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. Related articles Martin Lewis unveils major 'U-turn' - Money Saving Expert on savings Martin Lewis urges switch to THIS energy tariff before price rise 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 level.” How much you will pay, however, depends where you live. Martin said: “As your cheapest depends on your location and usage do a comparison now to find your exact cheapest tariff – and do understand the saving will be larger than the price you’re shown as it is based on the current price not the one from April.” You can do an energy comparison now using Martin’s Cheap Energy Club or any Ofgem-approved site and find your cheapest tariff and switch to it now. Related articles Martin Lewis: The best savings account could close ANY MINUTE Martin Lewis Money Saving Expert: Are you overpaying on council tax? Martin Lewis Money Saving Expert: Coventry BS has just launched a cash ISA paying 1.5 per cent (Image: GETTY) ISA advice from Martin LewisThu, February 9, 2017 ISA advice from Money Saving Expert Martin Lewis. Getty Images 1 of 11 ISA advice from Martin Lewis The savings can be over £300 a year. For example, the current cheapest one year fix tariff is around £930 a year or if you want to stick with a big six firm British Gas has just relaunched a 1year fix tariff that’s around £1,020 a year and includes free £60ish boiler cover. It’s available to new and existing customers, though you can’t get it direct (not even by calling) only through a comparison site. Martin Lewis’ energy advice saw the expert recommend making this ‘no-brainer’ energy switch. The savings can be over £300 a year. For example, the current cheapest one year fix tariff is around £930 a year or if you want to stick with a big six firm British Gas has just relaunched a 1year fix tariff that’s around £1,020 a year and includes free £60ish boiler cover. It’s available to new and existing customers, though you can’t get it direct (not even by calling) only through a comparison site. While some may fear that moving tariff could be a hassle, the founder of the website MoneySavingExpert.com, insisted it wasn’t difficult to compare different options and then make the move.All rights reserved for this news site express.co.uk and under his responsibility