Martin Lewis appeared on This Morning today to reveal what is a myth and what is fact then it comes to winter money worries.
The Money Saving Expert told Holly Willoughby and Phillip Schofield the difference between fact and fiction when it comes to the cost of winter, including when it comes to energy and heating.
“Don’t be fooled by the recent balmy autumn days. The nights are rapidly drawing in and the clocks will soon go back, which can only mean one thing, to channel game of thrones, winter is coming!” Martin said.
The expert claimed preparing early is the best thing to do to avoid unnecessary winter expenditure, and gave the following tips.
True or False: It’s cheaper to leave the heating on low all day rather than have it turn off and on?
Martin said this is false(ish). He told Holly and Philip: “Both the Energy Saving Trust and British Gas say that this is a myth.
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“They say it’s better to only put the heating on when you need it – as you pay to pump energy in as and when is needed, and to keep pumping it in constantly isn’t efficient.
“Using a timer’s best, because your thermostat is designed to turn your heating on and off to keep your home at the temperature you set it. So in general I’d stick with that.”
However, he added: “There are some engineers though who argue that keeping the heating on low with all the radiators on and the boiler down can work as it reduces condensation, which when the heating is turned off collects within the walls, and can help conduct heat outside the home – meaning you loose heat more quickly and so will use more energy as a result.
“So if your house is prone to that you may want to think about it.”
Martin also revealed that is it false that renters cannot switch energy suppliers without their landlords permission.
He said: “You have a right to switch energy provider in your home even if you only pay the rent. There are two exceptions to this 1) If you don’t pay for energy yourself, it’s all included in your rent 2) If you’re looking to switch meter, eg from prepayment to a credit meter, as that’s a physical change to the property that needs permission.
Martin also recently revealed which high street saving account Britons should open to get the best deal.
The 45-year-old said that the Post Office is where people should look to put their money.
The Post Office online account (min £1) pays 1.27 per cent AER, including a 1.02 per cent bonus for a year, so diarise that you’ll need to move again then. Just to note – this is not the same as NS&I which is the Government backed savings, it’s actually run for the Post Office by the Bank of Ireland.
Martin said: “Rates are still low but they’re getting better.
“And after years of small banks being top, who people complain to me they’ve never heard of (even though all UK regulated accounts have £85,000 savings safety protection), there’s a big name at the top of the table.”