Martin Lewis Money Saving Expert: Best ISA rate revealed - should you switch now? (Image: GETTY/ITV)
Martin Lewis appeared on This Morning to warn ITV viewers about energy prices.
You could save around £300 a year by switching to a better tarriff.
They are to be hiked on 1 April by 10 per cent due to increase in the price cap.
Martin told Holly Willoughby and Phillip Schofield: “On 1 January a price cap was introduced on standard tariffs which lasts until 31 March.
Martin Lewis Money Saving Expert: Energy price WARNING - you bill could go up £117
“It’s renewed every six months by regulator Ofgem, and is set based on a published formula about wholesale prices which energy firms pay.
“And as wholesale prices have increased, the new price cap will rise too by 10 per cent on the 1 April – so it’s going from £1,137/year to £1,254/year.”
However, this might not be what you will have to pay.
Martin explained: “But this isn’t the most anyone will pay.
“The cap isn’t actually a cap on prices it’s cap on the rate. So your cap depends on your usage and area.
Martin Lewis Money Saving Expert: Should you change to an ISA with a better rate? (Image: ITV)
“Use more and your cap will be higher. Use less, and it’s lower.
“For a typical household on a standard tariff though, the cap means a potential hike of £117 a year, as most suppliers are expected to price within just a few pounds of the new
