Monzo’s newest feature lets customers switch to OVO Energy, straight through the Monzo app
Monzo’s newest feature lets customers switch energy supplier, straight through the Monzo app
The bank has teamed up with OVO Energy and Octopus Energy to let customers switch energy suppliers in a few taps, through the Monzo app
Both providers offer renewable energy, good customer service and fair pricing
According to Ofgem, more than half of UK households are paying more than they need to for their energy because they’re on expensive default tariffs
Customers can set a reminder to review their contract when their current one ends
[Wednesday 8th May, London] Monzo has launched a feature that lets customers switch energy supplier in minutes, from the Monzo app. It gives customers a quick, convenient way to get a good deal on their energy, and avoid paying more than they need to.
According to a 2018 report from Ofgem:
More than half of consumers are on poor-value default tariffs, and around 54% have been on default tariffs for more than three years
More than 60% of customers reported changing supplier only once, or said that they’ve never switched at all
The difference between the average standard variable tariff price of the six largest suppliers and the cheapest market tariff was on average £320 between June 2017 and June 2018
Put simply, most people aren’t getting the best deal on their energy. People tend not to switch providers, and on average it’s costing them hundreds of pounds a year.
Monzo have built a new feature that aims to address the issues that are stopping people from switching to a fairer energy tariff.
People can enter information about their home to get quotes, then choose a tariff and switch in a matter of minutes, all through the Monzo app.
Right now customers can switch to two different energy providers: OVO Energy and Octopus Energy. Both companies offer renewable energy, good customer service and fair pricing. Octopus Energy was named the only Which? Recommended energy supplier for the second year in a row, whilst OVO Energy was named uSwitch supplier of the Year this year.
Customers can pay for their energy through either their personal or joint Monzo accounts.
If it’s not the right time to switch, customers can set a reminder for when their current contract ends, and Monzo will notify them when it’s time to consider reviewing their contract.
Tom Blomfield, CEO and cofounder, Monzo said:
“We want to help take the hassle out of finding a fair deal, and switching suppliers when you do. By working with Octopus Energy and OVO Energy, Monzo customers will be able to conveniently access fair energy tariffs that come with quality customer service.”
Adrian Letts, CEO of Retail, OVO Energy said:
"We’re delighted to partner with Monzo and join their energy marketplace. Digital is at the centre of our offering for customers, and has been right from the start. With more people using smartphones to access everything in their lives, monitoring and controlling your household energy use should be no different. Monzo customers who already enjoy a great digital banking experience can now easily switch to OVO Energy and benefit from our award winning customer service."
Monzo is the fastest growing bank in the UK, with 35,000 people opening Monzo accounts every week More than 1.9 million people use Monzo’s current account, and customers have spent more than £6 billion with their Monzo cards to date Monzo current accounts are covered by the Financial Services Compensation Scheme (FSCS), meaning up to £85,000 of each customers’ money is protected Customers voted Monzo best bank in Which?’s annual survey, and this year topped Money Saving Expert’s customer service poll
Founded in 2009, OVO Energy is the leading independent energy retail company in the UK and OVO Group’s flagship energy brand, offering an unparalleled scope of digital energy services, solutions and technologies to its pay-monthly customers. OVO Energy redesigned the energy experience to be fair, effortless, green and simple for all customers. Today OVO Energy is a progressive energy company striving to deliver more abundant clean energy for everyone.