Politics

Martin Lewis warns British households to act now on energy deals

Martin Lewis has warned every British household to act now on energy deals or lose out when summer ends.

The Money Saving Expert Martin has issued a warning message that could potentially impact millions, reports the Manchester Evening News.

The personal finance guru believes that people could be overpaying for their energy and could save some money if they follow his advice.

He said: ”A fortnight ago we told you wholesale rates – those energy firms pay – were at a three-year high. They dipped a smidgeon after that, but they’ve risen again.”

How does MSE Autoswitch work?

The user inputs details about their energy bills as well as picking energy preferences.

Then, the “Pick Me A Tariff” tool uses an algorithm and selects a person’s top deal based on what the bill-payer has declared as the most important aspects to them.

As well as a top tariff being selected from the whole of market, users will also be provided with the next two closest matches according to preferences.

Even if the top pick is with one of the suppliers MSE can’t switch the individual to it will still show up as the top deal.

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The website explains this would just mean MSE can’t auto switch the user next year, unless they rejoin them.

On the anniversary of the switch, the consumer website will contact the user with a new top deal based on preferences, with the recipient able to click to confirm their wishes and that details haven’t changed, should they want to switch.

The tool is free to use and should the user switch via the tool and MSE gets paid, then the user will get roughly half back as cash back – £25 for dual-fuel switches and £12.50 for single-fuel.

However, MSE warned while autoswitch could be a great tool for those wanting to stay on a cheap energy tariff, it may not be right for everyone.


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