How To Save Money On Your Broadband Contract
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Are you being penalised for your loyalty? With broadband internet offers advertised everywhere, you might wonder why you’re paying so much and what you can do to save money.
Saving Money on Broadband
But why are you paying so much now? It could be down to the so-called “loyalty penalty,” which means you’re paying more simply because you didn’t renew your broadband deal when it ended.
Typically, contracts run for a minimum of 12, 18, or 24 months, and the cost goes up at the end of that term. So if you haven’t found a new deal since the old one ended, now is the time to save money on your broadband.
With the right deal, you can even save money while increasing your broadband speed.
How can I check if I’m overpaying?
Think you’re paying too much for your current broadband deal?
The first thing to do is check your bank statements or log in to your online account with your current provider and confirm your monthly outgoing for the service. Once you’ve done that, use a broadband internet postcode checking tool to see available deals and compare the difference.
If you find that deals from other broadband providers — or even your current provider — are noticeably cheaper than the one you have, it’s time for a change.
Do your research
You shouldn’t simply choose the first alternative deal you find, however. It pays to take the time to research what is available to you. Use the same postcode checking tool to find the best deals in your area.
Select 3-5 options, taking care not to end up with a broadband package that is unsuitable for your household. The required speed will be impacted by how many people live with you. A single person typically won’t need more than a 35Mbps package for entertainment and home working, whereas a family of four will need something much faster.
Check with your provider
The next thing you should do is find out if you can switch. On the provider’s website, the status of your contract should be highlighted in your account details. If not, call them to find out if you’re out of contract.
This is important because if you’re not out of contract, you will be charged if you switch providers. On the other hand, if you’re happy with the service, staying with the same broadband provider, and getting a better deal might be preferable. It is certainly a simpler option and one that doesn’t require any interruption to your broadband service.
Remember: you don’t have to accept their first offer. You can shop around a bit more and get back to them to accept later.
Switching providers is simple
It is typically easy to switch to a new broadband provider. The process is usually straightforward and can usually be done entirely online.
Once the deal is accepted and agreed, and direct debit instructions taken and confirmed, the process can usually be completed within about 14 days. All you need to do then is wait for the router to arrive, hook it up, and get your devices online.
However, this isn’t always the case. For example, there might be a significant delay in switching, rather than a short one. Your old provider can also make things difficult, although this is unusual as easy switching is an industry policy.
Most importantly, if you are switching between a BT line provider and another network (such as Virgin Media), there is always some added complication. For example, differing connectivity requirements resulting in an engineer visit (if you rent, this would need to be cleared by the property owner).
But overall, it is easy to switch providers. Switching is the best way to get a good deal, as the best prices and offers are reserved not for existing customers (there’s that loyalty penalty again) but for new customers.
Conclusion
Considerable savings can be made by switching broadband providers or taking a new deal with your existing ISP. If you’re in contract, it’s not worth the money to switch, but if your existing deal has already ended, now is the time to find a new broadband provider.
In most cases, you should be able to get the same or faster internet speeds with a newer, cheaper deal than you had before. However, if things don’t go to plan and you’re not happy with your provider’s service, you can cancel the contract within 14 days of activation. This is useful leverage that can help ensure you get the best service.
