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Martin Lewis says UK households can see savings 'within five days' with easy switch

Martin Lewis is urging households in the UK to make a change to the way they pay their energy bills, which could see them saving money within just five days.

In his annual 'BillBuster' newsletter, the money saving expert went through a number of different ways households could cut their expenses on necessities such as energy, water and mobile phones.

Mr Lewis said the biggest savings can likely be made on energy bills and there is one thing that could not only help you save now, but prevent you paying more in the future too.

He explained that the majority of UK households are on the energy price cap, which puts limit on the amount energy firms can charge per unit. At the moment, the price cap is set at £1,738 a year for the average household. However, the price cap changes every three months and is due to rise at the start of April and then again in July.

Mr Lewis said there are plenty of energy suppliers offering tariffs that are cheaper than the energy price cap, so switching could save you money and protect you from paying more when the new higher price cap comes into effect in spring.

While the price cap is subject to changes based on wholesale energy prices, households who are on a fixed tariff have their rates set for the whole period of their contract - usually 12 months, which offers peace of mind during times of fluctuating prices.

Mr Lewis said: "The Price Cap isn't a total cap on what you pay, it's a limit on the daily charge and unit cost of energy, so use more, pay more. Most firms charge at the limit, and these limits are high now, meaning the Price Cap is a pants cap, as most can easily compare and switch to a cheaper deal."

Mr Lewis said switching to a fixed tariff is the "easiest and safest route"

Read more on manchestereveningnews.co.uk
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