Octopus Fixed Cap

Claire022022

Hello!

I've been on a fixed cap with Octopus which ends in 2 weeks. I've been offered a new fixed tariff - 77% higher than my current monthly payment and that is with a loyality bonus.

Just interested whether others are going for the fixed cap offers now or whether they are waiting?

QrizB

Welcome to the forum.

At the moment, most of us hanging on the variable tariff and are waiting for next week's announcement of the revised April Ofgem cap. From the sound of it, your current fix will still be in force when it's announced so (if you don't mind waiting a week) you might want to do the same.

TheMilkmansDad

best not to look at the monthly payment either - look at the tariff rates.

Claire022022

Yeah I have looked at the tariff rate not getting it cheaper anywhere else, the advice from MSE is to hold fire if the bill increase is well over 40%. I have until the 16th to make the decision and will leave it to the last moment to decide. Thanks for the advice, didn't realise the cap should be announced next week, that's useful!!

facade

If you look at the bottom of QrizB's post there is a link to his prediction of the likely capped rates in April

around 8.6p/kWh for gas and 31.9p/kWh for electricity.

If the fix Octopus are offering now is significantly below this, it might be worth signing up now and locking it in. You can cancel the switch (within 14 days) and drop back onto the SVT if the prediction is wildly out.

It is what I have done, but I got a fix at last week's rates, which I suspect were lower than today's offer.

The other consideration is you would have to pay the fix prices from 2 weeks time until mid-April, when Octopus will increase their prices to the April cap, whereas dropping to the SVT means you pay the old capped rate for this period.

bristolleedsfan

Hopefully Octopus will launch a cheaper loyalty fix version due to -