HOUSEHOLDS on pricey standard variable tariffs should act fast to snap up a new deal as energy suppliers are pulling the plug on the cheapest offers.

There are now just five tariffs available for under £1,000 a year, according to new research from MoneySavingExpert.com.

The consumer group says this is down from 21 tariffs at the start of September.

MoneySavingExpert.com adds that the cost of the cheapest one-year fix has also jumped by £49 a year since the start of September to £980.

It says rising prices are a result of suppliers being squeezed by rising wholesale costs – the price energy suppliers pay for gas and electricity – and watchdog Ofgem's energy price cap.

The price cap, which comes into force on January 1, 2019, will see typical dual fuel users pay no more than £1,137 a year for energy.

Ofgem reckons this will save the average household around £76, with a typical customer on the most expensive tariffs saving £120.

But with winter coming, don't wait until January and rely on the cap to cut your costs - take action NOW.

Follow the advice in our box out above to see if you could save hundreds by using a comparison service to check if you can switch and save - AND earn cashback on top.