Abacus Daily Debt News

Energy savings ‘can be made if you swap tariffs soon’

People who are coming to the end of fixed-rate tariffs from their energy providers should look to switch as soon as possible, research has suggested.

Comparison website moneysupermarket.com said that once a fixed-rate term comes to an end, many individuals will be transferred to a more expensive deal that could cost up to £340 a year extra.

Scott Byrom, utilities manager at the organisation, remarked: "Timing is crucial when proactively looking for a new energy product, move off your fixed rate too early and you could face termination fees of up to £75."

Similarly, those who leave it too late are likely to find themselves on a less attractive tariff, he added.

According to the statistics, those who have a One Tariff fixed deal with npower could see their bills jump by an annual amount of £231, while Scottish Power customers may be hit with a £340 a year increase.

Last month, Dax Harkins of National Savings & Investments advised people not to waste money they may save from bills in the summer.

By Francis Finch