Many Irish consumers continue to pay over the odds for groceries, financial products, utilities and other products and services. Thankfully, in recent years, a number of cost-comparison websites have sprung up, providing shoppers with the necessary information to get the best product at the best price.

In a bid to educate the masses on the benefits of shopping around for financial products, the Financial Regulator set up www.itsyourmoney.ie in 2007. The website is regularly updated with cost-comparison tables, which reveal the substantial savings that can be made by choosing a low-cost provider. For example, its latest home insurance survey shows that a person can potentially save almost €400 a year by choosing the cheapest quote.

“The cost comparisons on our website consistently highlight the fact that there is better value out there for consumers who are willing to vote with their feet,” says Bernie Mooney, deputy head of consumer information.

www.moneyfish.ie also focuses on financial product surveys, some of which are not included on the regulator’s site. For example, it lists the current mortgage rates provided by lenders. Bank of Ireland currently offers the most competitive standard variable rate at 3.9 per cent, while ICS quotes 5.4 per cent. A 20-year homeloan costs €409 less each month with the cheaper lender – that’s a saving of €4,908 a year.

www.callcosts.ie was set up by ComReg, the communications regulator, to help people navigate the landline, mobile phone and broadband maze. It is user-friendly and calculates the cheapest deals according to your usage. For example, based on a person who spends 50 minutes a day using their landline for a combination of local, national and mobile calls, the site provides monthly fixed quotes ranging from €140.03 from Euphony to €321.95 from Digiweb.

According to Barbara Delaney, ComReg’s consumer policy manager, the greatest benefit of this website is that it allows you to key in your personal usage details and provides you with an accurate picture of what your monthly bill will be. “There are over 30 fixed-line providers and a similar number of broadband companies. This can make it very difficult for consumers to compare and contrast the deals on offer.”
www.consumerconnect.ie was established by the National Consumer Agency (NCA) and aims to help shoppers seek out the best deals. The NCA carries out a grocery price survey twice a year, the results of which are posted on the website. Some 13 supermarkets nationwide are surveyed including Tesco, Dunnes Stores, Superquinn, Aldi, Lidl and a selection of Supervalu, Eurospar, Spar and Centra stores.
The most recent survey reveals that, based on a basket of 83 common items, Dunnes Stores is the cheapest supermarket at €292.48. Superquinn is within a cent of Dunnes Stores at €292.49. Tesco is now the most expensive multiple with the basket of 83 items costing €296.08.
Ann Fitzgerald, NCA chief executive, says: “Our strong advice to consumers is to split their shopping basket if possible and to seek value in the range of shops available to them.”

With the cost of petrol continuing to burn a hole in drivers’ pockets, www.pumps.ie and www.bestgarages.ie are becoming increasingly popular. These websites aim to inform people around the country about the cheapest petrol and diesel stations. According to www.pumps.ie, on 5 May, Esso at the Swords Road in Dublin was charging 119c per litre while Discount Fuel Deals in Ballyfermot was quoting 93.9c.

It’s not all about saving money, however. Consumers can also find the best deposit account rates. A cost-comparison table published by www.itsyourmoney.ie reveals that €10,000 in a demand deposit account earning the lowest rate of interest on offer (0.01 per cent) would earn €10 in interest during a 12-month period. The highest rate (4.25 per cent) would earn interest of €425 – a difference of €415.

What do you think?
Do you know of any other cost-comparison websites?
If you have tried any of those mentioned in this article, which one saved you the most money?
Please tell us your story in the comments section.