Savings

Savings

We all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with Killarney Credit Union means you also become a member of a highly successful co-operative. You are not just another customer you are a member.

Why save with Killarney Credit Union?

Each and every €1 you save is equivalent to 1 share in the credit union. If you begin to save regularly it won’t be long before you build up a healthy balance.

Easy access to your money once it is not used as security against a loan

No hidden charges or fees on any transactions

You can save easily using your credit union BIC/IBAN account details

Life savings insurance for eligible members

Nomination of account proceeds

When you save with us you are also building a history which will be taken into account in the future should you wish to apply for a loan.

By saving with us you are indirectly helping your neighbours and the community to develop.

Join us today!

Unlock the exclusive benefits available to you by becoming a member today and join our credit union community supporting it's members every day.

Saving Accounts

We offer a wide range of Savings Accounts to make sure everyone will find the most suitable for them.

Individual Accounts

Members can open an individual account when they join the credit union. They can also open an Eservices account where they can transfer funds electronically via BIC/IBAN in to their account.

Joint Accounts

Two people can open an account together and can be joint signatories on the account

Group Accounts

These accounts can be operated by clubs, associations, sporting organisations to lodge funds or apply for loans.

Specific Accounts

Families, work colleagues, sports and social clubs open accounts such as these to save for specific purposes such as trips away, Christmas etc. These accounts are operated by representatives of the group.

Junior Accounts

Minors up to the age of 16 years of age can open a Junior Account.

New Born Accounts

This new incentive from Killarney Credit Union offers you the opportunity to open a New Born account for a child between 0 and 2 years and we will credit the account with €20. Terms and conditions apply.

Account Nomination

All members over the age of 16 are encouraged to nominate a person/s to receive money from their account in the event of their death. The maximum nomination is €27,000. This will prevent the funds going to Probate (which is a lengthy process). A nomination overrides a will so please make sure your nomination is up to date with your wishes, particularly if there is a change in your marital status.

Marriage revokes a nomination where the marriage takes place after the date of nomination. Divorce or legal seperation does not revoke a nomination. You can download a nomination form here.

Savings FAQs

Here are some of the frequently asked questions about savings here at Killarney Credit Union

Are my savings secure?

Killarney Credit Union offers treble the protection on your savings.

  • Irish Government Protection Scheme up to €100,000 per account
  • Irish League of Credit Unions Savings Protection Scheme
  • Killarney Credit Union’s own strong Reserve Fund.

Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with Banks, Building Societies, and Credit Unions. Please see the Central Bank of Ireland’s website for further information.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members’ savings by making available financial assistance to help any Credit Union which may experience difficulties.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions).

What is the withdrawal policy of Killarney Credit Union Ltd.?
  • Shares and Deposits can be withdrawn on demand provided they are not held as security against a loan.
  • Shares and Deposit withdrawals can be made during office hours.
  • Please bring photo identification when making a withdrawal.
  • There may be limits of withdrawal amounts, if you wish to make a large cash withdrawal, please let us know in advance, so to have the adequate cash ready for collection.
What is the common fund?

As the amount of shares builds up, the common fund of money grows. This is then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.

Can I transfer my Credit Union account to Killarney Credit Union?

Provided that you meet the membership criteria of living or working within the common bond area of Killarney Credit Union Ltd you can transfer your savings and keep your savings history. You can also transfer your loan – subject to approval by the Credit Committee and continue to pay the loan balance at Killarney Credit Union Ltd.

Can I withdraw my savings at any time?

Your shares are withdrawable on demand, provided that they are not pledged against a loan. Members are encouraged to keep their savings intact thus ensuring that:

  • the Member can maintain credit worthiness and capacity to borrow
  • they continue to earn a dividend
  • by leaving a balance of €250.00, you benefit from Life Savings Insurance protection
How do I get a statement of my account?

You can request your statement by a personal visit to the office. You have full access to your account by registering for online banking and you can print off estatements as you wish. To register here.

What is the savings cap?

Effective since 01.12.2020, members cannot lodge funds above €20,000 in individual accounts held in the credit union.

How do I change my name on my account?

Your name can easily be changed on your account. Just call into the office in person with evidence of your name change e.g. a marriage certificate. Staff will copy the certificate and then complete a change of name

NOTE – Members updating names may also wish to update their form of nomination to take account of their change in circumstances.

How do I change my address on my account?

Your address can easily be changed on your account. Just submit evidence of the change, e.g. a current (within the last 3 months) utility bill or bank statement Staff will copy your documents and then complete a change of address.

How do I close my account?

You may close your account at any time providing there is no loan outstanding on your account. Your photo ID must be presented and any remaining funds withdrawn.

What will happen to my account in the event of my death?

Killarney Credit Union Ltd members complete a form of nomination whereby they can chose where their money will go in the event of their death.

A nomination is a written instruction to the Credit Union as to how to dispose of the contents of a Credit Union account, including insurance benefits, up to a maximum of €23,000, when the holder of the account dies. Any surplus above this figure is passed on to the Members’ estate. It is a legally binding document and is effective regardless of whether a will exists or not. A nomination may be revoked or altered by a subsequent nomination. Marriage invalidates an existing nomination.

Making a nomination is simple: - Visit the office and our staff will guide you through the process easily and without fuss. Once completed and duly witnessed, the Form of Nomination must be lodged in the Credit Union Office. Please Note The nominee or beneficiary is not allowed to witness the nomination. Before the property is transferred to the nominee, proof of death is required. To read more