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This page contains articles that were published in newspapers and online, related to bonkers.ie.
Go bonkers, try this price comparison and finance site
Business & Finance, 02 September 2010
bonkers.ie
What is it?
bonkers.ie is a free online consumer finance, price comparison and switching service that helps Irish households make the most of their money. bonkers.ie enables Irish consumers to easily find, compare and immediately switch to the best deals on a range of household financial products, including savings accounts, current accounts, loans and credit cards.
Customers can also compare and save on home electricity, with new money-saving products being added throughout 2010.
Who's behind it?
Founder and managing director David Kerr has over 10 year's experience running online comparison services for the UK market. At Xelector in Dublin, he built up experience providing financial and home-utility comparison services for major UK sites including Confused.com, MSN, Lovemoney.com and Tesco.
Co-founder Simon Moynihan worked with David at Xelector in managing the partner and customer relationships for UK media and comparison sites from the Guardian, Mirror, Independent, Telegraph, Johnston Press and Comparethemarket.com.
Financial situation?
bonkers.ie is 100% privately held and self funded. The free service is independent of service providers and funded by a referral programme and an online advertising/sponsorship model.
As people have started to feel the pinch of the recession, bonkers.ie has witnessed an increased interest in saving money and stretching budgets.
Future plans?
bonkers.ie started its service with five categories, four of which assist with finding the most efficent way to manage money, and the fifth calculating the best home electricity tariff for customers' circumstances, whether they've already switched or not.
bonkers.ie will soon be expanded to include comparisons on home gas and broadband, with new categories to help households find the best deals on other compulsory purchases.
It also has plans to become a finance portal where Irish householders can interact with other deal hunters, research the best deals, switch their service providers as well as verify they are getting the best deal available.
Taking an interest in your bank's deposit rate
The Irish Independent, 02 September 2010
THE time has come to end the great interest rate cover-up.
Households that can afford it have responded to the uncertainty of the economic situation by furiously stashing cash in bank, building society and credit union accounts.
But the problem is that most people are not aware of what interest rate they are getting.
Some €97bn belonging to households is sitting in deposit, current and credit union accounts, according to Central Bank statistics.
But a large chunk of this money is earning little or nothing because many of the interest rates offered by banks in particular are derisory.
Sure, there are good deposit interest rates to be had at the moment, but the lion's share are very low.
People get sucked into opening an account because they are offered an initial juicy interest rate. But after six months or a year, the rate drops to some pitiful level.
Then there is the fact that people do not want to lock money away for any length of time, so they stick their cash in a demand deposit account with rates as low as 0.01pc.
With a demand account you can get at your cash whenever you want to, but the flip side of this is you will earn little or no interest.
With €5,000 in a demand account at 0.01pc, you'll earn the not-very-princely sum of 50c interest in a year. And that is before tax.
Simon Moynihan, of comparison website Bonkers.ie, estimates that some €37bn of household savings are in such accounts.
This situation is not helped by the fact that most statements are sent out with no mention of what interest rates are being paid.
Nor are credit unions off the hook on this one. They do not calculate their dividend, or interest rate, until year-end. And a dividend can only be declared based on profits or surplus. If there is no surplus there is no dividend.
This means that it is impossible for savers to know what dividend or interest rate they will get until their credit union's financial year end.
Savers are being kept in the dark. Deposit-taking institutions should be required, by law, to state exactly what interest rate is being paid. This is particularly important as payouts continue to plunge.
It is worth noting that Irish Nationwide pays 3.25pc for amounts up to €20,000 on its deposit account. And it is hard to beat the An Post savings bonds and certs, which are tax free and pay high interest.
Banks line up to offer students wide range of incentives to open accounts
The Irish Examiner, 31 August 2010
FREE flights, €100 cash and discount travel cards are among the incentives being used by banks to encourage students to open accounts.
All of the main banks are offering students fee-free banking as well as a range of incentives.
Ulster Bank is offering €100 cash which will be paid out in two €50 installments in January and February. Bank of Ireland is offering a free return flight to a choice of 10 European cities.
AIB is offering a free student travelcard which is worth €12. This may seem like the worst offer but according to experts, AIB is offering some of the best deals on overdrafts and interest rates.
According to discount website, bonkers.ie the best overdraft offer is from AIB because it is the biggest available and is interest free.
They said the best loan offer is from Bank of Ireland which is offering up to €2,000 for travel and it is interest free for nine months or the customer can make no payments for nine months.
"This is brilliant because it allows you to go on your J1 and not have to worry about payments or interest until Spring of the following year," said Simon Moynihan of bonkers.ie.
When it comes to interest rates, AIB is offering 1% for balances up to €1,000.
"Even if you always maintain a balance of over €1,000, you'll still only earn a tenner in interest, but it's better than paying fees. Bank of Ireland again is a close second at 0.75% for balances of up to €1,500 which will actually earn you a little more in interest if you always maintain a balance of over €1,500, but I'm a realist and know there aren't too many student accounts with cash like that year round," said Mr Moynihan.
Editor of CorkStudentNews.com, Daniel O'Carroll: "My advice to students would be to choose a bank that's right for you in the long run, rather than the one which offers the best particular deals at the time. I opened an account with Bank of Ireland in first year because I was trying to get one of the free flights, but then decided to switch to AIB because I thought it had more to offer me throughout my time in UCC.
"Getting an overdraft is also an easy trap to fall into but one which doesn't make a lot of sense once the hangover's worn off. It seems like a great idea at the time but when you have that to pay off on top of your other debts once you're an unemployed graduate you won't be laughing."
Mr Moynihan said students should take advantage of the offers while they can.
"The banks aren't dumb though, they take the long view and they know that if they get you while you're in college, they've probably got you for life. That €100 they give you now or the free trip or the interest free travel loan, they'll make it back in spades once you graduate, so like I said, take advantage of them while you can," he added.
Time to smarten up your old phone
The Sunday Times, 29 August 2010
A new breed of gadgets is able to do everything a secretary once did, but on the move, writes Frank Dillon
Managers of a certain generation will recall a time when secretaries dialled phones for their bosses, scheduled meetings, updated their diaries and screened unwanted callers. These days, executives do all of the these things for themselves and much more with the help of the latest range of gadgets.
Central to the armoury of the self respecting executive these days is a smartphone, a device that allows you to replicate many of the things that you can do with your desktop while you are on the move.
So should employers be ensuring their executives are getting smart? With email central to the working lives of many, having easy access to it while on the road is vital, so BlackBerrys, the device favoured by President Barack Obama, and iPhones are increasingly the gadgets of choice.
Krishna De, a marketing consultant and social media expert, uses both. "I've been a BlackBerry user for many years as I can't be without email on the go," she said. "I also like the key pad as I find it easier to type on than the one on the iPhone.
"The iPhone is a brilliant device for connection to the web and keeping up with social networks. The camera on the iPhone is excellent, as is the quality of the audio so it's great for recording interviews and making videos to upload to websites".
Those who don't want to invest in a smartphone - or who want something easier to type longer documents on - could benefit from the increasing range of netbooks, which are essentially cut-down mini laptops that allow users to surf the net wherever they have internet access.
Their compact size makes them ideal for working in tight spaces, perfect for resting on the tray-top of an aeroplane, for example.
However, smartphones appear to be devices of choice at the moment, led by high profile summer launches such as iPhone 4.De says that the intergration of smartphones with other business and social media applications is one of the reasons why they are proving so popular.
With smartphones no longer being simply devices to make phone calls with a few added extras, executives can now respond to client queries much faster or can update blogs while waiting to catch a plane, for example. "There is a sense of liberation in being able to do so much away from our desks and this fits with the lives of busy and more mobile executive", she said.
There are also a string of iPhone applications, or apps, for professionals including Interview Prep Questions or HR at Your Fingertips. TimeTracker is an app that allows executives to track how much time they are spending on projects and bill customers accordingly.
Txtajob.ie launched in May what it says is Ireland's first job app. A number have followed suit including Vantage Resources, which allows users to create and manage their profile to tailor what information they want to receive from the agency.
For many executives, the range of apps is what makes devices such as iPhones so attractive. Ciaran Conroy, commerical manager of Leopardstown racecourse in Dublin and a fervent iPhone fan, subscribes to a range of racing-related apps that keep him up to speed on developments in his industry.
Getting access to news on the progress of horses that may be running at the course is vital through blogs and other news feeds, he says.
He also uses it to download podcasts of programmes that he may have missed. "The iPhone is a very intuitive device and really easy for a non-techincal user", he said. "Navigation is so simple and the growing range of apps available is amazing".
David Kerr of Bonkers.ie, a price comparison website, is another fan of iPhone apps, having made the switch from BlackBerry. A long time Apple fan, he uses it alongside his MacBook Pro laptop.
While Kerr uses applications such as email and the web browser for surfing, he gets personal benefits by using apps such as Nike+.
This application, a sophisticated form of pedometer, synchronises or "syncs" with a device in the heel of Nike training shoes to provide a personalised workout that can show, for example, how many calories you have burnt in an exercise session. Typically users listen to music on the iPod that is integrated into the iPhone while exercising.
Having a technical background, Kerr has gone one step further than most users and has performed what is known as a jailbreak on his iPhone. This allows him to use applications other than those supported by Apple.
"It's not illegal to jailbreak according to a ruling of the Librarian of Congress but it does void your warranty with Apple, and they have turned away customers looking for repairs and technical support if they have done it," he said.
"The iPhone is closing in on BlackBerry for business users as it allows them to manage their personal as well as business lives because of its apps and the ease of access to multiple email accounts", said Stephen Ebbett of protectyourbubble.com, a UK online insurance provider that specialises in insuring gadgets.
Ebbett also says the iPad is expected to take a large slice of the travelling professional market as a replacement for netbooks because of its weight and its ease when it comes to presenting information.
Moreover, it's perceived to be a very cool gadget - an increasingly important issue for many executives. "Employers who provide their executives with out-dated or substandard mobile equipment are perceived as penny pinching and not embracing the latest technological opportunities available," he says.
David Girvan, founder of website reassureme.com, a socially-led venture that provides an online tool to protect children while they surf, likes his gadgets too but is not an Apple fan, preferring the Android operating system for his phone instead. He uses popular business applications on his smartphone and is toying between a HTC or Samsung model for his latest upgrade.
Gadgets are certainly making the lives of executives easier, but knowing when to turn them off is a problem for some, blurring the lines between work and home.
Attractive devices such as the iPhone, however, have one built-in advantage in this regard. Put them out of your line of sight for a moment and your spouse or child will happily walk away with them.
Talk the talk - David Kerr managing director of Bonkers.ie, talks to Niamh Hennessy
The Irish Examiner, 23 August 2010
Tell us about yourself and the line of work you're in.
I grew up in Dublin, went to UCD and a did a degree in computer science and maths. I completed a MSc at Chalmers Technical University in Gothenburg, Sweden. At present I am managing director at Bonkers Money Ltd, a newly-launched consumer finance and price comparison website.
What was your first job and how much were you paid?
When I was 10, a neighbour employed the local kids to spread a 50 ton load of horse manure on his lawn. For two days' of hard labour we were paid £2.
What is your best investment and why?
The year I spent in Sweden. I came back with a strong work ethic and a sense of what I wanted to do with myself - write great software related to the internet.
What is the most expensive item you have purchased apart from your house and car?
An engagement ring for my wife Suzanne.
Whom do you most admire in business and why?
Steve Jobs. I admire him for the dramatic change he has had on the business he founded, his incredible skills as a marketer and of course the massive profits he has delivered to his shareholders.
What is your most prized possession and why?
A pair of cufflinks left to me by my grandfather who died shortly after I was born. They've a very high sentimental value.
What is the best piece of business advice you have received?
Stick to what you do best and execute brilliantly. If you don't know how to do something, find someone who does and delegate.
What is currently pressing your passion button?
My new business, Bonkers.ie, is a consumer finance portal. It offers comparison tools, news articles, blog posts to enable you to find the best deal across a range of financial products matched to your preferences, and is completely free. My passion is optimising financial product distribution for suppliers and providing free, transparent, useful information for consumers.
What drives you to succeed and why?
I want to make a contribution to how we as Irish consumers figure out how best to spend our hard-earned cash, and I want to contribute to the commerical side by sourcing product distribution as efficiently and effectively as possible.
Are the more difficult trading conditions impacting on your business
As a startup, I need to make sure the business works as well as it can without any scope for wasted investment. In general, the more difficult trading conditions have proven a positive force in our business, as a consumer demand has shown a very positive reaction to the quality of our free service.
Rapid rise in easy-to-access rainy day funds
The Irish Independent, 19 August 2010
A RAINY day fund should contain anywhere between a month to six months' salary depending on your line of work.
This reserve can help you cover your monthly expenses should you ever find yourself in that unfortunate limbo of being "in between" jobs.
A rainy day fund is also a good idea for those who have large mortgages -- but on the cheap tracker rates.
With interest rates likely to rise in the not-too-distant future, a rainy day fund could help cover higher mortgage and insurance costs in the months and years ahead.
A key feature of any rainy day account should be easy access to your money in case of emergency.
According to price comparison website Bonkers.ie, the amount of money in notice accounts has gone up steadily every month for the last year, from €12.3bn in May 2009 to €17.2bn in May this year -- an increase of €4.9bn.
By contrast, the amount of money in term accounts has fallen by an almost identical amount over the same period -- €4.9bn.
"I think we can conclude here that people are simply not prepared to lock their money away for long periods of time any more, and when term accounts are maturing, people are not rolling them over into another term, they are putting their money where they can get at it at short notice," says communications director Simon Moynihan.
While regular saver accounts are the obvious choice, another easily accessible alternative is An Post savings bonds.
"Post office bonds are fabulous," says Karl Deeter of Irish Mortgage Brokers.
"Ten per cent with no tax after three years, that gives a tax equivalent yield of over 4pc which is hard to find these days and you can invest up to €120k in it."
Your Money: Splash the cash
The Irish Independent, 19 August 2010
It's time to start spending that rainy day fund, according to the Government. But instead of throwing money away, here's some options that could strengthen your financial position, says John Cradden
After months and months of urging us to save, save, save, the Government apparently wants us to spend, spend, spend.
Justice Minister Dermot Ahern said the level of savings in the economy had grown from 4pc to 12pc, and people must now be persuaded to start spending.
"People are saving their money, so what we really need to do, as a nation, is try and get those people who are saving their money to spend their money in the economy," he said.
The minister was speaking at a press conference last month following a day-long Cabinet meeting at Farmleigh House in Dublin to discuss how to achieve €3bn in spending cuts.
Such comments may go down like a lead balloon among cash-strapped consumers, many of whom remain fearful of losing their jobs, even as consumer confidence indices begin to show some signs of life.
A recent poll by research firm Red C shows that 70pc of consumers do not envisage increasing their spend over the next 12 months on things like groceries, entertainment, consumer goods and services, and holidays.
"Most households will not start spending again until they are confident the economy has recovered," says Niall McHenry, managing director of consumer website SaveAFewBob.ie.
"Right now, consumers have to deal with increased mortgage repayments on properties that are still falling in value. I think under current circumstances, it would be more prudent for consumers to hang on to some of their savings."
Although Irish households have been saving furiously, the latest statistics show a 0.77pc drop in overall household deposits for May.
Simon Moynihan, of consumer comparison website Bonkers.ie, says it's too early to say whether this slight fall off represents the start of a trend.
"My feeling is that it's seasonal," he says. "People are getting ready for summer, treating themselves and paying for holidays.
So if you have surplus cash or a lump sum burning a hole in your pocket, but would rather use it to strengthen your financial position than spend it, what, then are the most obvious spending options that offer good value?
Pay off mortgage debt?
"In many cases, you are paying more for debt than you are earning on interest, and bear in mind that debt is paid for with after-tax money and that interest has DIRT tax," says Karl Deeter of Irish Mortgage Brokers.
"So, when you look at it that way, it makes sense to use extra money to either rid yourself of debt, such as paying off your mortgage. Then, save or invest," he added.
Indeed, many people on standard variable rates may be choosing to pay off more of the mortgage to better protect themselves against the prospect of higher interest rates.
On the flipside of that though, some say that with mortgage rates -- especially trackers -- as low as they are, putting surplus cash into a good deposit account could be a better home for it.
This is because it means they can get at the money in an emergency.
"Using it to pay down a mortgage means it's gone and it's extremely unlikely that banks would allow someone who's lost their job to release equity by remortgaging," said Mr Moynihan.
Start a pension or increase your contributions?
This is worth considering, in light of the Government's plans to reform the pension system by 2014.
The main change expected is that there will be a single tax relief rate of 33pc on pension contributions, instead of either 20pc or 41pc.
This means that anyone in the higher 41pc tax bracket should maximise their pension contributions for the next four years.
For those closer to retirement, and looking to maximise the value of their pensions or cover any shortfalls, AVCs (Additional Voluntary Contributions) allow you to build up an additional fund, within Revenue limits.
"If you get a match from your company and you can afford to, do the max," said Mr Moynihan.
Extend your home or home improvements?
If you are in negative equity, it may make some sense to start investing in extending your home, or undertaking some form of home-improvement project.
For example, extending the attic, installing central heating, replacing your windows, or improving the kitchen or bathroom can add value to your home.
Even installing energy-efficiency projects, like some better insulation or even solar panels, can bump up your asking price.
Get on the property ladder or trade up?
"For those who haven't bought a home yet, or who may be considering trading up I think now is a great time to buy property," said Niall McHenry.
"Those who have cash, or if they qualify for finance, are in a really strong negotiating position.
Many others are still wary of taking a fresh plunge, or another dip into the property market, however, as confidence has not properly returned.
"Values are still falling and I think they are going to keep falling," says Mr Moynihan.
"For most people, if they can't borrow, they can't buy houses," he added.
Your Money: Supplier beware
The Irish Independent, 12 August 2010
The massive amount of people switching their electricity and gas companies will smash the high prices that inevitably came with a monopoly of the energy markets, writes Simon Moynihan
HALF a million Irish electricity customers and thousands of gas customers have switched suppliers since February 2009 and all for the same reason: to save money.
Home-energy bills are among the biggest expenses facing Irish households with average electricity bills at around €1,000 per year and average gas bills at more than €700.
The high cost of heating and lighting our homes helps explain why huge numbers of customers have chosen to change suppliers in search of a better deal.
Although switching your gas or electricity suppliers can sound daunting, the actual process is very straightforward; a phone call or a visit to a website is usually all it takes to make the change.
The new company does all the work and can complete the switch within a week.
Usually the only thing customers are asked to do is provide meter readings.
During the changeover, there is no interruption to service, the same gas and electricity continues to flow and no new wires or pipes need to be installed.
Once the switch is completed, the only difference that customers notice is that they receive their bills from a new company.
Even the meters are still read on the same schedule by Bord Gais and the ESB.
So how much can be saved?
An average Irish home uses around 5,600 kilowatt hours (kWh) or units of electricity in a year.
This costs €1,000 with the ESB but can be bought from Bord Gais and Airtricity for around €884, giving a substantial saving of €116 or nearly €10 per month.
For gas, the average home uses around 13,750 kWh in a year. This costs €720 with Bord Gais, but can be bought from Flogas for around €652 giving a saving €68.
Airtricity also supplies gas at rates of up to 10pc cheaper per unit than Bord Gais but will only accept customers that switch their electricity accounts over to them as well.
Irish energy companies compete on unit prices but standing charges remain the same regardless of the supplier. These are paid to Bord Gais and the ESB, to maintain the supply networks and provide meter readings.
Although it may be tempting to stay loyal to the ESB for electricity or Bord Gais for gas, switching away from them will actually help them to get into the market and compete on price sooner.
Rates
The Commission for Energy Regulation (CER) currently does not allow the ESB to set its own electricity prices or Bord Gais to set its own gas prices.
However, in April, the CER said that as soon as the ESB's share of domestic market falls to 60pc, it would be allowed to start competing by setting its own prices.
If switching rates continue as they have been, it is expected that this will happen by the end of the year.
Although the ESB will have to re-brand before being allowed to compete, experts are expecting a price war as the company tries to recover some of the customers it has lost since competition started in the home energy market.
Most customers are not bound by contracts to their energy suppliers and are free to switch suppliers as often and whenever they wish.
The ESB will undoubtedly take advantage of this when it tries to lure customers back. It is also likely that when the ESB does start to compete, it will enter the domestic gas market as well, and offer rates that are cheaper than Bord Gais.
There has been no announcement yet as to when Bord Gais will be able to set its own gas prices.
Households stash an average €44k as savers change habits
The Irish Examiner, 12 August 2010
IRISH households have stashed away an average of almost €44,000 each but many are moving their cash to instant access accounts as concerns mount about their future finances.
According to figures from personal finance advisers, bonkers.ie, Irish people have €64.5 billion in savings accounts, which doesn't include pensions, shares or investment products.
This works out at €43,851 per household, according to Simon Moynihan of bonkers.ie.
Mr Moynihan said, however, that there is a change in people's savings habits which mirrors the turbulent economic times.
Between May last year and May this year, the amount of money in long-term deposit accounts went from €15.1bn to €10.2bn - a drop of €4.9bn, he said.
However, the amount of money in notice or instant access accounts increased by €4.9bn to €17.2bn over the same period of time.
"Over the last year, we have been steadily taking money out of term accounts and putting it into notice accounts.
"I feel Irish people are simply not comfortable locking their money away for long periods of time anymore. Instead they are opting for accounts that still give decent rates of interest but that allow access after a bit of notice," he added.
The figures also show that savers have around €37bn locked in overnight demand accounts, which have been dubbed "sleeping money" because of the low levels of interest this money is earning.
These accounts earn an average 0.6% interest compared with the 3.5% which could be earned in some fixed terms accounts.
Managing director with bonkers.ie, David Kerr, said he would encourage savers to move their money into term or notice accounts and achieve much higher savings rates.
Mr Kerr said the average savings figure per household is "very high" and shows that "clearly there are some households with a lot more than that figure, with the majority having nil or close-to-nil".
Time is 'excellent' for savings rates
The Irish Examiner, 11 August 2010
SAVERS have been warned that time is running out to take advantage of exceptional interest rates being offered by the banks.
This news comes as a survey shows consumers believe it is more important than ever to put money away in preparation for an uncertain future.
The Nationwide UK (Ireland) savings survey also indicates that many consumers are in debt with more than half saying they would use any spare cash to pay off loans or mortgages.
The savings index for July rose for the first time since it was launched in March meaning more people believe it is important to save. One in four think now is a good time to put money aside but just 40% are doing so regularly. This is down from 45% in June.
According to personal finance website, Bonkers.ie banks are offering exceptional interest rates on savings accounts.
Managing director of Bonkers.ie, David Kerr said: "For savers, now is an excellent time to take advantage of the savings rates currently on offer. Banks all need to meet the regulator's new requirement on the amounts they have on deposit and many are offering superb rates of interest to get their hands on your savings."
He said the good deals are unlikely to last for very long because once the banks have increased their deposit base they will likely reduce the great rates on offer now.
The July survey also shows that fewer people are unhappy with the amount that they are saving. Of those who are saving 4% think they are putting away more than they should, an increase from 2% in June.
Managing director of Nationwide UK (Ireland), Brendan Synnott, said one of the main drivers of the increase in July is that more people think it is a good time to save.
"This may relate to the further evidence of uncertainty about economic conditions and reflect the view that people are again becoming reluctant to spend because of this uncertainty."
According to Davy stockbrokers the savings ratio was 10% last year and although they believe this will drop to from 8% to 9% in the next few years, it will still remain up on the 6% average between 2001 and 2006.
Chief executive of the Irish Brokers Association Ciaran Phelan said there is no doubt that consumers have acquired a recessional savings habit.
"While there was a rush to government guaranteed deposits in 2009 and early 2010, our members have reported a sharp increase in client inquiries, primarily looking for cautious equity based investments, with some clients really feeling that now is a good time to get back into the stock markets," he said.
Savers seek short terms
The Sunday Business Post, 25 July 2010
Three in five savers are seeking to make lump sum deposits at present, according to research from the consumer website Bonkers.ie
However the research revealed that the majority of consumers searching for fixed-term accounts were only prepared to lock their money away for short terms.
Some 65 per cent of savers expressed a preference of acconts with terms of one year or less.
Less than one in ten customers searching for fixed terms opted to look at accounts with a commitment of five years or more.
Bonkers.ie surveyed more than 3,500 consumers who looked for a new saving account via the website in May. Just 32 per cent of respondents stated that a bank's credit rating was important to them.
"While the government's unlimited deposit guarantee scheme is in place, savers remain confident that their deposits are safe in Irish banks, but confidence is limited and savers are unwilling to lock their cash away for the long term" said David Kerr, managing director of Bonkers.ie.
"With so much uncertainty in the job market and the economy right now, people feel they could need access to their savings and won't commit to the long term."
Kerr said consumers should take advantage of attractive interest rates while they have the opportunity.
"Banks have to meet strict new capital requirements by the end of this year, so they are actively looking for our cash and are prepared to pay us well for it," he said. "Once the banks have met the Financial Regulator's requirements, we can expect interest rates to fall."
Motor Loan
Sunday Independent, 25 July 2010
Car sales in Ireland are gradually creeping up again, much to the relief of the embattled Irish motor industry.
The Ford Focus is still Ireland's most popular car, with the entry level model costing from €21,015.
It's well worth shopping around for your motor loan as the cost of credit varies widly from lender to lender. If you're looking for a three year loan for the full price, you could €1,600 over three years.
Best: Ulster Bank: interest payable €3,211.18
Avoid: Blue Cube: interest payable €4,830.36
Saving: €1,619.50
source: www.bonkers.ie
Consumers losing out on €1bn in lost interest
The Irish Examiner, 22 July 2010
€37bn in low-interest accounts
CONSUMERS are missing out on an estimated €1 billion in lost interest payments by leaving their savings in low earning bank accounts.
New figures have shown how someone who has €5,000 in savings could make as much as €175 in annual interest with a fixed term reward account.
However many savers are leaving their cash in low interest overnight accounts and missing out on such rewards. Irish households have just over €37bn in low interest overnight accounts, according to figures from price comparison website, bonkers.ie.
On average, overnight accounts earn an interest rate of just 0.63% but if the money was transferred to the highest earning account then savers would earn a total of €1.1bn in extra interest.
Bonkers.ie said that banks are now offering "exceptional interest rates" in a scramble to meet capital requirements but many Irish savers are failing to take advantage
Managing director of bonkers.ie, David Kerr warned, however, that interest rates are unlikely to last for much longer.
"Consumers should take advantage of them while they have the opportunity. Banks have to meet strict new capital requirements by the end of this year so they are actively looking for our cash and are prepared to pay us well for it. Once the banks have met the Financial Regulator's requirements, we can expect interest rates to fall," he said.
Meanwhile, a review of mortgages by the Central Bank and the Financial Regulator found that banks need to improve lending standards for first time buyers. They said there are concerns that, in some instances, banks are not utilising "robust and reliable risk measures when developing new mortgage lending strategies or mortgage products".
Director of the Irish Mortgage Corporation, Frank Conway said the Central Bank is basically saying banks must never again be allowed to get to a stage where they act more like mobile phone providers seeking to grab market share and less like what they really should be - banks, with risk as their central guiding philosophy.
Savers losing out on €1.1bn interest
Irish Independent, 22 July 2010
HOUSEHOLDERS that are in a position to save are missing out on €1.1bn in interest payments as they have their money in low-interest paying accounts, new research has found.
Most household savings are in accounts earning just 0.6pc, when they could be earning more than 3pc, according to financial products' comparison site Bonkers.ie.
Despite the availability of high interest rates, Irish households still keep €37.3bn in overnight accounts that earn a paltry 0.63pc.
Moving this money to a high interest demand account at 3.1pc could earn Irish savers an additional €922m in interest, David Kerr of Bonkers.ie said.
Savers with notice accounts were doing better, but were still leaving €168m on the table by failing to take advantage of notice and easy access rates of up to 3.3pc, Mr Kerr added.
"Interest rates this high are unlikely to last for much longer."
Advantage
"Consumers should take advantage of them while they have the opportunity," he said. "Banks have to meet strict new capital requirements by the end of this year so they are actively looking for our cash and are prepared to pay us well for it."
He added that once the banks had met the Financial Regulator's requirements on the amount of capital they needed to put aside, interest rates were likely to fall.
Bank smart to make the best of less
The Sunday Times, 27 June 2010
Tighter regulation and reduced competition will hit borrowers and investors alike.
Halifax shut its remaning branches on Wednesday and Postbank will begin pulling down the shutters in autumn - marking a retreat by institutions that once promised to break Ireland's banking cartel.
Customers will have to get used to less choice and higher charges, with some risk of being squeezed out of the market, especially those on low pay or living in rural communities. The demise of Postbank contrasts with the development in Britain, where the post office is expanding the bank services - in partnership with Bank of Ireland.
Simon Moynihan of Bonkers.ie, a price comparison website, said: "It makes no sense that an institution bailed out by the Irish taxpayers is running a post office bank in Britain while post offices here are withdrawing general banking services. Postbank's closure is a huge loss, especially in rural areas where people rely on the post office to provide banking services."
The dissapearance of competition has added to the problems of borrowers, who are confronted with a growing list of excuses for denying them a loan. Credit could become even more scare if the Central Bank carries out its threat, announced last week, to limit the amount people can borrow.
Investors face a changed landscape too. Banks and insurance firms are being forced to come up with less risky alternatives following a decade of losses by their flagship-managed funds, which were supposed to provide a safe mix of equities, bonds and property. Reducing risk, though, could leave investors with little more than they would earn on deposit.
We examine the changed world of banking and advise you how to make the best of whats in store.
Less Competition
Halifax and Postbank are unlikely to be the last banks to quit Ireland. "I don't see how some banks can continue operating, [they are] fighting for the same pot of money," said Moynihan. "It looks like we'll be left with only four institutions: Allied Irish Banks, Bank of Ireland, Permanent TSB and Ulster Bank."
Decisions being taken by credit unions this weekend, though, could provide bank consumers with an alternative. They are voting on whether to invest in a new payments network, allowing them to provide electronic funds transfers, bill payments and debit cards. If approved, credit unions would be able to offer bank-style current accounts from the end of 2012, although without overdrafts and cheques.
How to grow your nest egg safely
The Sunday Times, 13 June 2010
Where are the best rates?
You can earn at least 3% interest on easy-access deposits at Anglo Irish Bank, Irish Nationwide and Nationwide UK.
Simon Moynihan of Bonkers.ie, a price comparison website, said: "Irish households had €37 billion in demand deposits and current accounts in March - an average of €25,000 per household earning just 0.65% interest. Moving this into high interest demand accounts could net them hundreds of euros in interest every year."
Fixed rates offer better long term value, even if their rates are similar to those offered by the best easy-access accounts. These accounts pay variable rates of interest, which have dropped over the past year.
Anglo Irish Bank pays 3.5% fixed for 12 months. Irish Nationwide matches this offer, but only for lump sums greater than €20,000, while EBS offers 3.35% for the same amount.
€7m extra for Halifax
The Irish Sun, 02 June 2010
Halifax could squeeze another €7million in charges out of Irish customers - even as it shuts down its operation here.
The UK-based bank will close all its Irish accounts on June 18 and is offering payment schemes to those with big credit card balances
But consumer website Bonkers.ie said for punters with the national average of €1,300 on their cards, the scheme will mean forking out another €229 in interest.
The site's cash boffins estimate this could mean €7million in extra revenue for Halifax.
A Bonkers.ie spokesman added people can do better by switching to another credit card.
Credit card holders barely making dent in €2.9bn debt
Irish Independent, 01 June 2010
CONSUMERS are struggling to get on top of credit card debt, new figures from the Central Bank show.
Card holders paid off a massive €811m on the more than 2.14 million personal credit cards in issue in April.
But despite the huge payments people have made on their plastic cards, they barely made a dent in the debt as the figures show that a further €800m of expenditure was put on the cards.
This means consumers paid back €11m more on credit cards than they spent in April. This is a much smaller amount than the €71m they managed to lop off card debt in March.
Overall, consumers collectively owe €2.89bn on cards.
When the total number of credit cards issued to consumers is divided by the total outstanding it works out at an average of €1,400 owed on each card.
The high level of new spending on credit cards means that the overall amount owed by consumers is up slightly on the amount outstanding a year earlier.
Personal finance experts said that high fees and charges and high interest rates on cards meant that consumers were failing to get to grips with the card debt.
Debt
Credit unions and debt advisers report people coming to them owing large amounts of money with these people typically owning two or three credit cards that they have "maxed out".
Households in financial difficulty have been found to be three times more likely to be only paying the minimum (which can be as low as 1pc with MBNA) on their card each month, according to the Law Reform Commission.
It will take 20 years to clear a €8,000 debt if you pay just 2.5pc of the outstanding balance every month.
In that time you will have paid €6,000 in interest alone, according to calculations by the National Consumer Agency.
Economist with Goodbody Stockbrokers Dermot O'Leary said the amount owed on credit cards at almost €3bn was small relative to the €118bn owed on residential mortgages.
"But the overall credit card debt figures hide the fact that there are many people at the margins who are in more financial stress because of the employment situation prevailing at the moment," he said.
Yesterday it was claimed that Halifax could make almost €7m on credit cards after it decided to close its operations here on June 18.
Halifax had 50,000 credit card customers before it announced it was closing and told customers that they should switch to another provider.
Balances
But Simon Moynihan of comparison website Bonkers.ie said customers that are not in a position to clear their balances can take advantage of Halifax's offer to cut interest rates from over 13pc to 10pc and repay just 3pc of their existing balance each month.
Halifax credit card holders with the national average balance of €1,300 that go with the 3pc payment deal will be paying Halifax €39 per month for 40 months -- that's almost three-and-a-half years.
By the time the last payment is made, customers could yield up to €7m in interest for the bank.
But a spokesman for Halifax dismissed the calculations as "utter rubbish". The calculations take no account of the fact that most card customers have switched to another bank, he added.
Meanwhile, yesterday's Central Bank figures showed that mortgage lending also fell in April.
The amount of money owed on residential mortgages fell by €348m during the month, and stood at €146.1bn at the end of April.
The annual rate of change in mortgage lending was --1.6pc last month. This was because more money was paid off on mortgages than was borrowed on new ones.
Claim Halifax could net €7m in deal
Irish Examiner, 01 June 2010
HALIFAX could rake in close to €7 million in interest payments from Irish customers from deals it is offering those looking to clear their credit card balances.
This is the claim of consumer website Bonkers.ie, which said Halifax credit card holders can "do better" than the bank's offer.
As it withdraws from the Irish market Halfiax is closing all of its Irish credit card and current accounts on June 18 and is offering customers who can't clear their balances "alternative repayment arrangement" such as personal loans.
Bonkers.ie said Halifax credit card holders with the national average balance of €1,300, who go with the payment deal, will be paying Halifax €39 per month for 40 months, which is almost three-and-a-half years. It said that by the time the last payment is made the customers will have given Halifax €229 in interest.
It said that although the Halifax deal is generous their credit card customers can do better by transferring their balances to a new card.
It said that Halifax had more than 50,000 Halifax credit card customers in Ireland and these customers could yield a potential €11.4m in interest to Halifax without operating a single branch in the country.
With approval rates for new cards running at as low as two in five, Halifax could still earn €6.84m, even if 40% of customers were successful in switching to a new credit card, the website said.
However, Halifax has dismissed the claims as "utter rubbish", saying there will be "significantly less" people availing of the loan than what Bonkers.ie estimates.
Bonkers.ie's Simon Moynihan said: "It's definitely in consumers' best interest to search out alternatives to the Halifax deal."
The website said switching current account may seem a daunting task, but switching is simple and straightforward.
"With the help of the Irish Banking Federation's personal account switching code, your new bank will request a list of standing orders and direct debits from your old bank and let companies like Bord Gais know your new details. The new bank will even help make sure payments like your salary are switched over," said Mr Moynihan.
This is the claim of consumer website Bonkers.ie, which said Halifax credit card holders can "do better" than the bank's offer.
As it withdraws from the Irish market Halfiax is closing all of its Irish credit card and current accounts on June 18 and is offering customers who can't clear their balances "alternative repayment arrangement" such as personal loans.
Bonkers.ie said Halifax credit card holders with the national average balance of €1,300, who go with the payment deal, will be paying Halifax €39 per month for 40 months, which is almost three-and-a-half years. It said that by the time the last payment is made the customers will have given Halifax €229 in interest.
It said that although the Halifax deal is generous their credit card customers can do better by transferring their balances to a new card.
It said that Halifax had more than 50,000 Halifax credit card customers in Ireland and these customers could yield a potential €11.4m in interest to Halifax without operating a single branch in the country.
With approval rates for new cards running at as low as two in five, Halifax could still earn €6.84m, even if 40% of customers were successful in switching to a new credit card, the website said.
However, Halifax has dismissed the claims as "utter rubbish", saying there will be "significantly less" people availing of the loan than what Bonkers.ie estimates.
Bonkers.ie's Simon Moynihan said: "It's definitely in consumers' best interest to search out alternatives to the Halifax deal."
The website said switching current account may seem a daunting task, but switching is simple and straightforward.
"With the help of the Irish Banking Federation's personal account switching code, your new bank will request a list of standing orders and direct debits from your old bank and let companies like Bord Gais know your new details. The new bank will even help make sure payments like your salary are switched over," said Mr Moynihan.
Bank blasts €7m claim
Irish Daily Star, 01 June 2010
BANKING giants Halifax have blasted suggestions they could make up to €7m from leaving the Irish market as "absolute rubbish".
The claims by bonkers.ie, a finance website centre around credit repayments from those unable to close off their cards by June 18.
You need to break up to make money
Sunday Times Money, 30 May 2010
Many consumers are stuck in unrewarding relationships with banks and suppliers. Why not switch, asks Niall Brady.
Savings
Banks lure new customers with eye-catching headline rates, especially for monthly savings accounts, but these
can disapear quickly.
Aib slashed the rate on its Parent Saver account from 5% to 3% last weekend, even though the European Central Bank is expected to leave interest rates unchanged till next year
Bank of Ireland followed on Tuesday - cutting interest on its DualSaver account from 4% to 3.5%.
Interest banks pay slightly less than the state-backed Irish insititutions, although their rates are usually more consistent with fewer terms and conditions. Nationwide UK (Ireland) pays 3.3%, Northern Rock pays 2.5% and RaboDirect pays 2%.
Simon Moynihan of bonkers.ie, a price comparison website, said:"Banks do not alert existing customers to new high-rate accounts because it doesn't make sense to pay a better rate to those who haven't indictated that they want it. The result is many people earn 0.01% interest for demand deposits - €1 a year on savings of €10,000."
Energy
Electricity and gas suppliers offer attractive discounts on the tariffs of ESB and Bord Gais, but these can expire in a few months. Flogas will guarantee its discount of
up to 9% on Bord Gais prices only until the end of September, although it promises to keep undercutting the state gas company after that.
Thousands of householders who switched from ESB to Bord Gais last year are seeing their electricity discounts drop from a maximum of 14% to 10%, up from 5%.
Moynihan said they should now move to Airtricity's "dual fuel" offer, which will restore the electricity discount to a maximum of 13%, as well as offering a discount of up to 10% on gas.
Make me richer: Electricity
Sunday Independent Business, 30 May 2010
If you haven't made the big switch yet and dumped the ESB, you are missing out on free money.
There's precious little difference between Bord Gais and Airtricity but they are both miles cheaper than the ESB. For a heavy enough domestic user paying the ESB €500 every two months with quotes from www.bonkers.ie.
Best: Bord Gais (paperless bill with direct debit) €2,623.57
Avoid: ESB €3,000
Saving: €376.43
Personal finance products
Irish Times, 28 May 2010
Bonkers.ie claims to be able to save Irish households €500 in just 15 minutes by using its comparison service.
Currently the site analyses electricity suppliers, credit cards, savings accounts, current accounts and personal loans. The €500 saving can be achieved by moving cash to higher interest bank accounts.
Save enough for some Creme de la mer face intensifier
Sunday Independent Business, 16 May 2010
I timed it. It took all of three minutes to move my electricity account from Bord Gais to Airtricity.
All you need is the internet, your lecky bill and bank details.
While Bord Gais is up to 14 per cent cheaper than the ESB, the discount only runs for a year.
If you were one of the 300,000 or so who made the Big Switch to Bord Gais last year, check your bill, the discount may have ended.
Move over to Airtricity which has a 13 per cent discount on the ESB until the end of the year.
Save enough for Sky Sports for six months just by switching your electricity away from the ESB
Sunday Independent Business, 9 May 2010
New comparison website bonkers.ie is really excellent at crunching through all the waffle about electricity tariffs and rates.
For a hefty enough €250 per month Urban ESB bill, the savings are pretty spectacular. It's even a weeny bit cheaper than Bord Gais.
While Bord Gais is up to 14 per cent cheaper than the ESB, the discount only runs for a year.
If you were one of the 300,000 or so who made the Big Switch to Bord Gais last year, check your bill, the discount may have ended.
Best: Airtricity Budget Plan with eBill €1,319.44 per year
Avoid: ESB €1,500
Saving: €186.56
Call on local consumers to find best deals and switch
Limerick Post, 6 May 2010
IN JUST 15 minutes, cash strapped Irish consumers could identify and act on savings of over €500 per year, according to new personal finance and price comparison website bonkers.ie. According to the service, which was launched this week, Irish householders are missing out on millions of euro worth of savings every year by not taking advantage of the best deals available.
bonkers.ie is a free-to-consumer, impartial online comparison and switching service which helps people find the best deals across a range of areas from home utilities to personal finance products. The site offers a selection of simple tools and calculators to empower people to find the best deal to suit their circumstances. The service also enables people to switch providers at the click of a button.
Commenting, Simon Moynihan, communications director with bonkers.ie said "New deals emerge every day but the complication and time commitment needed to truly find the best offers puts people off taking any action. We take the pain out finding the best deals by providing thorough in-depth research and smart tools and calculators so people can save time, find the right product for them and make the switch, all in one visit. It's fast, it's free to use and makes finding the best deals hassle-free."
In addition to offering simple-to-use calculators which detail how much people could save, the site also takes account of individual inclinations and allows people to set preferences that focus on product differentiators such as risk, deposit periods and rates.
Bonkers.ie has launched with a range of comparison services for electricity, savings accounts, current accounts, credit cards and personal loans. New comparison services will be added in the coming months and new deals and tips are added daily to the site, to facebook and through twitter.
How to save €2,000 on your household bills
Irish Independent, 06 May 2010
At a time when households across the country need to count every euro to make ends meet, Charlie Weston shows us a number of ways to shave a small fortune off your outgoings
Households with money in the bank are losing around €300 a year in interest.
This is because the average interest rate being earned by consumers who have money is the bank is just 0.6pc, according to new price-comparison website bonkers.ie.
But savers could be getting up to 3.3pc in interest, new price comparison website bonkers.ie has found. Irish Nationwide, Nationwide (UK) and Anglo Irish Bank all pay more than 3pc for money in a demand deposit account.
This money can be withdrawn immediately without incurring a penalty.The average household has around €12,800 on deposit, with the rest in current accounts, according to bonkers.ie.
Possible saving: €300
Compare costs to save money
Sunday Business Post, 02 May 2010
Overcoming inertia could save you hundreds of euro a year, according to a new website.
Figures from Bonkers.ie, a personal finance and price comparison website launched last week, suggested that Irish consumers could identify savings of more than €500 a year by taking just 15 minutes to compare costs.
The website helps people to find the best deals across a range of areas, from home utilities to personal finance products. It also features a range of calculators for ease of comparison.
Simon Moynihan, communications director with Bonkers.ie, said: "New deals emerge every day, but the complication and time-commitment needed to truly find the best offers puts people off taking any action." He added that Bonkers.ie took the "pain out of finding the best deals".
Current Account interest
Sunday Independent, 02 May 2010
New price comparison site www.bonkers.ie is worth a goo, for top details on bank accounts, credit cards and all that kind of stuff
Current Accounts that pay interest look to have the same prospects as the dinosaurs and dodos.
But while they are still available, it's money for old rope. Interest paid on an ever-present €1,500 in the account.
Best: Permanent TSB €30 per year
Avoid: Ulster Bank/NIB Easy Account €0
Saving: €30
Consumers missing out on interest rate payout
irish Independent, 29 April 2010
Households are missing out on €300 a year in interest payments because the average rate earned by consumers is just 0.6pc.
But savers could be getting up to 3.3pc in interest, new price comparison website bonkers.ie has found.
Irish Nationwide, Nationwide (UK) and Anglo Irish Bank all pay more than 3pc for money in a demand deposit account. This money can be withdrawn immediately without incurring a penalty.
However, big banks AIB, Bank of Ireland and Ulster Bank pay deposits of less than 1pc, Simon Moynihan of bonkers.ie said.
He has calculated, using Central Bank figures, that households have €38,000 split between current accounts and deposit accounts. Mr Moynihan has estimated that the average household has around €12,800 on deposit, with the rest in current accounts.
But putting this money in either Nationwide (UK), Irish Nationwide or Anglo Irish Bank would earn annual interest of €330, before tax.
He also advised consumers to make sure they have a current account that pays interest, which could generate up to €100 a year.
Site claims it can save you €500
Irish Examiner, 28 April 2010
LET'S try and save some money. To be precise, let's save €500 in 15 minutes on electricity bills, credit cards and bank fees.
That's what a new website launched yesterday is claiming consumers can do by logging onto www.bonkers.ie.
First up - electricity. Total savings once I entered my details: Nil. That's because I have already opted for Bord Gais duel fuel direct debit.
If, however, I was still with the ESB the website told me that I'd be paying 16% extra a year for my electricity.
After this it's onto credit cards. The website lays out in a clear way the various fees that accompany 20 different cards on the market. It offers links to apply for a card that you feel suits you and also details the fees and charges.
For anybody lucky enough to have €10,000 lying around, the website points out that if this money was in a standard demand account earning 0.01% AER it will earn just €1 in interest a year.
However, this customer can earn up to €330 a year with competitive instant access demand accounts available from Nationwide UK, Irish Nationwide and Anglo Irish Bank, it said.
For regular savers it shows that the top rate available is 4.0% from Bank of Ireland, meaning a customer can earn €78 in interest for one year by depositing €300 every month.
For non-savers, the future is not so dull either with the website showing that interest of 2% is paid on balances up to €1,500 on the PTSB switch current account, which is around €30 a year.
However, highlighting some stings that may be encountered, it points out that the AIB standard current account charges a €4.50 quarterly maintenance fee, 20 cent for ATM transactions and 30 cent for teller transactions. The Bank of Ireland standard current account charges a €11.40 quarterly maintenance fee, it said.
The loan section of the website allows users to put in how much money you want to borrow. Let's say €3,000 over 36 months. The results show a difference in total repayments of €158.53.
Opting for the National Irish Bank variable loan, a borrower will pay back €3,531.07 over the three years and €3,689.60 with the Bank of Ireland personal loan. Increase that loan to €20,000, however, over five years and the difference on the total amount repayable is €2,714.25. The loan will total €25,188.92 with Ulster Bank and €27,903.17 with Blue Cube.
Managing director of the website, David Kerr, said staff are constantly scouring the market for the best deals out there. "For example, switching to a no-fee, interest paying current account could net customers over €100 a year, taking advantage of the best savings rates could add over €300 to that, and for electricity customers that have never switched, average savings of over €120 are possible," he said.
New site for sore wallets - Firm promises major savings
Irish Daily Star, 28 April 2010
CASH-STRAPPED Irish consumers could save over €500 per year in just 15 minutes, according to the owners of a new price comparison website
The operators of Bonkers.ie, which was launched yesterday, say Irish people are missing out on millions of euro worth of savings each year
The website is a free, impartial service that helps people find the best deals in various areas, like home utilities and personal finance deals
The site offers tools and calculators to help users find the best deal and to allow them to switch providers online
They make money by receiving commission from some companies if you switch - but insist they remain impartial in ranking the deals
"New deals emerge every day but the time commitment needed to find the best offers puts people off" said Simon Moynihan of Bonkers.ie "We take the pain out of finding the best deals" he added. "it's fast, it's free and it makes finding the best deals hassle-free.
The site also allows people to set preferences that focus on factors such as risk, deposit periods and rates. David Kerr, Managing Director of the site said: "We constantly scour the market for the best deals. Overall our research shows that Irish households could make gains of over €500 per year and it shouldn't take more than 15 minutes"
Consumers can also follow new deals added on Twitter and Facebook as the site grows
Consumer comparison website puts bankers in their place
siliconrepublic.com, 27 April 2010
The Irish team behind the utilities components of popular UK price comparisons websites like Comparethemarket.com and Confused.com have developed a new service to help cash-strapped consumers get better value from their banks and utility providers.
David Kerr, co-founder of Bonkers.ie told Siliconrepublic.com that by using the new web service and spending as little as 15 minutes on the site, consumers can save themselves as much as €500 from their annual outgoings.
Bonkers.ie, founded by Kerr and Simon Moynihan, is a free-to-consumer, impartial online comparison and switching service which helps people find the best deals across a range of areas, from home utilities to personal finance products.
The site offers a selection of simple tools and calculators to empower people to find the best deal to suit their circumstances. The service also enables people to switch providers at the click of a button.
The service has launched with a range of comparison services for electricity, savings accounts, current accounts, credit cards and personal loans. New comparison services will be added in the coming months and new deals and tips are added daily to the site, to Facebook and through Twitter.
Kerr told Siliconrepublic.com that prior to setting up Bonkers.ie he wrote and delivered comparison software for Tesco, The Guardian, MSN, Confused.com and Comparethemarket.com.
Simon and I built the software that the UK comparison companies run in certain categories, specifically gas and electricity. "Our heritage in comparison shopping and helping people to avoid waste led us back to Ireland, a country we believe as being ready for comparison shopping."
Kerr agreed the Irish consumer's awe of banks and utility companies has been changed forever by the recession and now consumers want access to accurate, high-quality data on services they are going to commit to.
"Irish consumers are very much ready for switching from service providers - you saw that last year when Bord Gais entered the electricity market - they are open and hungry to make savings and use the power of the internet to realise savings.
"Consumers have learned that the banks aren't loyal to them. It's not like the days you opened your first savings account for your communion money. In fact, banks today should be paying consumers to put their salary into a current account. The reality is people realise they should be smarter about dealing with banks and they are willing to shop around. People are ready to deal with them as a service and nothing but a service."
Kerr explained that the new Bonkers.ie service will initially offer comparisons on savings accounts, electricity, current accounts, credit cards and personal loans and eventually will add in car insurance, TV and internet services.
Finance site launched
Evening Herald, 27 April 2010
A NEW personal finance and price comparison site aims to save Irish customers hundreds of euro per year.
The free website, bonkers.ie, provides impartial online comparison and switching service, which helps people find the best value from a range of deals.
The site offers a selection of simple tools and calculators for electricity bills, savings accounts, current accounts, credit cards and personal loans.
