Here we take a look back at the main stories and announcements that have made headlines during the third quarter of 2022.
As we bid farewell to the holiday season and prepare for the winter months ahead, we decided to revisit the most important stories that we covered between July and September.
The energy, broadband, banking and insurance sectors all experienced a number of changes throughout this period. To ensure you didn’t miss anything significant, take a few minutes to review our top stories from quarter 3.
Energy
It should come as no surprise that there was another wave of energy price increases in quarter 3, in the lead-up to winter.
- In recent months, both Electric Ireland and Flogas customers were hit with not one, but two price increases, while Pinergy, SSE Airtricity, and Energia also increased their prices.
- Unable to stay afloat in the sea of rising energy costs, Panda Power announced its departure from the Irish energy market in September, forcing thousands of customers to question what they need to do if their energy supplier stops trading here.
- With rising concern among consumers about the energy crisis, we decided to investigate whether Ireland will experience energy blackouts this winter.
- All eyes were on the Government ahead of this year’s Budget and with rumours circulating about what measures may be implemented, we looked at whether the Government should place a windfall tax on energy companies and if an energy price cap should be introduced.
- While consumer concern about the energy crisis is warranted, it was announced in August that energy customers would get a small rebate as the PSO levy was cut. The CRU also put new protections in place for energy customers this winter.
- In a bid to explore how we can be more environmentally conscious, we looked into how you can reduce your energy consumption in the kitchen, the important role of renewable energy in meeting Ireland’s climate targets and whether harnessing cow manure could lower our greenhouse gas emissions.
Broadband, TV and Phone
Quarter 3 brought about a range of announcements and developments in the world of broadband.
- In July, Sky launched Q Lite for Irish TV and broadband customers and in August, it launched its much-anticipated new service, Sky Glass.
- Meanwhile, Virgin Media teamed up with SIRO for a new partnership that will see its services available to an additional 450,000 households nationwide.
- With students around the country flocking back to college, we took a look at the best broadband deals for students to ensure they get the best value for money.
- It seems as though broadband in Ireland is coming on by leaps and bounds, as we climbed up 8 places to 36th in the global broadband speed ranking.
- We took a look at what exactly a broadband network is and how it differs from a retailer/provider. In a companion guide, we answered 9 common broadband network-related questions.
Insurance
Over the last three months, there have been several developments within the insurance industry, however, some homeowners may have noticed their home insurance premiums have increased.
- At the start of July, a ban on price walking came into effect in the insurance sector. This means that loyal customers who stay with the same home or car insurance provider for years will no longer be charged higher prices upon renewal, despite this many policyholders have seen the price of their premiums rise.
- An Allianz study found that many homeowners have been left underinsured as home rebuilding costs soar. Here we delved into the problem of underinsurance in more detail.
- There was good news in the world of life insurance, as Zurich removed the need for a Covid declaration when applying for cover, and Royal London expanded its serious illness offering to include more benefits.
- Here we looked at 5 reasons why you could be refused life insurance, along with the 9 most important things to consider when applying for home insurance.
- Finally, we answered the main questions asked by learner drivers about car insurance and provided tips on what to do with your car insurance if you move abroad.
Banking
Amongst the flurry of KBC and Ulster Bank customers searching for new banks to move to, the banking sector experienced a rise in banking scams and a failed attempt by AIB to turn 70 of its branches cashless.
- To assist KBC and Ulster Bank customers with switching to new current accounts, the Banking and Payments Federation of Ireland (BPFI) launched an information and awareness campaign on switching banks. Bank of Ireland also announced its intention to open some of its branches on Saturdays throughout October to help switchers move.
- A BPFI’s FraudSMART initiative found that fraudsters are taking advantage of the current bank switching climate, resulting in the average ‘smishing’ victim being tricked out of €1,700 per scam in the first half of 2022.
- If you’re looking for a new credit card, we took a look at the best credit cards on the market, including An Post’s newly launched Flex Credit Card which offers 0% interest on purchases for the first nine months.
- After nationwide backlash, AIB was forced to reverse its decision to turn 70 of its branches cashless, which would’ve seen these branches ending their cash services and ATM facilities.
- In July, the UK-based digital bank, Starling Bank, withdrew its application for an Irish banking licence ceasing its plans to enter the Irish banking sector.
Personal Finance
The 2023 Budget, the cost of living crisis and the need for Irish consumers to become more environmentally conscious dominated quarter 3 of 2022.
In an attempt to offset the financial pressures faced by Irish consumers and to support the transition toward renewable energy, the Government implemented a series of measures throughout this period.
- Between July and September, the European Central Bank announced two interest rate hikes which saw interest rates across Europe increase from 0% to 1.25%.
- In light of this, the Government’s 2023 Budget focused on increasing social welfare payments and other financial supports to help people deal with rising inflation and increasing energy costs.
- In July, every home in Ireland became eligible for electric vehicle charging grants, however, this begs the question, is Ireland ready to make the switch to electric vehicles?
- Discover how adopting a circular economy structure in Ireland can help the environment and your pocket. If you’re interested in how the Government plans to tackle climate change, read our article examining its Climate Action Plan.
- Find out where and how you can dispose of your e-waste in a safe and eco-friendly way here.
- In September, it was found that seven in 10 young people in Ireland are considering moving abroad for a better quality of life. To assist Irish people moving abroad or returning to our shores, we launched our Moving home or abroad guide series that provides tips across banking, insurance, and mortgage queries for Irish expats.
- Lastly, bonkers.ie was proud to announce its sponsorship of the Paris2Nice charity cycle, which saw our CEO, David Kerr, cycle over 725km in aid of the Irish cancer charity ARC.
Mortgages
Between the launch of the First-Home scheme and the increase in mortgage rates, it’s been a busy few months where mortgages are concerned.
- July was a big month for first-time buyers as it saw the launch of the First Home scheme, a shared equity scheme with the Government, as well as the announcement of a new grant for derelict or vacant properties.
- If you happen to be a first-time buyer looking for the right lender, we took a look at which bank has the best mortgage rates for first-time buyers.
- Following the European Central Bank’s interest rate announcement earlier this year, some lenders have decided to pass the hikes on to customers. ICS Mortgages introduced higher rates and new lending restrictions back in August, and by September had announced its third fixed-rate increase of the year.
- Avant Money and Finance Ireland weren't far behind, with both lenders also announcing rate increases.
- At bonkers.ie, we decided to explore how returning Irish emigrants could apply for a mortgage, and also how to apply for a mortgage if you’re self-employed.
- In September we investigated the 8 main reasons you could be refused a mortgage by a lender.
- Finally, we launched our mortgage Quickstart Guide series, which aims to help those trying to get their foot on the property ladder with all they need to know. Within this series is our new guide which outlines the mortgage completion process step by step.
Cut the cost of your bills with bonkers.ie
As winter approaches and the cost of living crisis threatens to get worse, many households across the country will be looking at how they can readjust their spending habits to save money.
Fortunately at bonkers.ie, we can help you do just that with our range of free comparison tools, which will help you find the best deals and policies on the market in just a few clicks.
- Looking to save on your seemingly never-ending energy bills? Check out our energy comparison service.
- Searching for a new bank? Head over to our banking comparison page to find the bank that has the best return for your savings, the fewest fees and the lowest rates.
- Stop overpaying for your insurance with the help of our insurance comparison tools. They will help you find the best value cover in minutes.
- Finally, we can also help if you’re looking for a better broadband, phone or TV deal.
Let’s hear from you
What was the biggest story of quarter 3 in your opinion? Let us know today by sending us a message on Facebook, Instagram, and Twitter.
