The huge increase in inflation seen after Covid pushed many families \u2013 if not to the pin of their collars, then at the very least to search for bargains and better deals.<\/p>\n
You would think then that price comparison and switching websites like Bonkers.ie<\/a> would have immediately benefited from this new-found zeal not to waste money.<\/p>\n However, as its group chief executive and founder Dave Kerr notes, while the European Central Bank<\/a> sought to battle inflation through higher interest rates, the turbulence created in the mortgage<\/a> and energy<\/a> price sectors didn\u2019t necessarily work to Bonkers\u2019 benefit.<\/p>\n \u201cWhat happened when Putin invaded Ukraine<\/a> was that the cost of energy went up many, many multiples,\u201d he says. \u201cThat meant firstly we lost four electricity and gas providers \u2013 either they withdrew or went bust \u2013 and, secondly, electricity and gas markets for consumers essentially shut down.\u201d<\/p>\n This, combined with a dramatic increase in mortgage interest rates, meant \u201cthere was nowhere to turn for customers looking to reduce their bills\u201d. <\/p>\n Other than for savers, there was little real choice at the time. <\/p>\n \u201cThe end of 2022 and the start of 2023 was a challenging time for the country \u2013 and indeed for ourselves,\u201d he says.<\/p>\n Bonkers bounced back the following year as energy providers began to feel confident enough to offer discounts again for customers and when mortgage rates began to edge back down.<\/p>\n This is evident when looking at the most recently filed accounts for the business. They show that Bonkers Money Ltd recorded a pretax loss of \u20ac169,200 in 2023. In 2024 it returned to profit, with a positive swing of almost \u20ac2 million to a \u20ac1.79 million surplus.<\/p>\n [\u00a0Bord G\u00e1is Energy\u2019s Dave Kirwan on Irish energy prices and the case for nuclear powerOpens in new window<\/a>\u00a0]<\/p>\n The business, founded by Kerr in 2010, has grown in prominence over the years \u2013 and he says it now offers 17 different product categories.<\/p>\n The company says it assists tens of thousands of people in Ireland each year in switching providers, and has expanded from initially comparing household bills to now offering mortgage switching along with car and home insurance.<\/p>\n Kerr, a software engineer by training, wrote the original code for Bonkers himself after the 2008 financial crash. He describes the 2010 version of the business as \u201cessentially a listings and comparison site\u201d \u2013 but one that has now morphed into an \u201caction\u201d business that enables people to purchase products directly.<\/p>\n It is not the only site of its kind operating in Ireland. The Commission for Regulation of Utilities<\/a> approves Bonkers alongside the likes of Switcher.ie, PowertoSwitch.ie and EnergySwitch.ie. But Kerr believes its advantage over competitors lies in its roots as a technology company \u2013 one that can innovate on its own terms. He takes particular pride in the fact that while he wrote the original code for the start-up 16 years ago, it continues to rely on its own coding and software.<\/p>\n Bonkers has started offering people the opportunity to upload their household bills to the website and have them quickly analysed for the best options available, he says.<\/p>\n \u201cOur site automatically scans the bill and inputs the key information required for switching, such as the customer\u2019s current supplier, MPRN or GPRN, supply region and energy usage before showing which alternative suppliers and plans are available, along with the potential savings.<\/p>\n [\u00a0Household electricity prices could rise by \u20ac1.75 a month to fund \u20ac19bn system boostOpens in new window<\/a>\u00a0]<\/p>\n \u201cAll of this work, from the site redesign to the bill-upload technology, was designed, built and delivered in-house by our own team,\u201d he says.<\/p>\n The biggest branding challenge for Bonkers is the notion, Kerr says, that it remains purely a comparison site. \u201cPeople think of us and say, \u2018Oh that\u2019s where I can see the best price,\u2019 when in fact we allow people to buy the product directly. We are an action site. We like to say that we offer the best way to turn your bills into savings.\u201d<\/p>\n There has been a new opening in the price comparison business with the arrival of electric cars<\/a> and smart metering. He says more people are now looking to charge their cars at night \u2013 and seek out a night tariff that reduces that cost to the home.<\/p>\n [\u00a0Travel insurance \u2013 don\u2019t leave home without itOpens in new window<\/a>\u00a0]<\/p>\n As for consumer appetite for switching, he says Irish people have definitely become more \u201csavvy\u201d in their approach to changing providers. But there is still a \u201clarge expectation that loyalty is rewarded \u2013 and that is rarely the case\u201d.<\/p>\n With interest rates recently hitting a three-year low, Kerr is cautiously optimistic that the trend will continue throughout 2026.<\/p>\n He says there seems to be solid interest in the sale of PTSB<\/a> \u2013 and a transaction would be beneficial in terms of increased competition to AIB and Bank of Ireland. The loss of KBC and Ulster Bank \u201ccontinues to be felt\u201d, he says.<\/p>\n On electricity and gas prices, he is less sure of where things may be headed. Bonkers, like the rest of the world, was caught out by the turmoil inflicted by the conflict in Ukraine.<\/p>\n