Originally Posted by Paul (Post 36132167)

They have raised the cap to £10.
However, I think the accounts also have a monthly fee.

Originally Posted by papa smurf (Post 36132169)

£4 for my 123 account and you only get interest on your first £20,000 and nothing for the rest.

Originally Posted by 1andrew1 (Post 36132296)

Just a reminder that the next price cap will be announced tomorrow.

Originally Posted by Julian (Post 36132304)

It’s not effective from tomorrow though is it?

So plenty of time to prepare. 😉

Originally Posted by Julian (Post 36132304)

It’s not effective from tomorrow though is it?

So plenty of time to prepare. 😉

Originally Posted by 1andrew1 (Post 36132313)

If you're on a variable rate then they come into effect on 1 October. If you're on a fixed price deal as I believe most people are, then worth remembering that nothing alters until that contract comes to an end.

Originally Posted by Julian (Post 36132316)

Yup so before 1/10 even our most incompetent government will have to do something to stop the sudden rises.
They do have previous for throwing seemingly unlimited amounts of money at people.
Personally I am not in favour of anyone getting piles of money to spend on whatever they want.
Reducing the price of the cause of the problem is much better.

Originally Posted by 1andrew1 (Post 36132319)

Also worth remembering that October is the month that businesses renegotiate their energy contracts. Cornwall Insight's analysis shows that businesses will have to pay more than four times the price they paid for their electricity in 2020. This is the data behind the claims that certain sectors eg fish and chip shops will be severely impacted.

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The cause is the UK's dependence on world energy markets through lack of home grown energy generation. It's not a problem that can be solved very quickly.

Originally Posted by Julian (Post 36132323)

Agreed but what I was referring to is the price rises from 1/10.

Do not give people handouts to pay the power bills.
Reduce the bills.

Originally Posted by Inactive Digital (Post 36132332)

Although the new price cap doesn't come into force until 1 October, it's possible that energy companies could increase direct debits beforehand - they have to give notice to customers beforehand though.