Does switching off your geyser really save electricity?

Moneyweb Community member says it is a myth.

Admittedly, it's a popular myth that switching off your geyser saves electricity as Gareth Cotten discussed in How to save on your electricity bill and it's even propagated by government, but it's completely false and it's inexcusable that a reporter does not check his facts before claiming a cited obvious, but bogus method of saving electricity. The fact is that in a properly insulated geyser the heat energy is well contained and the only possible source off loss is the tiny amount that escapes the insulation during the day. While the geyser is on during the day and no water is consumed, a small amount of electricity is used to replace this heat loss - the thermostat typically switches on for two minutes once every two hours (measured on my own geyser) representing a daily extra consumption of around 50 Watts or around R30 of energy costs a month! Anything you do to a geyser can only save ...