Sarah Coles, head of personal finance at AJ Bell, insists people can still make changes to keep costs down.
She said: “The 35 per cent of households on fixed tariffs will still be protected from price hikes until their current deal comes to an end.
“However, 22 million households are still on a price cap tariff, so if you’re one of them, you could consider fixing. Some deals are charging up to £100 less than the October price cap, so you could save money immediately.
“You don’t need to fix in order to save though, because there are also discounted tariffs. These are variable, so they’ll rise when the price cap does, but they will still save you money. You can cut costs by switching to direct debit too.
“A typical household paying this way on the price cap will have an average annual bill of £1,663 – saving £60 a year.”
Contact details are available to account holders.
Create a free account to get in touch with this expert.