the £400

northernstar007

not sure if i can do this but it may also help a few other people
i`m on a fixed deal till end jan24, paying £110 p/m with exact usage 
when the £400 is added to my acc i am wanting to keep my payments the same (£110) right through the contract till 2024 
at the  end of the contract the £400 should still be in my acc, so then i will be on a svt or a new contract, then i hope to keep my current payments the same (£110) and start using the £400 over the following year/s , i may only get 12/24 extra months out of it but as of now i see it my prices are more or less fixed till 2026
thats just imo

Ultrasonic

Nobody realistically knows what will happen to prices in 2024-2026 so you can't really plan anything with certainty. Your energy company will probably let you do what you suggested though as basically you're wanting to pay them too much. Personally I wouldn't deliberately do so but it depends if you're confident you could just save the money (earning interest) otherwise.

Mstty

Interest rates are rising, if your energy supplier will let you reduce your monthly payment for 6 months by £66.67 from October then put that money in a savings account ready for when you need it.

Caveat :- the current thinking is the £00 is going to be paid in 6 monthly installments to electricity energy accounts from October 2022

EssexHebridean

For non regular posters reading this, it should be noted that the OP’s idea only works for them because they are on a fixed rate and so can predict with certainty what their costs will be for the next 18 months. For most, the £66 a month will contribute to - but not necessarily cover - the likely increase in billed amounts this winter.