A price comparison website was launched today to raise money for Oxfam.

The Compare for Good site enables people to search for the most competitive deals on financial products such as insurance and loans, as well as utilities.

At least two-thirds of the commission the site makes will go to Oxfam, with the rest of the money covering the site's running costs.

Entrepreneur Ivan Massow, who developed insurance services for gay men and people with HIV in the Nineties, has set up the site and believes it has the potential to raise “millions of pounds” for Oxfam.

He said consumers would typically be able to save £150 through using it to get a better deal on products such as car insurance and utilities.

It is being powered by beatthatquote.com and covers all financial providers who share information with price comparison websites.

Oxfam believes it is the first time a not-for-profit organisation has entered the billion-pound price comparison website market.

It is estimated that more than six million people log on to price comparison websites each month, with the commission generated by sales through them totalling more than £1 billion a year.

Cathy Ferrier, Oxfam's director of fundraising, said: “We're always looking for innovative ways to raise money for our lifesaving work, especially during difficult economic times when the public find it harder to spare money for charity. This website means people can support Oxfam even when money is tight.”

The website can be found at www.compareforgood.co.uk.