Fixed rate

[igiveup777]

Currently on a variable tariff. We have been offered a 12 month fixed tariff on the following rates:
Electricity
Daily standing charge 41.98p /day
Unit rate 71.15p /kWh
Gas
Daily standing charge 27.22p /day
Unit rate 19.69p /kWh

Would you fix?
Thanks

No, I wouldn't because I'd be paying less than that on a variable tariff over the winter months. Well, until Jan/Feb. Interested to see what advice you get.

I personally wouldn't but its your choice

The October to January price cap will be around 52p/kwh for electricity and 15p for gas so your offering would have you spending nearly 37% more for electricity and around 31% more for gas than that cap.

I'm not sure what predictions are for January but I'm not willing to pay the higher price right now.

Does it have an exit fee?

It would also be a no from me. Aren't those rates higher than even what January's expected to go up to?

Probably depends on you usage - more than Oct price cap, but looking reasonable value going into 2023. Are there any exit fees?

Money Saving Expert have a calculator that's quite useful -

www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

Thanks Cynderella, that's what put us off that we would be paying more than October to December.
Someone mentioned or I read I can't remember that the rate for January would be around 70ish pence for electric and close to £1 by April which is where we can't decide if to fix and pay more now possibly less later into the fixed period.
WyldeSwan no exit fees and we keep thinking more than October but might be better than 2023 prices.

This is my dilemma too. Can fix at 0.67 or take my chances with the increases. With Octopus so no exit fees and can easily change back to variable if I want but so hard to decide

TheSleeperandTheSpindle we are Octupus too. Just really don't know what to do and worry the longer we leave to decide the fixed rate will increase.

@igiveup777 exactly the same position. Octopus offering £597 a month for us with no exit fee. Currently paying £260. Wondering if things will change next week with new pm

I was offered similar (also octopus) and have fixed. MSE calculator rated it "seriously worth considering" when I put in all the figures and there's no exit fee so if the forecast for Jan changes significantly then I can revert to flex.

@sazzt yes we did this too. The only thing is, we will have paid hundreds extra before Jan with a fixed now so does it all balance out. The Martin Lewis 'seriously worth considering' is playing on my mind tho

@sazzt we haven't fixed just yet so thinking the hundreds we save based on £260 now to fixed £597 is worth it...for now but 🤷🏻‍♀️

I fixed at a higher rate than the Oct cap, but a lower rate than the predicted Jan cap.

It's no exit fee so if the new PM actually does something to stop the fees increasing further I will leave the fix. As it is I reduced the DD by half from what they wanted as i have over £600 of credit on there anyway and want to see what happens before I start paying almost £400 a month (as it's totally unaffordable for us)

Is almost £400 your fixed amount?

i have just fixed for similar rates, I was umming and ah ing for ages but the mse calculator said strongly worth considering as it was something like 123% over my current rates and anything under 145-150 is worth considering. I know it might mean we are overpaying compared to a variable for a while but I just couldn’t bear the anxiety of worrying about how much it’ll go up again in January! We will be trying to cut back our useage wherever possible and I have £200 odd credit though I know that’ll get swallowed up quickly. They want £315 a month I have said no and that I will pay £200, once the account goes into debt I will obviously reconsider. I’m also with octopus and no exit fees so if it looks like things are settling down I will go back onto variable! X