TotallyMoney launches energy switching to help UK households save up to £715 on their bills
TotallyMoney has launched a new energy switching service to help its six million customers compare deals and save money – all through a simple, hassle-free journey.
Ofgem figures show 22 million UK households are on the Standard Variable Rate (SVR)*, paying the maximum their supplier is allowed to charge. By switching providers, households can save an average of £271§, with one in ten saving up to £715 per year†.
Although energy bills fell by 7% in July to £1,720 for the average household, they remain almost £500 a year higher than in April 2021‡. The new switching service, powered by MONY Group, compares tariffs from some of the biggest energy suppliers in the market, giving TotallyMoney’s customers access to offers only available via MONY Group.
The launch comes ahead of the next energy price cap rise in October, with experts predicting that bills will continue to rise over the next 12 months.
Powering the next wave of energy switches
Within the app, customers already have access to their credit report, open banking data, and personalised plans to improve their chances of being accepted for Direct Debit energy payments. Now, with the new energy switching feature, they can take control of their bills and reduce costs before winter.
Currently, 22 million households remain on the SVR – the maximum rate energy suppliers are allowed to charge. Almost half could benefit from switching, yet many remain unaware of how simple the process can be. With bills still almost £500 higher than pre-crisis levels, the new service gives households a timely opportunity to make savings.
Powered by MONY Group, the switching platform is designed to be fast, easy to use, and stress-free. Customers can access exclusive deals and compare tariffs across a wide range of providers. On average, households can save £271, and one in ten could save up to £715 per year.
Commenting on the launch, Alastair Douglas, CEO of TotallyMoney, said:
“Millions of households are overpaying for their energy, and with bills expected to keep rising over the next year, it’s important people know there are cheaper options available, and that switching is simple.
“With cards, loans, car finance, current accounts, and insurance already available on our app, helping people save money on their energy bills was the next logical step. One in four people have never checked their report, but most providers will review your credit history before allowing you to pay by Direct Debit. Now, customers can check their details with TotallyMoney before switching, putting them in the best position to get accepted for the best deals.
“Our new service means you can compare options covering almost the whole market and undercut the energy price cap by up to £715 per year. And with winter just around the corner, your usage will start creeping up, so it’s worth checking now to see if you can move suppliers and start saving money.”
Ashton Berkhauer, General Manager at MONY Group, added:
“Our goal is to make switching simple and stress-free to help households save money. With this new service, TotallyMoney customers can access the power of MONY Group deals, compare tariffs, and complete the switching process instantly. At a time when inflation is increasing and energy costs remain high, giving households a quick and easy way to save is more important than ever.”
