So it makes more sense than ever to switch from a standard variable rate tariff to a fixed rate deal. We reckon someone on typical usage who’s never switched could save £210 a year.
Smaller suppliers’ deals now take up half of the top 10 best one-year fixed-rate deals table, with the lowest now coming in at less than £919 a year for a typical household.
Extra Energy, Green Star Energy, Co-operative Energy and GB Energy Supply Limited are giving the UK’s Big Six suppliers a run for their money, as you can see in the latest best buys table…
|Provider and Tariff||Tariff Rate Type||Deal Expires||Avg. Medium User (Gross)||Exit penalty|
|Extra Energy - Fresh Fixed Price March 2016 v3||Fixed||31-Mar-16||£918.41||£25 per fuel|
|first-utility - iSave Fixed April 2016||Fixed||30-Apr-16||£919.47||£30 per fuel|
|Green Star Energy - Rate Saver 12 Months Fixed version 1502 Paperless||Fixed||NA||£926.94||£30 per fuel|
|Green Star Energy - Rate Saver 12 Months Fixed version 1502||Fixed||NA||£941.94||£30 per fuel|
|Co-operative Energy - Fair & Square May 2016||Fixed||31-May-16||£944.00||£30 per fuel|
|ScottishPower - Online Fixed Price Energy April 2016||Fixed||30-Apr-16||£948.98||None|
|Sainsbury's Energy - Fixed Price March 2016||Fixed||31-Mar-16||£949.36||£30.00|
|GB Energy Supply Limited - Premium Energy Saver||Variable||NA||£950.74||None|
|npower - Fixed Energy June 2016||Fixed||30-Jun-16||£954.93||None|
|EDF Energy - Blue+Price Promise July 2016||Fixed||31-Jul-16||£964.16||None|
Tariffs coming to an end
Meanwhile, 12 fixed rate energy deals, including last year’s popular EDF Energy Blue +Price Promise March 2015 tariff, will disappear within the next seven weeks. And if you’re on one of them, doing nothing could cost you money.
Energy customers who let their fixed rate deals come to an end are automatically moved onto their supplier’s standard tariffs – meaning higher gas and electricity bills. In the worst case illustrated in the table below, it could cost almost £300 over the course of a year.
|Supplier and tariff name||End date||Average bill||Current standard monthly direct debit||Difference||Potential saving|
|Co-operative Energy - Pioneer - Fixed 2015||31-Mar-15||£1,045.07||£1,176.43||-£131.36||£263.25|
|EDF Energy - Blue +Fixed Price March 2015||31-Mar-15||£1,198.43||£1,163.60||£34.83||£250.42|
|EDF Energy - Blue +Price Promise March 2015||31-Mar-15||£1,060.69||£1,163.60||-£102.91||£250.42|
|Sainsbury's Energy - Fixed Price March 2015||31-Mar-15||£1,192.97||£1,193.01||-£0.04||£279.83|
|Scottish Power - Fixed Price Energy April 2015 NSC Online||31-Mar-15||£1,129.46||£1,188.62||-£59.16||£275.44|
|Scottish Power - Online Fixed Price Energy March 2015||31-Mar-15||£1,065.63||£1,188.62||-£122.99||£275.44|
|Scottish Power - Platinum Fixed Energy April 2015 NSC Online||31-Mar-15||£1,252.34||£1,188.62||£63.72||£275.44|
|British Gas - Price Promise April 2015||30-Apr-15||£1,194.07||£1,192.96||£1.11||£279.78|
|EDF Energy - Blue +Price Promise April 2015||30-Apr-15||£1,083.64||£1,163.60||-£79.96||£250.42|
|first-utility - iSave Fixed v15 April 2015||30-Apr-15||£1,028.48||£1,159.47||-£130.99||£246.29|
|first-utility - iSave Fixed v9 April 2015||30-Apr-15||£1,044.96||£1,159.47||-£114.51||£246.29|
|npower - Price Fix April 2015||30-Apr-15||£1,091.66||£1,204.91||-£113.25||£291.73|
Time to switch!
Switching to a new supplier now takes 17 days in most cases, so if your tariff is one of the 12 expiring before the end of April, you’ll want to time your switch accordingly to dodge any exit penalties which, depending on how much they cost, can eat into the savings you might make by switching.
Any exit penalty attaching to your fixed rate tariff won’t apply if you are within 45 days of your tariff’s end date, meaning you can safely start searching for your next tariff now.
Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.