Octopus fixed tariff

Nickyno

EDITED due to incorrect figures.

 I was with Avro and when they went bust was transfered to Octopus.  My current annual usage for both gas and electricity  is £1638.01.  I know Martin has mentioned if you can get a fixed rate for no more than 40% or 45% if you strongly value budgeting certainty it's worth considering.

Octopus offer me a 12 month  fix at £2270.84

Current usage £1638.01 + 40% = £2293.21

What should I do? The offer is just over  38% more .  As of today (readings submitted just) it leaves me £163.55 in credit.

If Ieave it till August/September do you think the offer will be pulled?

QrizB

If you don't fancy the fix, don't take it.

Here's a recent thread discussing the same fixed-rate deal, including a couple of other options:

https://forums.moneysavingexpert.com/discussion/6366716/octopus-loyalty-12m

The_Fat_Controller

If your account is neither in credit or debit and those ££££s reflect your actual annual usage then the fix would give you certainty and possibly save you a small amount as the October rise is predicted to be over 45% for Mr and Mrs Average Customer.

If you take it now you will overpay for the next two months as compared to the SV rate and then possibly be "ahead" over the winter months.

As the yanks say "too close to call" over 12 months.

Just my opinion.

EDIT (Correction) : You will overpay from whenever you take the fix until 30th September 2022.

Nickyno

The_Fat_Controller If you take it now you will overpay for the next two months as compared to the SV rate and then possibly be "ahead" over the winter months.

3 Months? Does the price change happen at the beginning of October?

pochase

The new cap will start from the 1st of April, and you can be sure every single supplier will have new prices that day.

Spies

pochase said:

The new cap will start from the 1st of April, and you can be sure every single supplier will have new prices that day.

This is incorrect, the new price cap will take effect from October 1st.

Mstty

pochase said:

The new cap will start from the 1st of April, and you can be sure every single supplier will have new prices that day.

Are you sure?

The_Fat_Controller

I have corrected my previous post, regarding the period up until 30 September.

There is also a possibility of a change to 3 monthly periods for the capped tariffs, so that will throw in more uncertainty if it happens.