86 400 to help customers get better energy deals

Smart bank 86 400 is offering to help its customers find a better deal on their household’s electricity, thanks to a new energy plan assessment service.

There are already energy comparison websites available, such as the Australian government’s Energy Made Easy. However, 86 400’s new Energy Switch service is set to not just compare deals from energy providers, but to assess a household’s energy usage and show how much they could save with different energy plans.

According to 86 400, Energy Switch will work like so:

1. Email your latest electricity bill to 86 400. The system will scan your bill for the details required to provide a tailored quote.
2. 86 400 will send you three competitive electricity plans, plus an estimate of how much money each one could save you per year.
3. Pick your preferred provider to start the switching process. 86 400 will forward your details to the provider, who will shortly contact you to organise the switch.

At present, Energy Switch will compare plans from Amaysim, Energy Australia, Momentum Energy and Powershop, with more to come. According to 86 400, the smart bank will not take any commission from customer switches.

86 400 CEO, Robert Bell, said that Energy Switch is intended to help Australians take control of their money by prompting them to find a better energy deal, and to save time and money in the process:

“This isn’t about us making commission on the switch, but about giving customers the best independent analysis of their electricity bills. No ifs, buts or kick-backs.”

Energy Switch is set to become available in February 2020 to 86 400 customers, who currently have access to digital bank accounts, savings accounts and home loans from their smartphones.

In the meantime, Australians may be able to find ways to save money on electricity by working out which appliances may cost the most to run, and considering adding solar panels to their homes.

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