When to switch?

AdmanPea

Hi all

I'm on a fixed 12 month tariff which is due to end mid April next year with Octopus. Given the upcoming changes to rates expected in January and then April, my question is: would it be prudent to lock in a new tariff before the end of the year to avoid said increases, or wait it out and re-fix when I'm close to the end of the current deal?

There is a £50 each exit fee which I've asked about in terms of if I stay with Octopus will it still apply.

Essentially it's a:

Fix now(ish) on a higher rate than currently but one which takes me to at least a year down the line or wait until close to April to fix then and maybe avoid the April increase but, of course, the January one will apply.

Swipe

See it out on the cheaper rate until mid April when your heating goes off. You'd be crazy to switch now and go on much higher rates for winter and also incur exits fees on top. It might not even be worth considering a fix next April if it looks like prices have peaked.

QrizB

I agree with Swipe. You've got a good price locked in for this winter, it would be madness to give it up just as it's going to prove its worth!

Arunmor

Remember the rise in the January price cap is already priced into the fixed deals already. Fingers crossed January will be the peak but keep a note of fixed price deals and see what the direction of travel is over the next 6 months.