If your fixed-term tariff has just ended or ends soon, it’s time to find another deal.
At MoneySuperMarket, we recommend that households buy their gas and electricity using a fixed-term tariff that charges a fixed amount for each unit of energy used.
At the moment, eight of the top 10 energy deals are fixed rate tariffs. If you opt for this sort of deal, you protect yourself from prices hikes during the term of the fix.
If prices fall, you’re at liberty to switch mid-term – although in some cases you have to pay an exit fee to end the deal early.
One of the crucial points with fixed deals is that, when they come to an end, the energy provider will move you over to its standard variable tariff – and this will usually be much more expensive.
So if you’re on a fixed deal that’s coming to a close, or have just slipped onto a standard tariff because your fixed deal has expired, you need to shop around for your next fixed tariff.
You can start looking about six weeks before your current fixed deal ends – you won’t be charged an exit fee in this period.
When you find the deal you want, you tell the new provider and they’ll manage the switching process, ensuring that there is no interruption to your supply.
The whole process should take no more than 17 days, and there’ll be no need for any work to be done inside or outside your property, or in the street. Everything happens behind the scenes.
More than 20 fixed and variable-rate deals finished last month or are due to finish by the end of the year. Another batch of 26 end in January 2016.
So to check our tables to see if your fixed tariff is listed as having just ended or as ending in the next six weeks or so – and then shop around for your next