There are plenty of savings to be made by regularly switching suppliers, but not everyone is keen to take the plunge. What stops you from switching?
With the weather changing and the heating going on, it’s no surprise that mid-September is the most popular time of year for people to look for a new energy supplier.
Energy bills often get the most attention, but it’s not the only thing that you might save – or even gain money, as sometimes is the case with bank accounts – by switching.
Here’s what you could gain by switching your services:
Avoid record energy prices
From 1 October the price cap on out-of-contract energy tariffs is rising by its largest ever amount – meaning as many as 15 million homes will be facing an energy price rise of as much as £139 a year.
Switching to a new provider now could help you avoid this rise, as well as save as much as £68 per year on your energy bills. If you switch to a fixed rate tariff you will also be protected against any price rises during your contract.
And once you start it can take as little as 10 minutes to choose your new supplier and tariff online. It will then take 16-18 days on average (plus a 14 day cooling off period) for your supply to be switched to the new company.
If you want added peace of mind, choose a company which has signed up to the Energy Switch Guarantee, as they have committed to switching your energy supply within 21 days (including the cooling-off period).
Pay less for the same broadband speed
When we surveyed more than 4,000 broadband customers, we found the average customer pays £33.77 for their broadband deal. With superfast broadband deals starting around £26, switching could save you as much as £143 per year – as well as give you a chance to update your connection and equipment.
Switching provider could also give you access to a faster, more reliable service, an important consideration with the increase in the number of connections we all have in our homes.
Virtual mobile networks and SIM-only deals
The overwhelming majority of the 80 million active mobile subscriptions in the UK are with one of the ‘big four’ networks – and these are often at the expensive end of the market.
Mobile virtual network operators – an operator that partners with and piggybacks off the signal provided by one of the four mobile phone mast operating providers – have to work harder for your money, and offer extremely competitive prices to do so.
If you’re happy with your handset, taking a SIM-only deal can often work out cheaper than a contract in the long run, even if you have to pay more upfront by buying the handset.
Would you make the switch?
What would persuade you to change up your broadband, mobile phone, or energy services? Do you simply look for the best price, or do other incentives like gift vouchers or cash help sway your decision? Does the company you go with make a difference in your decision?
If you’ve found a comparable service available to you that offers better value but haven’t switched, what’s stopping you? Are you happy enough with your current provider, or worry it will be too much hassle?
For those who have switched providers recently: how was it? We’d love to hear your experiences in the comments.
And if you’re looking to switch, Which? Switch can provide you with a transparent and impartial way to compare and and find the best provider for your needs, be it for your Energy Provider, Broadband, or mobile phone.