How much credit should I leave in my Outfox The Market Account

johnsmclean

Hi,
as of last week I have £900+ credit in my dual energy account. I read and report my meter readings monthly. I reckon the surplus may be £1500 by end of September. 

I don’t want all back, I think having a bit of a buffer is a good idea. 

Any suggestions on what should ask for and when?

Thanks in advance. 

QrizB

From memory, when I was with OFTM they billed me monthly. When was your last bill and did it have correct meter readings on it?

If you'rve been billed in the past month and the meter readings were accurate, I'd suggest asking for at least £600 back and also seeing if they will reduce your monthly payment.

Gerry1

How much interest do you want to donate to OFTM rather than have it going to you in a savings account of your own?

jennifernil

We were with them, they will want to keep 1 months direct debit

Gerry1

£1500 in an Easy Access account at 4.25% interest could be earning you £63.75 p.a.

Or bung it into Premium Bonds (equivalent rate 4% tax-free from August).

Time to be a Money Saver not a Money Waster !

wild666

When I was with them they wanted more money than I was paying monthly in winter but I would leave a months DD in the account.
If they want you to leave more then complain and take it too the ombudsman after 8 weeks with no response. IMO this company try anything to get customers to leave as much money as possibly in their account when the customer asks for funds to be refunded, they tried it with me in 2018 wanting me to leave in £170 of the £210 credit I had in when my monthly DD was just £50. It didn't end well for them as I got £50 compensation and they eventually let me withdraw £160 from my credit and two months later I moved supplier.

bob2302

wild666 said:

IMO this company try anything to get customers to leave as much money as possibly in their account 

That's not been my experience, I'm still slightly in the red in July.