confused by switching options

wallofbeans

Hi All,

I'm currently on the variable tariff with EDF and I've had a look at options to switch to a gas / electric fixed tariff, but the EDF Ensure option is the only big name supplier coming up as less than what I currently pay, and I don't think it will be any different once the prices go up in October.

It's saying it will be 3% cheaper than it is now, but locks me into something for 12 months, with a £50 exit fee.. the saving will be almost nothing and I'll be locked in for 12 months, so it doesn't seem worth the risk. Or am I looking at it in the wrong way?

All other fixed options seem to be similar to what I'm estimated to be paying on the variable tariff after a 10% rise anyway, so is there any point locking in? I'm currently paying £140 and most 12 month tariffs are saying about £154...

Any advice welcome!

Dogbyte009

Fixed tariffs are usually a bit more expensive because you're paying for certainty.

I just switched to the Octopus 15 month fix, no exit fees and it's looking like it'll be less than the price cap come October.

Bungle73

All the fixes that were less than the current price cap went months ago. If a fix is less than 10% more than the current price cap you'll still be saving come October. Actually the guide on this website is advising up to 11% more, as the current thinking is there will be another 1-3% rise in January.

wallofbeans

But most of the ones I'm seeing aren't less than 10% more, they are mostly about the same. So is there any point getting locked into a year long fix when I could stay where I am and be able to switch without exit fee if needed?

wallofbeans

Dogbyte009 said:

Fixed tariffs are usually a bit more expensive because you're paying for certainty.

I just switched to the Octopus 15 month fix, no exit fees and it's looking like it'll be less than the price cap come October.

This same tariff is showing up for me too, at +6% on what I'm currently paying. So that's probably a good bet, especially as there are no exit fees. If I really wanted, I could always come back to this same standard variable EDF tariff that I'm on, it isn't going to go away... there's no reason not to go for this, right?

MikeJXE

I am with Octopus and have just done a fix that was 10% more than I am paying now but avoids the January increase 

My DIL also took up the same fix and switched supplier plus gained £50 by switching to Octopus 

It’s a win win as there are no exit fees. 

wallofbeans

MikeJXE said:

I am with Octopus and have just done a fix that was 10% more than I am paying now but avoids the January increase 

My DIL also took up the same fix and switched supplier plus gained £50 by switching to Octopus 

It’s a win win as there are no exit fees. 

How did they get the £50 by switching?

EDIT - I've seen a referral scheme, and have a friend who is already with them, so this could work well. 

MikeJXE

I referred her