Year on year fixed rates - Octopus

Snarf999

I usually fix for 12 months year on year with Octopus. This year my fixed rate is due to end on October 4th, and was contacted today to undertake a new fix. Looks like if I take the offer of fixing for today I'll go onto the current August rate (2025v1).

It generally seems that there are maybe 2 versions each month and with a predicted rise in the cap in the autumn I'm guessing fixing earlier is better before the rises are built into the fixed rates.

I know no-one has a crystal ball but is there potentially a sweet spot for switching before price cap changes? If I change now I'll essentially be paying £10 extra a month, but that can obviously be compared to potentially going onto a higher tariff when the August v1 ends.

Has anyone had success also in changing to a lower tariff when the price cap drops potentially in the spring (given there are no exit fees)?

QrizB

Snarf999 said:

Has anyone had success also in changing to a lower tariff when the price cap drops potentially in the spring (given there are no exit fees)?

There are folk on this forum who switch Octopus fixed tariffs more often than some people change their socks

See for example this thread:

https://forums.moneysavingexpert.com/discussion/6617132/octopus-new-tariff-july-v1

timjim

Octopus apply the new tariff when your old one ends. So if you take August v1 it will be applied from 5th October so you continue with the existing tariff until then.

If a better fix comes out between now and 5th October you can switch to that as there are no exit fees.

Snarf999

timjim said:

Octopus apply the new tariff when your old one ends. So if you take August v1 it will be applied from 5th October so you continue with the existing tariff until then.

If a better fix comes out between now and 5th October you can switch to that as there are no exit fees.

Thanks - that's the bit I hadn't realised (but that it tells you once you've accepted the new tariff!). I've made a recurring calendar entry to regularly check!

vic_sf49

Or some months they were offering new tariffs daily, like in July they got up to v7, and August up to v5, then they reverted to an earlier version, such as August v1. 

If you see a better tariff, act on it the same day, as it might not last 24 hours.

The majority have zero exit fees, so you can switch to your heart's content, except for one tariff earlier in the year, that did have exit fees, so just check that before deciding.