Killarney Credit Union

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Killarney Credit Union


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New Opening Hours

Why are the hours changing?

Opening and Closing hours are changing in all 4 Killarney Credit Union branches.

  1. Footfall Analysis: Based on a thorough analysis of member footfall and transactions in each branch over the past 12 months. This has identified transactional trends in each branch which has helped in planning and developing an appropriate operational hours to suit the changing needs of the credit union.
  2. Increased Administration: In addition, due to increased reporting and documentation required from the Central Bank of Ireland. Staff are required to undertake further back office functions during hours that where offices are closed to members.
  3. Changing Member Needs: Due to increased automation of functions such as the loans being repaid by direct debit, online banking and mobile app for transactions and the introduction of current accounts has meant that counter transactions have decreased.
  4. Staff Meetings/Training: With a larger workforce across 4 branches, there is a necessity to meet more regularly and organise training during office hours, as such we are not open to the public at these times. 

CU Small Calendar 2020 NEW page 002

New Hours


Credit Card Research

Over half of Irish credit card holders (58%) don’t know what interest rate they are paying.

67365 Credit Cards and Interest Infographic 2020 v2 1

A national survey issued by the Irish League of Credit Unions (ILCU), looked at credit card usage spending habits. Since a similar survey was published last year, there has been no improvement in public awareness of interest rates or spending habits. Over half the Irish population (58%) own a credit card with the majority spending it on adhoc items. Despite this, many are still confused about the rate of interest they are paying.

Of those who said they were aware of the rate they pay, over half believe they are paying less than 10%. In reality credit card interest typically ranges from between 13% to 23% in the Irish market.*

Over two thirds of the population (72%)  believe credit card companies in Ireland don’t do enough to explain how these rates work while 70% say Irish consumers are too reliant on this method of lending.

Helen Courtney Power, Business Development, Killarney Credit Union said

“We understand there is still confusion for many people around credit card interest and how that interest is applied. The lack of improvement of public awareness on the issue since last year does concern us. As always, we are open to support members on any queries they might have around managing debt. Our aim in the credit union is to guide and support - and always discover the best possible solution for our members.”
Helen continued  “Although we would advocate that people struggling with their finances don’t borrow large amounts if they can help it, we would advise they talk to us about a loan which could help their situation. There is a significant majority of people who say there isn’t enough being done by credit card companies to explain rates – so there’s been no improvement since last year. When it comes to borrowing at the credit union, we provide straightforward and clear information on our loans, which are significantly lower than the lowest credit card interest rate, and which have no hidden fees and charges.”
In addition, Killarney Credit Union also offers a debt consolidation loan. The product aims to help members refinance high interest debts – and combine all of their debt into a single, straightforward payment at a fair and reasonable rate.* A restructured payment like this can ease the pressure and make it easier for people to get on top of their debt and manage it in a way that suits their everyday lives.
Helen  continued “As we make decisions locally, we are happy to take the time to get to know the individual circumstances of all of our members, and so we can work with each individual borrower to structure loan repayments in a way that works best for them. To talk more about what loan best might suit their situation, speak with us here at XX Credit Union.”

**Competition and Consumer Protection Commission
** For a €2,000, 2 year variable interest rate loan with 24 monthly repayments of €90.64, an interest Rate of 8%, a representative APR of 8.2%, the total amount payable by the member is €2,179. Information correct as at 10/2/20

Schools Quiz Winners 2020

OMI21687 CU Schools Quiz 2019 Twitter Cover v1

The INEC was filled to capacity on Sunday 2rd February where 74 primary school teams from all over South Kerry competed in the annual Killarney Credit Union School Quiz.

St Johns National Schools, Kenmare emerged victorious in the Under 11 category and Gaelscoil Faitleann, Killarney came first in the 11-13 age category, their third year in a row to win the coveted title.

This year, nearly 300 primary school pupils represented in the quiz from schools all over South Kerry. Killarney Credit Union has been hosting the school quiz for over 20 years.

In the Under 11 category, first place went to St Johns National School represented by Tiarnan O Shea, Laura Stauch, Orla O Reilly, Billy Lynch. Second place went to Gaelscoil Faithleann with team members of Amelia Ní Chearbhaill Cheallaigh, Aodhagán O Sulleabháin, Leo Mac Aílín and Siún Ní Mhuiríosa. Third place was awarded to Fossa National School with team members were Ben Kavanagh, Cathal O Halloran, Jack Sheehan and Donncha Kissane O Sullivan. A fourth place went to St Olivers National School represented by Mark Looney, Anna Kate Neeson, Maria Clayton, Jack Culloty.
In the U13 section first place went to Gaelscoil Faithleann represented by Dara Ní Chárthaigh, Muireann Ní Dhonnchú, Senan Mac Coitir, and Lily Ní Churnáin. Second place went to St Olivers National School represented by Colm O Brien, Mark O Shea, Kevin Looney, Conor Regan. The third place position went to Cahir National Schoolm Kenmare with team members Cathal McSwiney, Gaspar Laudran O Connor, Connie Guerin, Yvonne Daly. A fourth place position went to Scoil Bhríde Loreto with team members Laura Healy, Paddy Moore, David Courtney and Fionn McCarthy.
Each participating schools received a gift from Killarney Credit Union and Karena McCarthy, Marketing Officer, Killarney Credit Union stated “We would like thank all those that participated in the quiz this year, for parents, pupils and teachers who attended on the day. Due to the extended number of teams competing this year, we gave a 4th place position to schools. We would also like to acknowledge the staff, management and volunteers who helped out on the day also in correcting, stewarding and adjudication. I would also like to acknowledge the long distances that many schools had to travel on the day and thank them for participating in the quiz she concluded.

Each of the winners received trophies and a perpetual cup will be given to the first placed winning national schools.

The first and second placed winning teams in each category will go on to represent their school at Chapter 23 Kerry and West Limerick Regional Quiz on Sunday 1st March 2020 in Ballyroe House Hotel at 2pm.

 U11 2

Under 11 Winners

U13 1

Under 13 winners 

View the embedded image gallery online at:

Kerry Community Awards

Kerry Community Awards

Invitation to Voluntary Community Groups to submit Entries for the 2020 Awards

The objective of the Kerry Community Awards is to recognise the work of the community and voluntary sector that seeks to improve the Social, Economic, Cultural and Environmental quality of life in our local communities, both urban and rural.

Application to the Kerry Community Awards is in recognition of good practice models of community projects already implemented.

The annual recognition awards ceremony will be held in the Dromhall Hotel, Killarney, on Thursday 7th May, 2020.

Kerry Community Awards are open to all community and voluntary groups based in the county, regardless of size or location.

Winners recieve a monetary prize and trophy. 

Application Guidelines

Application Form

Kerry Community Awards is supported by Chapter 23 Kerry and West Limerick Credit Unions. 

AGM 2019



Killarney Credit Union Ltd is reporting a strong financial year ahead of its 2019 AGM with over €140 million in assets. The credit union has grown its membership by 1,319 in the past 12 months. Savings have also increased to €121.5m, while the credit union has provided €1.3 in loans each month to the local community. Killarney Credit Union has €45m available to lend in 2020.
The credit union has been very active during 2019 with the launch of new agri loan product in March, a €10m collaboration with 16 other credit unions in Ireland with local fintech company Fexco. In October, it launched its current account service for members which is proving very popular with members.
While Killarney Credit Union has enjoyed a strong financial year it is faced with a challenging economic environment, especially with increased levies, low investment returns and decreased borrowing. It is important that the credit union continues to make responsible and prudent decisions to further strengthen the credit union. As a result, Killarney Credit Union will not be paying a dividend to its members this year.
Commenting on this, Mark Murphy, CEO from Killarney Credit Union said: “Having enjoyed a strong year in 2019, we are now very much focused on the future. We are working hard to ensure that we will further roll out of enhanced services for our members and meet the demand for different services and products. We see great opportunities for the credit union to grow and strengthen for our members in the coming year and this will be our priority. While we have a membership of 34,000, only 20% of our members actually borrow from us. In the past year, we have seen our loan book fall by 1.15%, as such lending is a core aspect of the business and we would encourage everyone to consider the credit union for their lending needs”.
Mark continued “We know our members value the continued face-to-face personal service we provide. Indeed, Killarney Credit Union joined with other credit unions in Ireland in winning the CXi award for customer experience for the fifth consecutive year. Irish credit unions are the only organisations in the world to achieve this. We can assure our members that we will continue to be a reliable source of lending and savings. We also want to take this opportunity to thank all of our members for their loyalty over the past years. Working together with our members we will remain a cornerstone of the local community, and weather the current challenges we face in relation to increased levy payments.
Killarney Credit Union will hold its 2019 AGM on Wednesday 11th December in The Mangerton Suite Gleneagle Hotel, Killarney at 7.30pm. All members are invited to attend and the credit union looks forward to welcoming them on the evening.

Annual Report 2019

View the embedded image gallery online at:


Beware of the loan shark

Loan Shark Poster CU

Say No to Illegal Moneylenders - where the lending has no ending

“Say No to Illegal Moneylenders” is the message from Kerry MABS, Kerry and West Limerick Credit Unions, Society of Saint Vincent de Paul and the Gardaí who have come together to highlight the fact that illegal money lending has no ending."

John O Regan, PRO, Chapter 23 Kerry and West Limerick Credit Unions stated "the lead up to Christmas can be a challenging time for a lot of vulnerable people who may be caught up in a cycle of moneylenders. Loan rates can be very high and people can be caught in a vicious cycle of repeat borrowers without ever getting out of debt. Although we are all independent organisations, we have come together to advise people to avoid borrowing from illegal moneylenders in the lead up to Christmas”.

Support organisation MABS are on hand to help and offer free financial advice. The credit union can assist with a much lower rate of interest and flexible repayment terms. The Society of Saint Vincent de Paul can also help to put practical measures in place and offer services such as meals on wheels, food hampers, fuel poverty, education etc.

Speaking to Eamonn Foley, Kerry MABS “Illegal moneylenders and are not to be confused with legal moneylenders. While legal moneylenders charge very high interest rates they are regulated by the Central Bank of Ireland where legal credit agreements are in place and set code of practice under the Consumer Protection Code for Licensed Moneylenders must be adhered to.

Eamonn added “Illegal Moneylenders are different they are people who use their own money to lend to people. What may or may not start off as a gentleman's agreement can end up turning very nasty. Illegal moneylenders are not legal, there are no legal credit agreements in place. In a lot of cases we have heard there may be intimidation, threatening behaviour and harassment. The Gardaí are involved in this campaign to highlight the level of illegal moneylenders activity in Kerry. We would ask people to think twice before getting involved with illegal moneylender activity, if you do go down this route and need support then we would encourage you to contact the gardai confidentiality who will investigate this matter.”

For a list of support organisations:
MABS: 076-1072190 –
Garda Siochana – Contact your local garda station
St Vincent de Paul – 066-7128021
Credit Union – 064-6631344

 For details of our Micro Finance (Personal Micro Credit Loan) here

Christmas in Kenmare

xmas in Kenmare

Fantastic array of events and activities taking place in Kenmare over the festive season. 

Christmas in Kenmare

Art Competition Winners 2019

Press Release
19th November 2019
Celebrating local artistic talent with prize giving ceremony
Killarney Credit Union held their awards presentation for the winners of its Art Competition on Saturday 16th November at its head office in Beech Road and on Tuesday 12th November in Cahersiveen.
There was great excitement by the many winners from the Under 7 to Over 18 category which were presented with an award certificate and cash prizes.
Speaking about the event, Karena McCarthy, Youth & Marketing Officer from Killarney Credit Union stated “There was a huge entry this year with a very strong entries from schools from the Cahersiveen area and we would like to thank all those schools throughout South Kerry who participated in the competition. With a theme of “The Walk of Life” this year allowed for great creativity and interpretation” she concluded.
Karena McCarthy, Marketing Officer & Elma Shine from Killarney Credit Union presented the prizes to the following:

1st place

2nd place

3rd place

Timmy O Sullivan             

Dan O’Sullivan  

Dearbhla Ní Churraín     

Eve Draper

Stephanie Comyn  

Ella O’Neill

Sean O Sullivan


Eva Stack

Lily Courtney

Thien Doran      

Dominik Kovallik

Ana Cornide      

Mary Kate Crowley

Laura McCormick

Jennifer Lyne    

Natalia Gunia

Ann Enright

Egle Saladeivte

Donna McCarthy

Ger O Mahony

Catherine Fleming

James O Shea


Chapter Art Poster Awards ceremony is on Saturday 30th November at Manor West Hotel commencing at 2.00 pm, to which all the young artists (who have submitted their work to Chapter) and their families are invited to attend. The first placed winners at regional level will then go on to represent Chapter 23 at the National Finals in Dublin. 

Now in its 36th year, the competition attracts up to 50,000 entries through 300 credit unions nationwide and caters for all ages, with categories ranging from under 7 to over 18 and adult. There is a special category for those with physical and intellectual disabilities.

View the embedded image gallery online at:

Top tips for Christmas spending

So this is Christmas. shopping tips

Tis the Season to be Spending (Prudently)!

Whether you deck the halls with gusto or you’re more ‘bah humbug’, chances are you will spend more of your hard-earned cash in December than any other month of the year. You might refuse to succumb to the flurry of gift-giving with a will of steel, but there are still office parties, nights out, friendly reunions and Christmas sales a-plenty to test that will and keep your wallet busy!

As with any occasion that puts an extra strain on your personal finances, the key to avoiding unnecessary debt is to plan ahead by devising a budget. So it should come as no surprise that budgeting is top of the list in our Top Ten Festive Spending Tips. This, together with our other tips below, should ensure you are well on the road to a very merry Christmas and a debt-free New Year!


1. The key to spending within your means and avoiding unnecessary stress is to draw up a spending budget specifically for the festive season. This is not limited to presents alone, but should also include socialising, additional groceries, even extra petrol/travel expenses for visiting family and friends. Once you have decided on a specific budget to suit your household, stay strong and stick to it! Don’t give in to pressure from children, friends or relatives to impulse buy or splurge on something you haven’t factored in to the budget.

2. Pay in cash, this should help you stick to your budget. If you are constantly tapping, or using the credit card, your budget won’t last long and all that planning will have been for nothing. An extra €10 or €15 here or there on the card won’t seem like much at the time, but it will quickly mount up, and before you know it, you’re heading for financial hangover territory.

3. Even Santa makes himself a list this time of year! So make sure you have a list that you check twice ahead of hitting up the shops. Whether you’re taking on the craziness of the city centres, opting to keep it local with your neighbourhood gift store, or you’re heading to the supermarket to stock up on the festive trimmings, have a list of the necessities with you. Again, resist the urge to impulse buy and send your budget into disarray. Your future January-self will thank you!!

4. In the weeks leading up to Christmas, give the take-away coffees and deli lunches a miss. Get your caffeine fix at home or in the office and bring a packed lunch. Pop the savings you make into a kitty and put it towards a bill you’re dreading in the New Year. You’ll be surprised how much you’ll save!

5. Shop around and do your research before you make a purchase; are the goods you want available at a better price in another store or online? If so, then don’t be afraid to ask for a price match – or at the very least ask for a small discount. At worst you will be turned down, but you could get your goods for the best price on the market.

6. So you have found a better price online and you’re ready to make your purchase. Have you also factored in shipping costs? Ensure that you won’t actually end up paying more to have the goods delivered/and or take any currency differences into account (and also pay attention to the delivery date so you don’t have any awkward explaining to do when you come up empty-handed for your other half!)

7. Increasing numbers of retailers are running pre-Christmas sales. Take advantage of the bargains, especially if any of the items are on your Christmas gift list. Don’t however be tempted to throw caution to the wind and start clearing the sales racks! A ‘great bargain’ that hasn’t been factored in to your budget can turn into a financial nightmare in the New Year.

8. Talk to your family and friends ahead of Christmas and explain that you need to spend more prudently this year. Suggest a Secret Santa or Kris Kindle to cut down on the number of presents expected. Not only can this be great fun, but it’s also a fantastic way to save without losing the magic of Christmas. You’ll also relieve your nearest and dearest of the expectation to buy numerous gifts in return. You’ll be surprised how popular you might be this Yuletide!

9. Have a festive clear-out! Check through your cupboard, attics, garage and other storage areas for any presents or gifts you haven’t used since last Christmas. Even if you don’t want to re-gift them this year, you could sell them on specialist sales sites and put the money towards that kitty for the New Year bills. If there are no takers, why not bring them to your local charity shop and you’ll have done a good deed that’s sure to earn you some Christmas karma!

10. If you do have to borrow money to see you through the festive season, be sensible. Avoid high cost loans such as money lenders, credit cards or in-store credit. Moneylenders are the most expensive form of borrowing in Ireland today, so families should do all they can to avoid using them. Talk to your local credit union about the fair and reasonable Christmas loans on offer, and how repayments can be structured to suit your individual circumstances. You can check out our quick and easy loan enquiry tool below for more information.


What are nominations?


Nomination of Your Account

This is a unique facility for credit union members. Credit unions have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.

You may nominate a person(s) of choice to receive your property presently up to a maximum value of €23,000 . Any amount in excess of €23,000 will form part of your estate.

You may change the details of your nomination as often as you like. A completed nomination must be signed and witnessed. Ask in the office and a staff member will help you complete the relevant form and witness your signature. The most recent nomination is the valid nomination.

  1. A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
  2. The nominated property does not form part of a deceased person’s estate.
  3. A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination. If you do not, your property in the credit union may form part of your estate.
  4. Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
  5. A nomination is automatically revoked by your subsequent marriage.

Members can contact their credit union to review and update their nomination. Members should also contact their solicitor and seek advice to ensure that their nomination is clearly understood and that instructions regarding excess savings (above the €23,000 nomination threshold) are clearly reflected in their will.

To update your nomination here. Please return form to the credit union offices to be updated and held on file. To read more about insurance cover and nominations here.

Bursary Award Winners 2019

€4,000 giveaway in Third Level Educational Bursary Award Scheme

Killarney Credit Union made a cheque presentation to the lucky winners of the Third Level Educational Bursary Award at a function at in the Beech Road office on Saturday 19th October.

The winners of the bursary were Lucia Hurmson, Oran O Donoghue, Ellen O Sullivan and Rebecca O Sullivan who each received an award for €1,000.00 each.

Speaking about the awards, Karena McCarthy, Youth & Marketing Officer, Killarney Credit Union stated “This year, we had over 65 applicants for our Third Level Bursary Award. In light of the increasing costs of attending third level, we are delighted to support these first year students as they begin their academic journey and also wish all those that applied continued success in their studies”.

The bursary award was open for those who are attending third level for the first time and members of Killarney Credit Union. Mature students and those attending college abroad were eligible to apply.

The winning students were Lucia Hurmson from Kilcummin who is studying Social Care in IT Tralee, Oran O Donoghue from Loreto Road who is studying Biotechnology in NUIG, Ellen O Sullivan from Cahersiveen who is studying Food Science and Nutrition in University of Limerick and Rebecca O Sullivan from Kenmare who is studying Nutrition and Health in CIT.

Karena added “Supporting education is very important to us in the credit union and we have given out €24,000 to date to students attending third level through our involvement in the bursary award”.

Rebecca O Sullivanbursary award 2

Rebecca O Sullivan from Kenmare                                                                            Ellen O Sullivan, Cian O Donoghue and Lucia Hurmson

Current Accounts have arrived

Introducing Current Account 2

Killarney Credit Union launches current account and debit card for its 34,000 members in South Kerry. 

Speaking about the new service, Mark Murphy, CEO of Killarney Credit Union said “Members finally get a real choice on where they can go for their financial needs. By offering a current account, we essentially can offer everything that a bank, taking in salary/wages, managing direct debits and an ATM card that is globally accepted. We also have a mobile banking app where members have full control over their transactions”. he concluded.

The service includes a current account with fully managed direct debits and standing orders, an overdraft facility, a Mastercard® debit card and online banking.

Mark added “this is a revolutionary change for the credit union movement and places the credit union as a viable alternative for those who want current account services. The beauty of the credit union it is locally based, friendly service and our current account fees and charges are not excessive. We also offer the addition of concessions for younger members and senior members” he concluded.

Members who are registered for online banking can easily apply for a current account service via their online banking facility. Further information on opening a current account is available online on or in any of the branches.

Information Guide

If you are registered for online banking already - Apply here 

If you are not registered for online banking - apply in branch

Art Competition 2019

Walk of Life FB cover pic 2

The theme of this years competition is the Walk of Life. Entry is open to all ages and abilities. In 2018, we had 2 national winners, Jonathon O Keeffe and James O Shea, why not join this illustrious duo by entering this years competition.

Credit Union Art 2019 18

Download the entry form here. Closing date is the 25th October. Entries can be submitted to all credit union branches in Killarney, Kenmare and Cahersiveen. 

Application Form


Whats is PSD2?

What is PSD2?

PSD2 is the second Payment Service Directive. It was introduced to improve security, reduce fraud and encourage competition taking into account modern payment methods such as mobile payment and online payment.

What is Strong Customer Authentication (SCA)? 

On September 14th, additional security to protect online payments – known as “Strong Customer Authentication “ – will be introduced in Europe as part of the second Payment Services Directive (PSD2).
What is Strong Customer Authentication?
Strong customer authentication (SCA) is an authentication based on the use of two or more elements
1. Knowledge - something only the user knows. For example, a password.
2. Possession - something only the user possesses. For example, a mobile phone.
3. Inherence - Something the user is. For example, fingerprint or iris pattern.

 How will this affect members?

In order to support these additional security requirements, the Online Banking website and Mobile App will be upgraded to include Strong Customer Authentication (SCA). This will only affect members who are registered users of online banking. 

1) Whenever a member logs in to their account, they may be asked to take an additional step to further authenticate themselves. This must happen every 90 days.
2) When a member sets up a new payee they will be asked to provide further authentication.
3) If a member wishes to view transactions or documents older than 90 days they must provide further authentication.

What do I need to do?

As a member, nothing currently. Our online banking system including mobile app will automatically upgrade to include SCA. Members who are registered for online banking will recieve an email or letter to inform them of the changes. You will be required to go through additional security features via your phone. As you mobile number will be used as a authentication method, it is imperative that the mobile phone number that we have registered for your account is correct. To view the number registered to you, log in to Online Banking and click the Personal Settings option. If any details are incorrect please contact the Credit Union to update your mobile details. 


Third Level Bursary Award 2019

Third Level Bursary 2019

Bursary Award Generic


We are delighted to be able to offer a third level bursary award of €1,000 to 4 students to help with their educational costs. This award is open to members of the credit union and it is an open draw, therefore, everyone that enters has an equal chance of winning.

Even if you don’t win, we are delighted to offer an extremely competitive student loan rate. This student loan can help with costs such as tuition, registration, books and other educational expenses.

Please complete the application form and return to any of the branches of Killarney Credit Union before Friday 27th September 2019 at 5pm. Emailed applications can be accepted by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.

July Members Draw

€27,000 Car and Cash Bonanza for Killarney Credit Union Members

There was a delighted 23 year old Daniel O Donoghue from Killarney who received a call this week to find out he had won a brand new Ford Fiesta in the Killarney Credit Union members draw.
Daniel from Killarney picked up the keys of his new car from Karena McCarthy, Youth and Marketing Officer at a prize giving ceremony at the credit union on Friday 19th July at the credit union headquarters.
Speaking about the members draw, Karena McCarthy, Killarney Credit Union Marketing Officer stated “we currently have just over 2,200 members in the draw which is held twice a year. This year our prizes included a new car and prizes ranging from €250 to €1,500 cash, our next draw will take place in January 2020” she concluded.
Members can apply for the members draw at any of the branches or download an application form online €12 will be taken from your account twice a year as an entry fee for the members draw.
The 14 cash prize winners were Niall O‘Riordan, John Burke, Betty Dennehy, Ella O’Callaghan, David Piggot, Maura Maher, Mary Flynn, Mary Coleman, Ted O’Shea, Geraldine O’Leary, Mary O’Leary, Ann Maria O Neill Hayes, Emma Dennehy & Susan Collett.
The draw was adjudicated by solicitor Eoin Brosnan and KCU Risk and Compliance Manager Shane Foley in the credit union offices on Monday 15th July.
Karena added “The draw is limited to members of Killarney Credit Union and anyone over the age of 18 can apply to join, so for €2 a month, you can be entered into the draw. We would encourage members to sign up, if they haven’t already, as the saying goes, if you’re not in, you can’t win” she concluded.

Members Draw Application Form

Back to school costs

Killarney Credit Union here to help parents with back-to-school costs

2019 Back to School Infographic ROI page 001

The number of parents saying they are struggling with back-to-school costs is on the rise. A new national survey has found that more than three quarters of parents (78%) find the costs a financial struggle. This is a substantial 11% increase on last year.
The findings were revealed in a new, national survey by the Irish League of Credit Unions. Half of parents said meeting costs was their biggest back-to-school related worry. One third said they would be forced to deny their children certain school items this year because they could not afford them. Extracurricular activities and new school shoes were amongst the items to be cut from the budget this year.
Karena McCarthy, Youth & Marketing Officer of Killarney Credit Union said the credit union is all too aware of the struggle for parents this time of year. “We frequently assist parents in the South Kerry community around this time of year who need help either budgeting for the back-to-school spend, or taking out a loan to see them through. It’s understandable that these costs are a financial burden for so many when parents are paying €949 per primary school child. The spend is even higher for parents with secondary school children who are forking out and €1,399 per child. We want parents to know we are here to help, if only to have a chat about how they can budget for the upcoming spend.”
The survey also found that there was a slight drop (1%) in the numbers approaching moneylenders. Parents saying they are relying on credit cards to cover the back-to-school spend also decreased by 5%, falling from 18% to 13%.
“We consistently try to provide financial education to parents in the xx community and inform them of the extremely high interest rates charged by moneylenders. We are happy to see a fall in the numbers going this route, but still concerned that 3% of parents will approach moneylenders in an effort to cope with costs. Our message would be to chat to us first in the credit union before making this decision. Using moneylenders can result in a recurring cycle of unnecessary debt and panic borrowing” said Karena.
Karena continued; “If for example a parent opted to take a Killarney Credit Union Back to School loan instead of using a moneylender, the APR rate would be 8.5%*, compared to rates of over 100% which some moneylenders can charge. Our loan is typically approved within 48 hours and there are no hidden transaction fees or charges. As always, we are happy to work with parents to structure repayments in a way that suits their individual circumstances. We are more than happy to assist anyone who might need a little extra financial assistance at back to school time.”
* For a €1,500, 1 year variable interest rate loan with 12 monthly repayments of €130.62 an interest Rate of 8.2%, a representative APR of 8.5%, the total amount payable by the member is €1,567. Information correct as at 16/7/19

For more information, please contact Helen on 064-6623730 or 087451800

To apply for a One Year Loan here 

Killarney Athletic 7 a side winner

The finals of the Reserve Cup, Over 35's and Premier took place on Wednesday sponsored by Killarney Credit Union. It was a very wet evening in Woodlawn but a very entertaining one. The Reserve Cup winners were MD O'Shea's Park Road 5 and Dean Machine 3. The scorers for MD O'Shea's were John McDonagh hat trick Chris Brady and Stephen Hayes 1 goal each. The goal scorer for Dean Machine was Mikey Casey with a hat trick.

Over 35 Jimmy Brien's Bar 1 Tim Jones Older Butchers 2. Dan Cronin scoring the 2 goals for Tim Jones Older Butchers and Mark Griffin scoring for Jimmy Brien's Bar.

The Senior Premier final went to penalties with The Failte Legends winning out 2 1 on penalties to Last Picks. It was 3 all at the full time whistle with Danny Roche scoring all 3 goals for The Failte Legends and Ryan Carroll, Mike Milner and Cian Tobin scoring 1 each for Last Picks.

Gary Keane Captain of The Failte Lengends received the coveted Kieran Cahillane Memorial Perpetual Cup for Player of the tournament presented by Jason.


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Killarney Credit Union joins Metamo


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(l-r) Joe O’Toole (Chair, MetaCU), Shane Foley (Killarney Credit Union), Denis McCarthy (CEO, Fexco)

Killarney Credit Union join Metamo – a joint venture between 16 of Ireland’s largest Credit Unions and Fexco
Metamo will deliver improved service and products to Killarney Credit Union’s 34,000 members
• Metamo represents a €10 million investment in the credit union movement
• Credit unions joining Metamo represent over 480,000 members
• Metamo will support credit union sustainability and improve efficiency
• Research and development of new products and services for credit unions, supporting them in offering a wider range of financial products to their members
• Establishing a central shared services hub to improve delivery capability for credit unions
4 July 2019: Killarney Credit Union is one of 16 of Ireland’s largest credit unions who have today announced a €10 million collaboration with Killorglin based international financial technology company Fexco in the formation of a new joint venture to be named Metamo.
Metamo is a 50:50 joint venture between the 16 investing credit unions incorporated under the name MetaCU and Fexco, one of Ireland’s largest financial services companies. MetaCU credit unions represent over 480,000 members from across the country – and in Kerry to Cara Credit Union’s 43,000 members and 34,000 members from Killarney Credit Union - and combined assets of over €3billion (c.19% of the sector).
The primary objective of Metamo is to support credit union viability and sustainability through the provision of a more complete and modernised suite of financial products including enhanced lending capabilities. Metamo is also uniquely positioned to develop more efficient operating systems for credit unions in areas like process improvement, risk management and technology delivery.
Mark Murphy, CEO of Killarney Credit Union said:
“This is an exciting day for Killarney Credit Union and I am convinced that this joint venture will allow us to provide an improved service and set of products to our members in South Kerry. We are delighted to work with our neighbouring credit union, Cara Credit Union on the Metamo venture.
The delivery of this project with international fintech company Fexco, headquartered in Killorglin, means we can offer an enhanced service offering allowing us to keep pace with other financial service providers.

Speaking about the launch of Metamo, Minister for Finance Paschal Donohoe TD, commented:
“Credit unions hold a unique and special standing as one of the most trusted brands in the country. They continue to provide invaluable services to local communities promoting financial inclusion. I am delighted to see collaboration within the sector that will support its continued viability and sustainability. Members of all credit unions stand to benefit from the enhanced products and services, more efficient operations and improved service delivery that Metamo will provide. Collaborative efforts for the sector can come in many forms and I am encouraged by, and supportive of, the many projects designed to drive the sector forward, including the venture being launched by Metamo. I would like to congratulate the credit unions and Fexco on this initiative and to wish them every success into the future.”
The initial focus of the venture is on collaboration between Fexco and the investing credit unions to identify and develop products and solutions required by members. Metamo will offer these solutions to all other credit unions in the country who are not part of the joint venture in order to sustain the continued development of the sector.
Joe O’Toole, Chairperson of MetaCU – the entity comprising the 16 credit unions investing in Metamo – said:
“Metamo brings unprecedented scale to any previous sector initiative and signals a new and exciting development in the financial services industry. The company will deliver new income streams and improved processes for the investing credit unions and has the potential to transform the entire sector.
“We identified Fexco as our partner based on their familiarity with the sector, having provided foreign exchange services to credit unions for over 20 years. In addition, we will benefit from Fexco’s technical expertise and commercial delivery focus. For Metamo, Fexco is a natural fit.
“The multi-million euro investment by the credit unions and Fexco in the establishment of Metamo is a significant vote of confidence in the future of these credit unions.”
Denis McCarthy, CEO of Fexco commented:
“Participating in Metamo allows Fexco to leverage two of our key strengths; strategic investment and new product development. Like the credit unions, Fexco understands the value of supporting local communities, indeed we remain loyal to Killorglin where the company was first founded, employing approximately 1,000 staff there today. We enjoy a longstanding relationship with the credit union sector in Ireland having provided foreign exchange services to them for over two decades. I look forward to broadening the scope of that work through the establishment of Metamo which, through strong collaboration, will ultimately safeguard the sector while delivering better products for members.”
Metamo is based in Kerry with offices in Dublin. The company is currently actively recruiting its senior management team having appointed Neil Hosty as CEO in 2019. Neil has over 20 years’ experience in the financial services sector and has held various senior executive positions in the Irish and US banking sectors.
Credit unions are held in high regard by Irish consumers, providing the best customer experience in the country according to Amárach Research, and topping the 2018 Reptrak survey measuring the level of public trust in an organisation.*
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Know your PCP


Why a credit union car loan is better than a PCP
Close to four in ten consumers in Ireland will buy a new car in 2019. Over half plan to spend more than €10,000 on their new set of wheels, according to the most recent Carzone Motoring Report (2018). The study also found that one in four consumers who spent between €10,000 and €20,000 on their previous car, used a credit union car loan to fund the purchase.*

Credit union loans have always been popular amongst car buyers for their straightforward terms and conditions and flexibility, and look set to be a top choice again in 2019. Indeed, credit unions, such as Killarney Credit Union, are lent out over €5.5 million in car related borrowing in the past 12 months.

Helen Courtney Power, Business Development Officer of Killarney Credit Union explains why she feels there has been a renewed interest in the traditional car loan. “A credit union loan is transparent and carries no hidden fees or charges. The buyer owns the car outright once they buy it, while with other more complex finance options, such as a PCP agreement, the buyer has effectively hired the car for a period of time while they make payments. At the end of the PCP agreement, they will have to make a balloon payment in order to actually own the car, which can prove to be quite the financial sting in the tail if it hasn’t been budgeted for.”

The Carzone report however also found that 72% of people who had spent more than €20,000 on their last car had used a finance options such as a PCP agreement. So while PCPs can be complicated, have a raft of additional charges and a good deal of inflexibility, they are proving popular with car-buyers in the over €20,000 market. Could this be down to the fact that a lot of consumers don’t fully understand what they are signing up to with a PCP?

“For many people, headline rates on PCP agreements can at first look more attractive, but these can easily distract from the fact that essentially PCPs are lease schemes and the buyer will need to be conscious of the mileage they are racking up, because the balloon payment, or guaranteed minimum future value (GMFV), of the car will have been calculated with their annual mileage in mind” Helen explains.

“In contrast, with a car loan from the credit union, the buyer simply borrows the money to pay for a car, which they own immediately, and which they can drive as much as they please. They can also sell the car on at any time they wish, should they need to, whereas they do not have this option with a PCP. Credit unions are ethical lenders. We will work with our members to structure repayments that suit their individual circumstances. At Killarney Credit Union our car loan is available at an affordable APR rate of 7.8%**, and is typically approved within 48 hours. We also offer car insurance to make the whole process as convenient as possible for our members. I would really encourage anyone thinking about going the PCP route to have a chat with us first at Killarney Credit Union before making the final decision. We are happy to see all our members, no matter how long it has been since they did business with the credit union, and of course we are always happy to chat to anyone who has never been a credit union member.”

Helen also says potential buyers should familiarise themselves with the below checklist before signing the dotted line on a PCP agreement:
• Be aware that to extend the term of a PCP you may be charged a rescheduling fee.
• Take note of the cap on the number of miles/kilometres you are allowed to clock up over the period of the contract.
• You may be requested to commit to certain car servicing agreements.
• Ensure you always enquire about additional fees and charges, you are entitled to a list of all additional charges so ask the garage for this before you sign any agreement.

*Carzone Motoring Report 2018
** For a €10,000, 5 year variable interest rate loan with 60 monthly repayments of €200, an interest Rate of 7.49%, a representative APR of 7.8%, the total amount payable by the member is €12,019. Information correct as at 19/12/2018.

Buying an electric car - 10 things to know

More an more people are moving towards - or at least considering the move towards - electric vehicles (EV's). 

John Hayes lectures at University College Cork and previously worked in the automotive industry. He is the lead author on energy systems, power electronics and drives for hybrid, electric and fuel cell vehicles. Here he provides 10 tips if you are thinking of buying an electric car. 


 Here are some things you need to consider first.

1.Range – is it a reason to be anxious?

The infamous range anxiety is a much talked-about topic for electric vehicles (EV). Let’s do the numbers. The typical Irish driver travels about 50 km a day. The kilowatt-hour (kWh) is the unit of measure of battery size. Each unit can result in about 3 to 6 km of driving for a typical battery-electric vehicle (BEV). The typical BEV on sale in Ireland now comes with a battery pack sized from 28 to 60 kWh. The luxury cars from Tesla are from 75 to 100 kWh. The 40 kWh BEV has a published range of about 270 km. This is over 5 days’ range in the battery on good driving days. This range will drop by approximately 20 %, as the battery ages over the 8 years for which it is guaranteed. A further drop in range of about 30 % can be expected due to the use of heating, air-conditioning or defrosting on very hot or very cold days. Thus, the range, in several years’ time, could be as low as 150 km in adverse weather conditions. However, that is still close to 3 days driving for the typical driver. Driving aggressively, driving up and down hills, and carrying heavy loads will also reduce the range. So drive less, lighten up, and slow down if you want to maximize the range.

2.Hybrid or fully electric?

The hybrid electric vehicle (HEV) features two energy sources on the car: a battery with an electric motor combining with a high-efficiency petrol engine. Examples are the Toyota Prius, the Lexus RX 450h, the Ford Mondeo and the Hyundai Ioniq. The battery and the electrical system enable the engine to run in the most efficient mode. The car can drive quietly in electric mode for several km when it is inefficient to use the engine. The fuel economy of a HEV is about 50 % greater than that of a conventional petrol car. The big advantage of the hybrid is that you get improved efficiency and reduced emissions, while not having to worry about range.

3.How much do you save a month?

Battery electric car drivers can save hundreds of euro every month. Essentially your fuel is free at many public chargers, or is cheap-rate night-time electricity at home. There are serious savings to be made on fuel.

4.Power - are electric cars as powerful as petrol engines - can they pull my horsebox/ trailer?

One of the great things about an electric car is the acceleration. The zero-to-100 km/h can be unreally fast and is thrilling for many drivers. Of course, don’t be accelerating too hard because it’s (i) dangerous, and (ii) not good efficient driving. Many EVs are not designed for towing, and so be sure and check on whether you can tow or not.

5.Did you know – NASA has been putting electric cars on Mars for decades?

The two Mars rovers Spirit and Opportunity landed on the planet Mars in January 2004. They were to last 6 months while they searched for signs of water on Mar’s surface. Spirit lasted 6 years and Opportunity died in June 2018. Opportunity completed a marathon on Mars in March 2015 – it was covering about 10 m a day. It eventually ran out of energy and died when it got stuck in a crater and its solar panels could not get recharged by the sun.

6.Tax - is the road tax cheaper?

EVs carry the lowest road tax. They are cheap to run after initial purchase… unless you have to replace the battery outside of warranty (see No. 9).

7. Maintenance - do they have to go to a special mechanic if something goes wrong?

Yes, you must go to trained mechanics for service and repairs as battery and hybrid cars have powertrains which are quite different from a conventional car. The garages, which sell electric cars, will have the highly-trained mechanics and technicians which your car requires.

8. Do the tyres and brakes wear more?

One of the wonders of electric cars is regenerative braking. When you hit the brakes in an electric car, the computers on the car actually tell the electric motors to capture the energy of the car as it slows down and recharge the battery. So, it’s quite likely that you don’t use the actual brakes at all. This saves a lot in term of wear and tear on brakes, and creates free energy for the battery! No matter what car you drive, it’s important that the tyres are at the correct pressure. If the tyre is under-pressured, then you’ll end up using excess fuel. If the tyre is over-pressured, you’ll have a bumpy ride. Driving at the wrong tyre pressure is also dangerous.

9.What about battery replacement costs?

This can be expensive for a battery or hybrid electric car. In general, the batteries are warranteed for 8 to 10 years. This may lead to the need to replace the battery as the car itself can last for 12 to 16 years. While battery replacement is likely the best environmental option, it will raise the overall cost of ownership of the vehicle, and also drop the resale value of older vehicles.

10.What comes next for technology?

We will likely be seeing hydrogen fuel-cell EVs in Ireland in the next decade. These vehicles will run like an electric car but are powered by compressed hydrogen instead of a large battery. The big truck or bus running a long distance on hydrogen will have one emission from the exhaust pipe – water vapour!


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