Martin Lewis: Money How to save £300 or more a year despite E.ON energy price hike

Martin Lewis, 45, offered his latest money saving tips on Good Morning Britain on Thursday morning – one of which was how to save money despite energy provider E.ON’s price hike.

The Money Saving Expert explained that last week Big 6 energy provider E.on snuck in a backdoor price hike.

He said: “I say backdoor hike, because it didn’t make a big announcement as none of its rates will change – you probably haven’t heard of it.

“Instead from 1 April it’ll ditch some ‘dual fuel’ (ie, gas & electric) discounts and up some standing charges – equating to a rise of £22/yr for a typical customer. Whether other firms will follow is questionable due to the nature of the hike, but it pays to take care.”

So every – and anyone else who’s not checked their bill in the last six months – should sort their energy now, according to the Money Saving Expert, especially as for switchers there’s hot competition out there.

He added: “The best thing to do is a whole market comparison using Martin’s Cheap Energy Club or any Ofgem-approved site to find the cheapest deals on the market – your winner will depend on where you live and what you use.

“Benchmark against the average Big 6 standard tariff, costing £1,136/yr for typical use, then use the filters to narrow your search; the cheapest deal on the market on the same usage is just £807/year.”

If you’re scared of switching or of moving to a smaller cheap provider you’ve not heard of, or if there’s no feedback, then there are a couple of decent tariffs that’ll still save you, just not as much, said Martin.

He said: “British Gas’s ‘All Online March 19’ dual-fuel tariff, is on average £900/yr for typical dual-fuel use, and existing customers can move to it – though you have to go via a price comparison site, you can’t do it direct. You will need to get a smart meter fitted (if you don’t already) though.

“Frankly for most British Gas customers who are online, it’s a no brainer.

“Alternatively Ovo’ ‘Better Energy All Online’ tariff is the same price at £900/year on typical duel fuel and it is a decent sized firm, that many of heard of and a top scorer for customer service with 80 per cent rating it great. This tariff is available direct or via comparison sites.”

Martin also issued an urgent warning for people with Maplin or Toys R Us gift cards to use them now.

He said: “Both chains went into administration last week, and usually if you have a gift voucher and the company goes bust, then it’s tough luck for you as the company stops honouring them – which is why I’m not a big fan of giving them.

“Yet Toys R Us’s administrators have said you have whilst stores remain open and until Sunday 11 March to use them and Maplin’s administrators have said its gift cards can still be used in stores and online for the time being but this is being reviewed and can change at any minute.

“So if you have some lying around go quick.”

On This Morning on Monday, Martin discussed tax free childcare vouchers. Should you sign up for the newer tax-free childcare scheme or childcare vouchers