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 with a simple, hassle-free journey: 

• Ofgem figures show 22 million UK households are on the Standard Variable Rate (SVR)*, and paying the maximum their supplier is allowed to charge
• By switching providers, households can save an average of £271§, and 1 in 10 can save 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 the average energy bill in April 2021‡
• Powered by MONY Group, the service 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 some experts predicting that bills will continue to rise over the next 12 months ¶.  

Powering the next wave of energy switches 

TotallyMoney has launched a new energy switching service, to help its six million customers beat the Standard Variable Rate (SVR), so they can start saving money on their bills before the winter. Within the app, customers already have access to their credit report and open banking data, and free personalised plans which put them in the best position possible to be accepted for Direct Debit energy payments.  

The SVR is the maximum energy suppliers are allowed to charge customers, and with 22 million households on the tariff, almost half could switch to a new supplier and start paying less. Bills are almost £500 more than they were prior to the energy cris experts predict that bills will continue to rise over the next year. 

Powered by MONY Group, the service covers tariffs from a range of providers and enables users to start making savings with a switching process that’s designed to be fast, easy to use and stress-free, while benefitting from deals that are only available via MONY Group. On average, households can save £271 on their bills, and one in ten can save £715 per year. 

On the launch, Alastair Douglas, CEO of TotallyMoney comments: “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 that all their information is correct and up to date 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 to see if you’re able to move suppliers and to start saving money now.”

Ashton Berkhauer, General Manager at MONY Group adds:  “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 and compare tariffs and complete the switching process instantly, helping them cut their bills. 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.”