were actually cheaper than having separate suppliers, which is why i went separate suppliers due to it working out cheaper so I might go dual fuel next year, depends on the prices.  Would be nice, duel fuel, get my Gas meter changed to a smart meter and have a accurate reading on the IHD   However moving gas to a smart meter would only be a nicety, it doesn't factor in to something i'd worry too much about, would just be a bonus is all, i'm happy for it to remain standard meter.
Kev

macman

Given the current fall in oil and gas prices, a variable tariff might well be the way to go right now-but it may not last too long before an increase.