The tariff became available on 28 September, shortly before the energy price cap rose on 1 October. According to Lloyds, the cap increase takes the average annual bill for a typical household using both gas and electricity and paying by Direct Debit to £1,723. Actual household bills will still depend on the amount of energy used.
How the Fixed Tariff Works for Lloyds Customers
The E.ON Next offer fixes the price customers pay per unit of energy rather than setting a maximum amount that can appear on a household bill. This means the final cost can still rise or fall depending on consumption during the 24-month period.
The arrangement is intended to give customers greater certainty about energy prices while the tariff remains fixed. Lloyds said the offer is available to its customers through Bill Switcher until 12 October.
The first 1,000 eligible customers who apply for the tariff will also receive an Amazon voucher. Customers switching both gas and electricity will receive a £25 voucher, while those switching only one fuel will receive £10.
“As colder weather approaches, many households will be looking for ways to keep their energy bills down,” Chris Butt, Head of Rewards Partnerships at Lloyds, said. He added that the tariff gives customers “more certainty over what they will pay towards their bills”.
According to the information released by Lloyds, forecasts cited from E.ON Next suggest that the January energy price cap could reach £2,065. The bank also stresses that figures based on the price cap represent typical annual costs rather than guaranteed household bills, since individual consumption varies.
Bill Switcher Sits Inside the Lloyds Rewards Service
Bill Switcher is a free service developed by Lloyds with ApTap and located within the Rewards Hub of the Lloyds app. It allows customers to compare costs for energy, broadband and mobile phone services and to view alternative deals from different providers.
Customers can use the service to compare suppliers and switch to another provider when they find an option that suits them. According to Lloyds, Bill Switcher has helped customers save more than £359,000 through energy and broadband deals since the service was introduced.
The wider Lloyds Rewards section also gives eligible customers access to cashback offers and other benefits. Lloyds says customers can receive up to 15% cashback when shopping with selected retailers using an eligible Lloyds debit or credit card, provided they first activate the relevant offer in the app.
The Rewards Hub also includes prize draws and challenges. Lloyds is currently running its Super Prize Draw, which includes thousands of pounds in cash prizes and a £1 million top prize scheduled for November. Depending on the draw, customers can enter directly in the app or complete an action to obtain an entry.
For customers considering the energy tariff, the relevant deadline remains 12 October. The offer is accessed through the tools section of the Rewards Hub, where Bill Switcher displays available household service deals.
