I'm not so sure cheapest is always the best when it comes to choosing a web-hosting service. There are a number of other criteria that one may want to consider.
First: Is the service reliable? What is its record in terms of outages and lost files?
Second: How good is its tech support? Can you communicate with the service live 24/7?
Third: Does the service offer help in building and maintaining web sites? Can it assist you with e-commerce?
Fourth: Are its upload and download speeds always optimal?
Fifth: Does it periodically archive your site? This is not done by all services but may be important to you.
Do your research. The link below may help you in your choices.