Why you would be bonkers not to save on bills

Bonkers.ie, the country's leading comparison and switching service, has urged Irish households to take advantage of €370 million in unclaimed energy bill savings in time for winter.

Dramatic changes across the energy, broadband and banking markets have taken place since bonkers.ie was founded in 2010. The new, free-to-use bonkers.ie website makes finding the best deals easier than ever.

Since 2010, household energy prices have increased 28%, four new suppliers have entered the market, more than one million energy customers have found better deals through bonkers.ie.

According to the web-based service savers are earning 74% less than they did in 2010 yet still maintain €93 billion in deposit accounts. Broadband speeds have increased by 400% since 2010 while prices have fallen by 50% and mobile traffic to bonkers.ie is now 44% compared to 4% in 2010 In 2010, Irish households were paving €990 a year for electricity, now the same amount of electricity costs €1,211.

In 2010, Irish households were paying €727 a year for gas, now the same amount of gas costs €964. Said a spokesperson for bonkers.ie: "Irish households are paying significantly more for energy in 2015 than they were in 2010, despite the arrival of four new energy suppliers. And with up to 86% of households continuing to pay standard prices, energy customers are missing out on potential savings of €370 million a year."

Commenting on the bonkers.ie five year anniversary, Managing Director David Kerr said: "Ireland has seen huge changes over the last five years, and as bonkers.ie has grown, we've seen dramatic changes in the markets we watch too.

"We've seen the rollout of fibre broadband bring much faster speeds at much better prices to households across the country; we've seen four new energy providers offer households a range of new deals and substantial savings; and although interest rates for savings accounts have fallen, we're now seeing the first real signs of competition from the banks since the crash - notably in mortgages, " he said.

"However when it comes to savings, households have seen a 75% drop in returns over the last five years due to a combination of interest rate drops and an increase in DIRT."

Bonkers wanted the Minister for Finance to cut the DIRT rate in the recent Budget, arguing that, with €93 billion in deposit accounts, even a small concession would deliver a significant return for beleaguered savers. Savings makes sense: David Kerr and Simon Moynihan of Bonkers.ie

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