Talking the cash back into consideration would I be right in thinking that I would then be only slightly worse off and have the peace of mind of a decent fixed tariff until October next year?
It's not possible to say without making some assumption of how good a tariff you'd be able to find at the end of the Feb '17 fix.
a) If you assume that you will be able to find a tariff that is equivalent to the Oct '17 fix, then you will be £3 x 5 months = £15 worse off by Feb '17 if you switch, but then £30 cashback means you're £15 in the black.
b) If you think you won't be able to find something as good as the Oct '17 fix when your Feb '17 fix ends, then you're even better off making the switch.
c) But if you bet on finding an even cheaper fix when your Feb '17 fix ends, you will be worse off taking the Oct '17 fix as you're locked into that for longer.
Thanks for the advice. By the looks of things prices are on the rise, my existing tariff has a £60 early exit fee for switching to another supplier. However I won't be penalised for simply switching tariff.
If I switch tariff to the Oct '17 fix the early exit fee reduces to £40, so if a better deal does along between now and Oct '17 the penalty for leaving isn't as severe. If a better deal doesn't come along and prices begin to rise then I'll be safe locked in to this fix.
I went with Octopus energy in the end, they were 3rd down the 'cheapest' list, with first being nPower I just didn't want to risk them having read recent reviews on trustpilot, there are no exit fees with Octopus either.
Not sure if I am allowed to do this (mods please delete if not) but I get an amazon voucher and so do you if you sign up using this link;
Alternatively, just their link without my referral!