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Should I switch from WebSaver 4 to WebSaver 5?

Our energy expert says...

Several energy suppliers have launched new tariffs recently, so you’re right to check whether you still have the best deal.

British Gas’ WebSaver 4 was a very competitive deal when it was first released in August, but it is no longer the cheapest deal available to you.

There are several new tariffs, including British Gas’ WebSaver 5 that you could now switch to, in order to save even more money.

However, there is one important factor you need to consider when switching and that is whether you are tied to your current energy provider by early redemption charges.

Unfortunately you are, as British Gas charges customers a fee of £30 per fuel if they switch away from the WebSaver 4 tariff before 28 February 2010.

This doesn’t mean you couldn’t save by switching, but the £60 dual fuel exit fee you’ll have to pay British Gas will reduce the savings you will make if you switch before 28 February 2010.

The following table shows you which tariffs could save you money compared to your current WebSaver 4 tariff, which costs you around £1,320 a year.

Table correct as of 22/12/2009

As you can see from the table, switching to British Gas’ WebSaver 5 would only save you £30 after you have paid the £60 exit fee from WebSaver 4. Furthermore, you would then be tied in to the WebSaver 5 tariff, as it comes with exit fees of £30 per fuel until 30 June 2010.

However, you could save £71 on your annual bill by switching to First:Utility’s iSave tariff. This tariff comes with no exit fees so you would be free to switch again without penalty.

Whether you switch now, or wait until 28 February 2010, when you will be able to leave your current tariff without penalty, is up to you.

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