Challenger bank Monzo teams up with challenger energy suppliers in bid to steal customers from Big Six

Monzo customers will be able to use their apps to get a better deal on their electricity and gas, the company announced today.

The challenger bank has teamed up with challenger energy suppliers Ovo and Octopus in a bid to lure more customers away from standard tariffs and the Big Six suppliers.

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“We want to help take the hassle out of finding a fair deal, and switching suppliers when you do. By working with Octopus Energy and Ovo Energy, Monzo customers will be able to conveniently access fair energy tariffs that come with quality customer service,” said Monzo chief executive Tom Blomfield.

The firms cited Ofgem figures from last year showing that 54 per cent of households have been on their supplier’s default tariff for over three years.

In the year ending June 2018, the Big Six’s default tariffs were £320 more expensive per year for the average user than the cheapest deal on the market.

Octopus Energy chief executive Greg Jackson said: “We love working with innovators in other sectors to bring fair pricing to customers who’ve been ripped off for too long. Banking and energy have both failed to deliver value and service, but in energy the issue is even more urgent because we need to tackle climate change.”

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Both Octopus and Ovo offer deals which supply households with renewable electricity.

Ovo’s retail chief executive, Adrian Letts, said: “With more people using smartphones to access everything in their lives, monitoring and controlling your household energy use should be no different.”