The Captain's Blog ™

Earlier today, UK energy supplier npower announced price increases of 15.7% for gas and 7.2% for electricity, coming into effect on 1 October 2011. For the average npower dual fuel customer, that will mean a combined price increase of 12.2% – just in time for winter.

Four other of the UK’s big six energy suppliers have already introduced big price hikes, all effective from this month.

» Compare gas and electricity prices and switch online

Of the “big six”, only EDF Energy has yet to join the latest round of variable tariff price increases. EDF’s last increase in March also lagged just a little behind the other five – so I don’t imagine we’ll be waiting long before EDF completes the set once again.

In the meantime, EDF has already replaced its shortest term fixed price plan (mentioned last month) with a slightly more expensive alternative. EDF Fix for 2012 replaces Fixed S@ver 2 with an offer of fixed dual fuel pricing until 31 December 2012. A longer-term option, EDF Fixed Price 2014, enables consumers to secure known pricing until 31 March 2014.

I know it can get tiresome when everyone and their dog keeps telling you to consider switching this (utility supplier), that (insurance) or the other (bank account, credit card, etc). But the potential savings from shopping around for such things can often be seriously worthwhile.

£100 to switch your current account

A great case in point is a rather tasty £100 cash bribe – sorry, I mean incentive offer – from Santander in return for switching your current account.

If you switch to Santander’s Preferred Current Account, details of the deal include:

- Get £100 when you switch your main current account using their “Switcher Service”.
- Get 5% AER (fixed) credit interest on balances of up to £2,500 for the first 12 months, reducing to 1% AER (variable) thereafter.
- A free arranged overdraft facility for the first 12 months, subject to your circumstances.

Conditions include that you must pay at least £1,000 into the account each month and have at least two active direct debits or standing orders set up within the first 11 weeks.

For full details, including terms and conditions, visit Santander’s Preferred Current Account page.

The £100 cashback offer is also available on two other current accounts (Reward and Premium), but these both charge monthly fees in return for bundled packages of benefits. Do be sure to check whether the costs vs benefits stack up for you if choosing a fee-based account instead.

The last day on which you can open an account and qualify for this offer is currently due to be 11 September 2011, but this could obviously change.

Santander?

If their name seems unfamiliar, Santander is the Spanish-based bank that recently (from 2008 onwards) acquired all or part of the UK’s Bradford & Bingley, Abbey National and Alliance & Leicester.

Now operating in the UK simply as Santander, the bank has a large branch network and offers a comprehensive online banking service. Consumer depositors are protected under the UK’s Financial Services Compensation Scheme (FSCS) to the tune of £85,000 per individual (so up to £170,000 in total for joint account holders).

Need advice?

Please note that none of the above should be construed as financial advice; I’m just letting you know about Santander’s current account switching offer. If you do need advice on money matters, please consult an independent financial advisor.