Business Banking Accounts
Whether your business is established or just starting out, Libro has flexible business banking accounts and the expertise needed to help you grow and prosper.
Business Banking with a Purpose
From small and large commercial enterprises to farms and greenhouses, our business chequing accounts earn tiered interest based on daily balances. The interest is paid monthly to help you make effective use of available cash during flush months without locking into long-term investments.
Already bank at Libro?
Explore the additional account options below.
Operating Accounts
Our operating accounts offer:
- Daily interest and monthly statements, including cheque image viewing.
- US accounts, US and foreign currency, drafts, and wires available.
- Night deposit box for overnight cash and cheque deposits, cleared, checked, and processed the next business day.
Find the Right Operating Account Package to Fit Your Business Needs:
Basic
A basic business account for those with lower balances and/or transaction volumes.
$6 / month
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Monthly Fee
- Waived with a $7,500 minimum daily closing balance per month (per transaction fee still applies).
Key Benefits
- 5 surcharge-free Interac ATM withdrawals* then $1 surcharge for each Interac ATM withdrawal
- Free transfers to loan payments, chequing, savings, and investments.
Additional Details:
- $0.75/transaction
- $1.50 surcharge: Interac e-Transfer
- $10.00 fee for certified cheques, drafts
- View all additional fees
Business Special
This account is available for Organizations who would like a customized approach to their Business banking.
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Key Benefits:
- Organizations that typically hold balances over $500,000.
- Townships, schools, hospitals, and foundations.
- Realtors, lawyers, and notary publics (where trust accounts are necessary).
Additional Details:
- Key benefits are customized to meet your organization’s needs.
Election Campaign
Available for registered candidates who are running in a federal or provincial election in a riding that resides in our general serviced area.
$0 / month
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Key Benefits:
- No fee chequing account with unlimited transactions
- Free counter cheques
Business 60
For those with higher balances and/or transaction volumes.
$25 / month
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Monthly Fee
- Waived with a $25,000 minimum daily closing balance per month.
Key Benefits:
- Free transfers to loan payments, chequing, savings, and investments.
- 5 surcharge-free Interac ATM withdrawals* then $1 surcharge for each Interac ATM withdrawal
- 60 Transactions included then $0.75 per additional transaction
Additional Details:
- $1.50 surcharge: Interac e-Transfer
- View all additional fees
US Business
This pay-as-you-go USD chequing account allows Business Owners to transact in US funds.
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Key Benefits:
- 5 free transactions monthly, then $0.95 per transaction
- Owners who monitor and take advantage of rates
- Owners who frequently exchange between CAD and USD
Additional Details:
- Image View fee of $5.00 unless paperless statements are set up
- All balances, withdrawals, deposits and interest are in US funds with online banking and statements
- View all additional fees
Community
Fee-free account for small non-profit organizations and service groups with no borrowing requirements.
$0 / month
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Key Benefits:
- 5 surcharge-free Interac ATM withdrawals* then $1 per additional Interac ATM withdrawal
- 30 Transactions included and then $0.75 per additional transaction
- Free transfers to loan payments, chequing, savings, and investments.
Additional Details:
- $1.50 surcharge: Interac e-Transfer
- View all additional fees
Business 200
For those with higher balances and/or transaction volumes.
$100 / month
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Monthly Fee
- Waived with a $100,000 minimum daily closing balance per month.
Key Benefits:
- 5 surcharge-free Interac ATM withdrawals* then $1 per additional Interac ATM withdrawal
- 200 Transactions plus 1 free per $1,000 minimum monthly balance over $100,000 included and then $0.75 per additional transaction
- Free transfers to loan payments, chequing, savings, and investments.
Additional Details:
- $1.50 surcharge: Interac e-Transfer
- View all additional fees
Business Investment Savings
This investment savings account earns high daily interest.
$0 / month
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Key Benefits:
- 2 Free debit transactions per month, then $2.00 per transaction
- Earns higher interest rate than the Regular Savings account without locking into a Term Deposit/GIC
- Owners who are interested in setting money aside from their regular day to day banking
- Owners wishing to save money with the flexibility of still having the funds readily available.
Additional Details:
- The account requires a $2,000 minimum monthly balance in order to collect interest
- Interest calculated on ending daily balance
- View all additional fees
What documents do you need to open a new business account?
To help Libro Coaches serve you the best they can, please review the checklists provided. They summarize the documentation required to open an account with ease. Have this information ready for your appointment or when you open an account online.
Starting a small business
We’re experts in financial services and can help existing small business Owners and those who are starting a business. We can provide insights on local small business grants and guidance on the government’s Canada Small Business Financing Program (CSBFA). Your Libro Coach is here to provide you with all the support and guidance needed when starting a small business.
- Simplified and personalized business banking.
- Tips for CRA and source deductions for business banking.
- Solutions to help you manage cash flow including payroll services and Automated Funds Transfer (AFT) programs.
Commercial Banking Accounts
With holistic coaching on all your business needs, Libro is a leader in commercial banking. Our industry experts can help you navigate a variety of specific banking types and provide you with different commercial banking account options that keep your best interest in mind. To help you grow your business, we offer the following to our Owners:
- Mentorship and coaching with owners to build prosperity plans that address your goals.
- Ability to complete requests for funding or account changes both in person and remotely.
- Instant message or video call with your Libro Coach to discuss business needs.
- Promote businesses and partner with you to support the marketing of your business.
Joint Business Bank Accounts
With a joint bank account, both business owners can manage all parts of the account to effectively run your company’s financial needs. Libro can accommodate your joint business banking needs to allow owners to have access to features like signing and paying bills. Contact Libro to speak to an Account Manager to open a joint business bank account.
Enhanced Features for Businesses
Available in online and mobile banking
- Set up your business view to help you keep your personal and business finances separated.
- Switch between personal and business without signing in and out
- Set up and approve transactions on two-signer accounts.
- Set up View Only users to access your transaction history.
- Online banking only: Pay taxes right from your Libro account.
