Anyone who has just moved into their own place for the first time will know the pain of having to pay for gas & electricity, especially with all the price rises in the news.
But a small energy supplier from Manchester think they have found a way to make energy bills a little more bearable. They have recently launched a new product called the Family Saver Club, which pays you interest on any credit in your energy balance.
If you get your gas or electricity from one of the “big six” suppliers, you may have noticed that at certain times of year your account balance goes way into credit – with hundreds of pounds sat in your account that you can’t touch. This money will eventually get eaten up during the winter when your energy use increases, but it’s frustrating nonetheless.
Eversmart have decided to pay you interest on this money instead. But there is a catch – you’ll have to pay upfront for 1 year’s worth of energy.
How it works
First things first, you have to make a payment of roughly £979 (depending on the size of your home and your typical usage). Once a month, the company will deduct your energy usage from this amount and pay 1% interest on whatever’s left. You are able to withdraw the interest every six months.
Are there any downsides?
Well for starters you’ll have to cough-up around £1,000 upfront. But if you can afford the initial payment, it’s a smart way to make a little extra cash with minimal effort.
Your initial payment will be based on the information you provide – such as the type of home you live in and your average energy use. That means it should cover you for the whole year, but if you do end up using more energy than expected, you will have to pay for it at the end of the twelve month period. On the flip-side, if your usage is lower than expected, you will end up getting a refund.
How do I sign up?
This deal is not available on price comparison websites, so you’ll have to go direct to Eversmart. Head over to their website, follow th instructions to get a quote, then click on the “pay yearly” tab.