Feedback on testing energy partnerships

lol Bulb slack 100 notifications

Hi Tom

I love the idea of a bank using the data they have available as part of running my current account to recommend potential savings or opportunities based on spending patterns, better energy prices, mortgage deals, insurance, savings rates etc.

My concern is that this opportunity really comes to life with scale and data. This will allow the leverage to get the best deals with the best partners and exclusives.

Monzo have been amazing, have great support and a passionate following and have made something exciting in a field that most people find a chore with the best service I have ever had from a bank like business. But you now need to turn those prepaid users to current account users, which I think will be much harder, speaking as a customer, it just feels a bigger step and more daunting than the prepaid card.

Will you be using the new open banking initiative(if I have understood what this is correctly) to be able to offer the benefits of the partnerships model to people who don’t choose a Monzo current?

I know there are players in this space and it may run against your strategy but I wondered if this may give you more rapid scale-up and an opportunity to open even more peoples eyes to the benefits of banking with Monzo

Have faith in the team and I’m sure you will win however you proceed.

As soon as I can get an overdraft as a safety net, I’ll happily move my energy direct debits from Starling to Monzo :slight_smile:

So then - is it currently possible to join Bulb through Monzo? How do I do it?

You can join Bulb through Monzo Community :grinning:

I have been using Bulb Energy for about 6 months and it’s a very interesting experience. It feels good to save on energy and be more environmentally friendly at the same time. This is why I have created a site which you can have a look for more information on Bulb, the refer a friend scheme and how you get £50 credit. For more information visit: www.energyreferral.com

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I’m currebtly with British Gas (all online mar 2019). Been pretty good so far and have saved quite a lot of money. We were with EDF before which was expensive.

I’m looking at Bulb as I like the sound of their 100% renewable electricity, but my understanding is the plan is variable? Has anyone been with them long enough to say whether the variable has gone up (or down) by any substantial amount since they joined, compared to current unit prices?

Outfox the market sounds good too for renewable energy but I would have to pay Early exit fees.

I’m in my first month with Bulb. A few things attracted me.

You can get £50 added to your account using a referral code (here’s mine Bulb - Get a quote).

There are no exit fees. So if they do put prices up, you can bail out immediately if you want.

They provide renewable energy.

They’ll pay your exit fees with your current supplier.

It works for me.

Yes that’s a few things that have attracted me too. Would be good to hear from anyone that’s been with Bulb for a long time to see how things rack up. Do you use the app? Is it reliable to send meter readings? And will you be paying quarterly or monthly (if there is even the option to pay monthly?)

This bit still worries me though. I’ve been on the forum quite a lot this weekend and as a result of a really helpful chat with @Feathers I decided to have a look at IFTTT. I wanted to start off with a relatively simple rule, but I got a screen pop up with a really long list of what I’d be giving IFTTT access to if I were to proceed which included lots of things that weren’t relevant to what I wanted to do.

I checked their privacy policy and T’s & C’s and they talked about sharing (might have been selling, can’t remember exactly), my aggregated data. All in all, it made me delete my new account pretty quickly.

The nub for me was that I wasn’t clear if they would only get the specific information to enable them to run the rule or if they’d get everything (It seemed like the latter).

What I’m getting at, is, it’s easy for Monzo to say you won’t share without my permission, but it needs to be clear and specific what I’m giving my permission for. A blanket approach is just shifting the responsibility and I for one wouldn’t be happy with that.

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I can say for sure that the switch went super smooth for me. There’s been absolutely zero issues for me. The app works fine (they have an option to use the phone camera to get your meter readings, but I haven’t tried that).

I pay monthly, and again, no issues at all.

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Been with them for ages, prices for me have gone down more times than they’ve gone up.

App is okay, if you have a free Saturday or Sunday with British gas, you won’t be able to use the app to submit readings as every other supplier will see your setup as economy 7.

Support is pretty good though, you can also just email bulb with photos of your meter readings if you want to submit that way.

They’re looking at rolling out 2nd generation meters late this year / early next if you wanted one.

Thanks you for that.

I’ve had a look at their unit prices which I’ve found online and British Gas is still that much cheaper currently. I don’t know how up to date the unit prices are though. Could you tell me?

Bulb hasn’t replied when I asked for unit prices, which has put me off. They answered other questions but not unit prices, I asked them again and they ignored the question altogether which has enoyed me.

Unfortunately the unit price varies based on your location.

My electricity is 14.501p per Kwh and British Gas is currently 14.62 for my postcode.

Have you checked the results for your postcode here? https://bulb.co.uk/tariff/

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I didn’t actually realise that. Good to know

This is a long tread so not sure if this has been mentioned or not but Look after my bills I think does what this feature does but with even less input from the user. Not sure if there is a benefit to one over the other other than the obvious? Probably something for Monzo to consider if this is a sign of things to come for ‘Compare the Market’ type services.

Oh well I’m so glad I didn’t switch to bulb after reading this:

https://www.moneysavingexpert.com/news/2018/09/bulb-price-rise/

Third price rise in a year!

No wonder they wouldn’t answer my question of unit price for their energy

It all depend on the rate, not the number of rises per year. They’re certainly not the cheapest right now but they also don’t promise to be so there’s some honesty there.

The rate is going up by 11% for everyone no matter what rate you’re on. I wondered how they could afford to pay out £100 for referrals and pay exit fees and this is the reason.

It’s not quite that straightforward but since they only have 1 rate (with regional variations like every other supplier) it’s a lot clearer than it might be otherwise be.