Households who take time during the Covid-19 crisis to review their finances could ‘earn’ up to €7,000 just by switching their most common bills.
Independent comparison and switching website bonkers.ie said a range of options are available to save money if people review their utility bills and mortgage payments.
Their analysis of common bills shows that by switching mortgage provider (€214.42 a month plus €3,000 cashback), energy supplier (€432 a year), broadband and TV provider (€49.01 a month), current account (over €100 a year), health insurance (€500 a year or more) and mortgage protection insurance (up to €120 a year), a household could save over €4,000 in just one year as well as earning €3,000 back in cash.
Daragh Cassidy of bonkers.ie said: "To say that these are uncertain times would be a huge understatement. And with workers in bars, restaurants and shops getting laid off right across the country, people's finances may come under pressure like never before. That's why it's never been more important for people to ensure they’re not overpaying on their bills."
“Switching gas and electricity supplier is quick and easy and can all be done online in the space of a few minutes with no need to make any calls or deal with any paperwork. All you need is an estimate of how much energy you use and a recent meter reading. And you can place a new order for broadband and TV with bonkers.ie online or over the phone in just minutes too.
“Switching current account or mortgage will require a little more work but the good news is that the Central Bank has strict codes in place to make switching these products easier. And while you're switching mortgage, your new bank or broker might be able to get you cheaper mortgage protection too.”
Regarding health insurance, Daragh says: “We’re great at switching car insurance but for some reason this doesn’t extend to other forms of insurance. As a result, it’s unsurprising that previous research has found that two out of every three health insurance members are potentially on the wrong plan. Older plans in particular are often outdated in terms of what they cover and offer very poor value. As a result, the potential savings for shopping around can be huge with savings of €500 or more on offer. Even shopping around for better value life insurance and mortgage protection can save you up to €10 a month. It all adds up.”
Ex-smokers are also being advised to review their life insurance cover. As Daragh explains: “If you’re an ex-smoker who’s been off cigarettes for over 12 months, you can apply for new cover either with your current provider or a new provider on non-smoker rates. These rates are often half the price a smoker is charged. So if you’ve given up smoking for over a year, now’s a good time to review your cover.”