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The New Annual Check
Our busy daily lives mean it’s often hard to keep track of what I like to call “home admin”! By this I mean things like home insurance, interest rates on savings accounts and alike. To combat this perceived lack of engagement we get bombarded with calls to action from a variety of sources. Often this leads to some activity, be it moving your ISA savings to gain another 0.1% of interest – because that’s about the best you’ll get at the moment.
However, one area which often gets over-looked, is energy. Switching energy supplier reached new heights in 2017, with around 5.5 million switches taking place. However, many millions of customers still haven’t ever switched and those that have often switch once then remain on a variable tariff when their initial contact term price has lapsed.
When you take into consideration the level of annual savings that can be achieved by switching energy supplier this need to undertake an annual check becomes even more important. The average annual saving in 2017 gained from switching was said to be around £200. This far exceeds savings you’ll likely see from moving insurance providers, yet every time our car insurance renewal arrives we’re seemingly programmed to check prices in the market.
In reality true savings vary wildly. I know many people who by switching supplier and giving more thought to how they consume energy at home, have seen savings over £500 a year.
Switching Energy propose that we all attempt to build this same rigour into checking our energy bills as we do for all the other home and insurance services we buy annually. Ensuring they are reflective of the market and that we’re all taking advantage of a highly competitive market.