bonkers.ie research reveals consumers are missing out on banking savings - East Coast FM
Recent research from bonkers.ie showed that Irish consumers are reluctant to shop around for banking products. Daragh Cassidy appeared on East Coast FM to discuss the findings of the research.
Listen back to the interview above or read over the main points discussed below.
Main points from the interview
- Shopping around for financial services products can help you save big money, but despite this, most Irish consumers don’t shop around. Similarly, those who have a credit card or a mortgage are unlikely to switch to a cheaper provider.
- The research showed that you could end up spending €10,000 extra on a home improvement loan if you choose the wrong rate.
- If you wanted to do some green home improvements and wanted to take out €50,000 over ten years, there’s a rate as low as 4.9% with An Post Money. On the other hand, Permanent TSB (PTSB) has a rate of 8.2%. This is the difference of almost €80 a month, or over €9,400 over the lifetime of the 10-year loan.
- The same goes for personal loans. Revolut has some of the lowest rates, while PTSB has some of the highest.
- With mortgages, they can range from 3.5% to over 6% for the average first-time buyer.
- Most consumers won’t switch a personal loan and most won’t be able to, however with mortgages there is a lot of switching at the moment. This is particularly down to the exits of Ulster Bank and KBC.
- With current accounts, people should shop around and look at the maintenance fees.
Easily compare banking products on bonkers.ie
On bonkers.ie it’s quick and easy to compare all banking products in one place! Review fees, interest rates, and account features across a range of products in a few clicks.
Our free comparison services allow you to cut the cost of your banking expenses across current accounts, savings accounts, credit cards and prepaid credit cards, and personal loans.
You can even apply for a mortgage through our free mortgage broker service!
You can also compare a range of other insurance services, energy tariffs and broadband deals.
Get in touch
Do you have any questions about the findings of our research? If so, get in touch with us. You can reach us on Facebook, Twitter, and Instagram.