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With Covid keeping the majority of us at home, it makes sense that we’re using a bit more of everything such as gas and electricity, and of course our mobile phone and broadband packages! With that in mind now would be a great time to look into whether there are better deals out there for you. You may be surprised and save more than you think.
Thinking about switching can be daunting, especially if you’ve been with your current provider for a while so we’re on hand to help!
Familiarity and loyalty don’t always pay off
In terms of energy, one of the ‘Big 6’ is most likely to be your energy provider when moving into a new property as a renter or homeowner. They are:
- British Gas
- E.ON UK
- Scottish and Southern Energy (SSE)
- npower
- EDF Energy
- ScottishPower
Together they have 70% of the energy market, providing around 45 million homes with energy in the UK. We know there’s some comfort from sticking with what you know and a name that you recognise, but bigger isn’t always better.
In the 2020 Which? customer satisfaction survey, none of the big 6 featured in the top 20 providers. In fact, small energy providers made up the top 10 for customer service, value for money, bill accuracy and more [1].
A Which? survey into mobile networks found that of over 4000 people asked, 42% had been with their provider for over 5 years [2] for reasons such as not knowing how to switch, thinking they have a good deal currently and worrying about not finding a better deal. These are all valid reasons, but they can all be tackled by doing a little digging!
They also surveyed 8000 people and found that nearly half of people asked had never changed broadband provider [3],mostly due to being happy with the service they are paying for. This is a very good reason for staying put, but trust us it’s still worth keeping an eye out for better deals!
Why change providers?
The deal that you get given initially from an energy provider is usually a ‘standard variable tariff (SVT)’, which are the most expensive. The price of SVTs change month to month, and can gradually increase without you realising. If you’re on a supplier’s standard tariff you could save around £305 a year by switching to a smaller provider, according to Ofgem [4].
Mobile phone and broadband providers are notorious for wooing new customers with competitive deals and even free gifts. Even if you have no issues with the provider you’re with at the moment, it’s unlikely that they’ll be able to offer you the kind of deal that a new provider will. Broadband providers tend to work on an introductory offer basis, so when your period of cheap service is over, it’s likely your rates will increase.
According to a This is Money report, by switching all bill providers, you could be looking at a saving of nearly £500 a year! [5]
How can we help?
Our OpenMoney money management app is designed to improve your overall financial situation. Thanks to our latest bill switching feature, we can show you the best energy deals and help you switch, as well as showing you the best mobile and broadband deals to suit your requirements.
Team this with our subscription spotter and money saving tips, on top having complete visibility over where your money is going, and you’ll be making significant changes and moving towards your financial goals in no time!
The OpenMoney app is available for both Apple and Android users.
[2] Why you’re wrong about mobile network providers and switching – Which? News
[3] The top five reasons people leave their broadband provider – Which? News
[4] Savings on energy bills for millions as price caps fall | Ofgem
[5] Households could save £500 on their bills by switching providers | This is Money
