Octopus - Change fix now or wait?

saverr

My October 2024 12m fix with Octopus runs out in a couple of months. The current (August 25) fixed deal on offer is about £20/ month more than my current contract, so it would seem logical to wait until October and fix again then, hoping that what's on offer then is not much worse than today's deal.

Any views on how the 12m fix is likely to change between now and then - is there a case to lock-in now?

Scot_39

Arent Octopus fixes normally exit fee free - so you can swap out if a better deal comes along.

Check the terms of the Aug 25 deal - if exit fee is free - no lock in risk - if it stays low - stick with it - if a better deal comes along swap.

Theres an Aug 25 V1 deal listed here - its not the cheapest but it is £0 exit fees - so lock in risk free.

https://www.moneysavingexpert.com/utilities/are-there-any-cheap-fixed-energy-deals-currently-worth-it/

Westertonbilly

saverr said:

My October 2024 12m fix with Octopus runs out in a couple of months. The current (August 25) fixed deal on offer is about £20/ month more than my current contract, so it would seem logical to wait until October and fix again then, hoping that what's on offer then is not much worse than today's deal.

Any views on how the 12m fix is likely to change between now and then - is there a case to lock-in now?

In the identical position. As the August fix is more expensive than the current one I've not moved. Appreciate there is more long term certainty but the move is not for me. Will wait and see what is on offer across the market towards October. Think the trend is gently lower, setting aside the fact we are getting monumentally ripped off by the UK energy market arrangements.   

vic_sf49

saverr said:

My October 2024 12m fix with Octopus runs out in a couple of months. The current (August 25) fixed deal on offer is about £20/ month more than my current contract, so it would seem logical to wait until October and fix again then, hoping that what's on offer then is not much worse than today's deal.

Any views on how the 12m fix is likely to change between now and then - is there a case to lock-in now?

If you look at the unit rates and standing changes, is it truly £20 more right now, assuming far less use of gas or electric, heating while we're still in summer.

The £20 is probably taking your usage over the year, then dividing by 12.

The standing changes MIGHT be about 7p cheaper, which is quite a difference, and would cover some usage at the higher unit rates.

Otherwise, who knows what prices will be doing at the end of your fix.

Edited to add, and finish my train of thought, if you did change tariffs right now, then as @Scot_39 says, you can keep changing tariffs if a better one comes along.

To my recollection, there's only been one Octopus fixed domestic tariff this year, that's had exit fees, but do check. 

MWT

You don't have to wait until October, you will be able to lock-in a fix to run from the end of your current fix when you get a little closer.

Doesn't hurt to call and ask if you can pick the next tariff sooner, but you certainly should have no problems doing it within the last 49 days of your current tariff.

Mark_d

saverr said:

My October 2024 12m fix with Octopus runs out in a couple of months. The current (August 25) fixed deal on offer is about £20/ month more than my current contract, so it would seem logical to wait until October and fix again then, hoping that what's on offer then is not much worse than today's deal.

Any views on how the 12m fix is likely to change between now and then - is there a case to lock-in now?

I have a Dec 2024 fix with Octopus.  If I take the August 2025 fix now, I will certainly be paying extra until December.  After that, what happens is anyone's guess.
Just as with mortgages, I make my decision based on what is known for certain. We don't know what tariffs will become available in future.

grimsalve

I was on the Octopus 12M Fixed October 2024 v1 tariff too. I wanted to stay with Octopus but the only fixed tariff they offer at the moment would end up costing me more so I decided to switch to Fuse Energy now.

Maybe Octopus will  a better tariff before October?

timjim

Mark_d said:

saverr said:

My October 2024 12m fix with Octopus runs out in a couple of months. The current (August 25) fixed deal on offer is about £20/ month more than my current contract, so it would seem logical to wait until October and fix again then, hoping that what's on offer then is not much worse than today's deal.

Any views on how the 12m fix is likely to change between now and then - is there a case to lock-in now?

I have a Dec 2024 fix with Octopus.  If I take the August 2025 fix now, I will certainly be paying extra until December.  After that, what happens is anyone's guess.
Just as with mortgages, I make my decision based on what is known for certain. We don't know what tariffs will become available in future.

Normally Octopus apply a new fix from the expiry date of your old fix so you shouldn't be paying more between now and December 

wrf12345

"Normally Octopus apply a new fix from the expiry date of your old fix so you shouldn't be paying more between now and December " 

Can confirm that if they send you a renew fix offer then it starts when the old one ends, all you have to do is click through online.In my case have switched from Gas Tracker (zero user for nine months and it had a low s/c at the time) to 12mth fix but s/c change is up a touch so happy to keep that until it ends. Gas at 6p a unit for three months I can live with, gives two hours of CH a day, covered by the returned winter fuel allowance.

Tafrock

Similar situation to @grimsalve. I jumped ship to fuse saving myself £219 a year over the renewal fix Octopus were offering. I bagged Fuse 13month fix August 25 V3. Only downside is there is exit fees but this deal is unlikely to be bettered for its duration 

Frozen_up_north

Beware of Octopus bumping up the monthly payment when there is a tariff change, ours jumped up 90% for no reason (the tariff didn’t increase by that much). I complained and they dropped it back, no explanation as to the anomaly.