British gas- switching to standard from fixed

Deborah_72

It of course depends on when you fixed your rate but I would be wary of switching to a standard rate from a fixed till things have settled a little. British Gas have given me a quote on their website to switch which shows that my estimated annual yearly cost is about £600 more expensive than the estimate they had given me in June (for the same Loyalty Jun 23v2 rate, based on same consumption, I checked) and about £500 more expensive than the new capped standard, making it look like it makes sense to switch. But when I called them to check why, they actually reverted to quoting the original estimate for my fixed which then looks slightly cheaper than the capped standard (by £100). I don't trust the quote on their website but at the same time I'm not sure how my fixed rate will compare once/if they make adjustments so for now I'm just waiting.

daveyjp

Compare the SC and kWh rates and do the maths yourself.  

Don't rely on a back of fag packet, finger in the air estimate from someone selling you something.

[Deleted User]

BG estimated costs are seemingly terrible at the moment, this is the fourth or fifth time the same problem has come up.

I'll say it again here - estimated annual ££ cost does not matter.

Standing charge and unit rate is the only thing that really matters for the comparison.

Deborah_72

[Deleted User] said:

BG estimated costs are seemingly terrible at the moment, this is the fourth or fifth time the same problem has come up.

I'll say it again here - estimated annual ££ cost does not matter.

Standing charge and unit rate is the only thing that really matters for the comparison.

Thank you -  I just thought that all I could do is post my experience here as I was so appalled that they can get away with giving customers these quotes that are SO wrong and which could lead some to switch and lose money instead of saving.

MWT

Deborah_72 said:

Deleted_User said:

BG estimated costs are seemingly terrible at the moment, this is the fourth or fifth time the same problem has come up.

I'll say it again here - estimated annual ££ cost does not matter.

Standing charge and unit rate is the only thing that really matters for the comparison.

Thank you -  I just thought that all I could do is post my experience here as I was so appalled that they can get away with giving customers these quotes that are SO wrong and which could lead some to switch and lose money instead of saving.

Is it actually wrong, or have you failed to take account of the point when your current fix ends?

The calculation is probably using the next Ofgem fix for the period after the end of your fix (which was not available when you had the first quote).

Deborah_72

MWT said:

Deborah_72 said:

Deleted_User said:

BG estimated costs are seemingly terrible at the moment, this is the fourth or fifth time the same problem has come up.

I'll say it again here - estimated annual ££ cost does not matter.

Standing charge and unit rate is the only thing that really matters for the comparison.

Thank you -  I just thought that all I could do is post my experience here as I was so appalled that they can get away with giving customers these quotes that are SO wrong and which could lead some to switch and lose money instead of saving.

Is it actually wrong, or have you failed to take account of the point when your current fix ends?

The calculation is probably using the next Ofgem fix for the period after the end of your fix (which was not available when you had the first quote).

So, my rate ends in June 2023, it's true, but surely when that ends I will be automatically moved to the standard rate unless I go into a new fixed, so any comparison with the standard rate for those 3 months (July-Sept) should not matter? Besides that - when I called BG, they gave me themselves the original cheaper quote for my fixed and basically admitted the amount quoted on that page was wrong. My annual quote for my fixed when I called BG was around the same amount than the variable  - TODAY!!! but this is what appears on their web-page...

NannaH

If your fix is much more than 17p/4p above the newly published rates then it’s worth dropping immediately back onto svr.  If it’s a matter of a penny or two then you have to decide if it’s worth the peace of mind to stay fixed.
My fix was 26p over the new rate for electricity so I chose to go straight back to svr.   It’s a difference of over £100 a month. 

Deborah_72

NannaH said:

If your fix is much more than 17p/4p above the newly published rates then it’s worth dropping immediately back onto svr.  If it’s a matter of a penny or two then you have to decide if it’s worth the peace of mind to stay fixed.
My fix was 26p over the new rate for electricity so I chose to go straight back to svr.   It’s a difference of over £100 a month. 

Thank you - mine is literally the same as new capped rates (I fixed in June) so sticking with it for now to see if they apply any discounts.