Octopus Fixed Tariffs

Richchad

I am an existing Octopus customer on a variable tariff and have just looked at what their fixed options are, there seems to be two options, Octopus 12M Fixed and Loyal Octopus 12M fixed.

Both these fixed options show Early Exit Fee - £0

There used to be an exit fee of £75 for each fuel so I emailed Octopus to question this and they replied saying an exit fee of £75 does apply, so have replied asking that their website shows different, still waiting for a response, has anyone signed up for this thinking no exit fees?

I cannot see anything in the T&Cs about exit fees.

Tempted to switch and keep copies of website if I ever have to leave early but could open a can of worms trying to get it sorted..!

bristolleedsfan

Richchad said:

I am an existing Octopus customer on a variable tariff and have just looked at what their fixed options are, there seems to be two options, Octopus 12M Fixed and Loyal Octopus 12M fixed.

Both these fixed options show Early Exit Fee - £0

There used to be an exit fee of £75 for each fuel so I emailed Octopus to question this and they replied saying an exit fee of £75 does apply, so have replied asking that their website shows different, still waiting for a response, has anyone signed up for this thinking no exit fees?

I cannot see anything in the T&Cs about exit fees.

Tempted to switch and keep copies of website if I ever have to leave early but could open a can of worms trying to get it sorted..!

Octopus for years did not charge exit fees, June 2023 started charging exit fees on 12 month fixes.

End of last week ish launched 12 month fixed rate with 0 exit fees, quote page for new customers also states 🙅‍♀️No exit fees

Richchad

bristolleedsfan said:

Richchad said:

I am an existing Octopus customer on a variable tariff and have just looked at what their fixed options are, there seems to be two options, Octopus 12M Fixed and Loyal Octopus 12M fixed.

Both these fixed options show Early Exit Fee - £0

There used to be an exit fee of £75 for each fuel so I emailed Octopus to question this and they replied saying an exit fee of £75 does apply, so have replied asking that their website shows different, still waiting for a response, has anyone signed up for this thinking no exit fees?

I cannot see anything in the T&Cs about exit fees.

Tempted to switch and keep copies of website if I ever have to leave early but could open a can of worms trying to get it sorted..!

Octopus for years did not charge exit fees, June 2023 started charging exit fees on 12 month fixes.

End of last week ish launched 12 month fixed rate with 0 exit fees, quote page for new customers also states 🙅‍♀️No exit fees

Thanks for your reply, I first read it on the MSE website about switching to fixed tariffs and it does mention no exit fees on there.

It seems like a no brainer to switch to a fixed tariff with no exit fees if cheaper than my flexible tariff..

I would just like Octopus to confirm this so no hassle later if I did want to change, but might just go ahead anyway.

jak22

It's worth bookmarking the tariff change page as the link to it on the dashboard disappears after you start the fix. That page is the best way to check and switch to the loyal assuming better offers will arrive later in the year - maybe before they restore the link.

maya85

Definitely bookmark the page or print a copy. You never know when you might need it.

Richchad

Yeah I have made a screenshot of the page and printed it plus a copy of MSE webpage advertising it.

Still no reply to my email questioning their earlier reply telling me there is an exit fee...

jak22

The point of bookmarking is to be able to check the current unit loyal rates in coming months and then switch again if better - tricky with a screenshot or printout. If missed it will be in the browser history. 

Maybe someone just assumed anyone with a fix wouldn't need access to that page again until the end of the term - and looking at the non-usability of the My Energy page then that's possible - but it disappearing would certainly tend to reduce the number switching again. 

Richchad

Just got this reply from Octopus, it looks like she has still got it wrong as she is just confirming no exit fee from my existing tariff which is variable and still saying there would be an exit fee switching from the fixed tariff..

Here is part of the email...

It is correct that you would not be charged an exit fee to switch from your current Flexible Octopus tariff to the Loyal Octopus 12m Fixed tariff. But once you are switched over to the Fixed tariff, there would be an exit fee in case you decide to exit the fixed tariff before it expires, which is a 12 month period. Just wanted you to be aware of that as well.

Richchad

Okay, finally got confirmation of no exit fees from someone different at Octopus, they need to update their call staff on latest tariffs...

RedImp_2

Does seem counterintuitive as price caps are forecast to reduce next two quarters why would allow anyone to switch to fixed and then switch away when prices reduce though.

jak22

The return of no early exit fee would encourage fixes, the removing of the switch link perhaps discourages some switches, maybe the number of customers checking rates and predictions are small.