Your bonkers.ie quarter 2 2022 recap

As quarter 2 draws to a close, we decided to take a look back at the main events and stories we covered here at bonkers.ie in recent months.

There have been a number of significant stories in relation to energy, broadband, banking, and insurance markets, so why not grab a cup of tea, sit back and catch up on any news you may have missed?

Energy

As electricity prices hit record highs in Ireland, we explored what this means for Irish consumers and Ireland’s renewable energy options going forward. 

• According to Eurostat, electricity prices in Ireland are the fourth most expensive in the EU. This startling statistic was reinforced by SSE Airtricity, Prepay Power, and Flogas all announcing price increases within this quarter. 
• In the hopes of offsetting the cost of the energy crisis, in April the Government announced a series of measures which included a cut in VAT on gas and electricity bills. However, the impact of this crisis was laid bare in June, with the ESRI declaring that 29% of Irish households are suffering from energy property. 
• We investigated the reasons why energy prices are increasing in Ireland, and what supports are available if you’re struggling to pay your energy bills. 
• With the EU announcing that renewable energy is the answer to electricity shortages, climate change, and price increases, we examined the future of renewable energy in Ireland, whether investing in solar panels is the right decision for you, and how the Celtic Interconnector will benefit our nation. 
• As more and more smart meters are being rolled out across the country, we outlined everything you need to know about smart meter tariffs and we explained what having an active smart meter actually means.

Broadband, TV and Phone

Quarter 2 saw the arrival of a new streaming service to our shores, an increase in broadband prices, and the announcement of some sizzling summer deals from suppliers. 

• If you’re a big sports fan or a movie buff then Virgin Media’s half price summer deals on Sky Sport and Sky Cinema could be perfect for you. If you want to cut your costs even further then check out the 5 hottest SIM-only deals on the market.
• In June, Eir announced it will be increasing the cost of its broadband and phone services from next April each year for the foreseeable future. This decision stirred up questions surrounding potential price-signalling after similar announcements were made by Three and Vodafone earlier in the year. 
• If you’re worried about your broadband, TV and phone bills as a result, our Quickstart Guide series will help you find the best deals available for you on bonkers.ie.
• Thanks to the National Broadband Plan fibre broadband is becoming accessible across Ireland, so we decided to take a look at the benefits this high-speed internet will bring us. 
• Lastly, Paramount+ launched in Ireland in June for €7.99 per month, however, if you’re a Sky customer you can access this new streaming service for free. 

Insurance

Often in times of financial strain, insurance may be the first expense you consider cutting back on.

To ensure you remain protected from the unexpected, we launched several insurance Quickstart Guide series this quarter to help you find cover that suits you for the right cost. 

• At the beginning of June, an Allianz study showed that more than half of Irish homeowners could be underinsured. 
• If you’re interested in applying for home insurance, this quarter we wrote about why you could be refused cover, how you can get multi-year home insurance, and what to do if you want to cancel your policy. 
• We also outlined how you can compare and apply for serious illness cover on our site, and looked at more specified types of cover such as Zurich’s cancer cover and Royal London’s multi-claim protection insurance.
• Over the last three months, the life, home, and mortgage protection insurance Quickstart Guide series were published which aim to help you find the best value cover to suit your needs. 
• Here we outlined how you can exchange your foreign driving licence in Ireland so you can drive on Irish roads legally. 

Banking

With the impending exit of both KBC and Ulster Bank, there has been a lot of activity within the banking industry in recent months. 

• If you are a KBC or Ulster Bank customer who hasn’t sorted out your financial affairs yet, here’s everything you need to know about Ulster Bank and KBC's closure.
• With many of these banks' current account customers considering switching to a digital alternative as their replacement bank, we explored whether you can use Revolut as your main current account here. You can also read one of our staff member’s experience of switching from KBC to Revolut here.
• Speaking of digital banks, back in May new challenger bank Bunq set its sights on switchers by launching in the Irish market. 
• With all of the movement in the current account market, AIB, BOI and PTSB all reported record account openings.
• At the beginning of June, An Post launched its new ‘Money Manager’ smart budgeting tool, which aims to help consumers better manage their spending on a daily basis.
• In June, we also investigated the most common credit card questions consumers ask, and 28 common banking terms that may leave you scratching your head.

Personal Finance

The ‘cost of living crisis’ and ‘inflation’ dominated the headlines throughout this period.

In light of the growing pressure on the Government to implement measures to alleviate the pressure consumers are under, we took a look back at our top personal finance stories in recent months. 

• If you don’t know the reasons behind Ireland’s high inflation rate, you can learn all about why inflation is on the rise in this piece, and discover why Ireland is so expensive here.
• In a bid to offset the cost of living and energy crisis, in May the Government launched a public information campaign called ‘Reduce Your Use’ in association with the Sustainable Energy Authority of Ireland (SEAI).
• Here at bonkers.ie, we also examined how consumers can save money as the inflation wave engulfs us. We put all our tips together and created the essential savings guide for Irish households.
• You may have heard of smishing, phishing, or vishing, but do you know what these terms actually mean? With banking and insurance scams on the rise, we looked at how you can avoid them here.
• It comes as no surprise that due to rising fuel costs, motorists are turning to electric vehicles (EVs) which are more affordable to run. We explored how the demand for EVs is on the rise, despite supply issues, and also developed a guide on electric vehicle grants and incentives, to help offset the initial financial impact of making such a big purchase.

Mortgages 

Although the ECB are set to increase interest rates this July, the last few months saw some lenders opting to raise their rates prematurely. 

This decision has caused unease within the mortgage market with mortgage holders and applicants scrambling to sign up for fixed mortgage rates before rates increase.

• Avant Money announced an increase to its five, seven and 10-year fixed mortgage rates, signalling a potential end to its ultra-cheap rates. 
• ICS Mortgages followed suit by announcing a hefty 1% increase on its three and five-year fixed mortgage rates, its second rate increase this year. 
• On the other hand, April saw Permanent TSB cutting the cost of its 4-year fixed-rate mortgage product by 0.20%, making it its lowest fixed rate ever. It also launched its first green mortgage product too. 
• In June, we published a guide listing all the documents you will need for your mortgage application. 
• As well as that, we defined the 25 most common mortgage terms you will encounter during your mortgage journey. 

Cut the cost of your bills with bonkers.ie

With the cost of living crisis ongoing, many households nationwide are reviewing their spending habits in an effort to save money. 

Fortunately at bonkers.ie, we’re here to make this process easier. With our range of comparison tools, you can easily review prices in a few clicks:

• Looking to save on your seemingly never-ending energy bills? Check out our energy comparison service.
• Looking 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 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.

Get in touch with us

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