Savings Accounts
Libro has a wide range of savings accounts and can help you select the type of account that suits you best.
Investment
High-interest savings account pays a higher rate of interest on balances $1,000+.
Free
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Transaction Fees
- 2 free debit transactions or ATM withdrawals per month
- $2 per additional debit or ATM transaction
Key Benefits
- 2 free transfers to loan payments, chequing, savings and investments (then $2 each)
*Does not include fees charged by other financial institutions or independent ATM owners for the use of their ATM. To avoid extra fees, use Libro ATMs or those found on our locations page.
Checklist: Before We Get Started
The form should take about five minutes to complete. Please review the information below to help you prepare for the online account opening process.
You need to be 18 years or older.
Have your Social Insurance Number handy.
When you bank with Libro, you become an Owner by purchasing $5 in membership shares using your first deposit.
Already have an account at Libro? Open another: in Online Banking, by appointment, in a branch or by phone.
Regular
Standard savings account; debit transaction fees waived with $5,000 minimum monthly balance
Free
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Key Benefits
- Free transfers to loan payments, chequing, savings and investments
Transaction Fees
- $1 per debit transaction
- $1 per ATM withdrawal
Checklist: Before We Get Started
The form should take about five minutes to complete. Please review the information below to help you prepare for the online account opening process.
You need to be 18 years or older.
Have your Social Insurance Number handy.
When you bank with Libro, you become an Owner by purchasing $5 in membership shares using your first deposit.
Already have an account at Libro? Open another: in Online Banking, by appointment, in a branch or by phone.
Youth
Savings account for those aged 25 and under with no monthly fee.
Free
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Monthly Fee
- Free for those up to age 25
Key Benefits
- Unlimited transactions
- Free transfers to loan payments, chequing, savings and investments
Checklist: Before We Get Started
The form should take about five minutes to complete. Please review the information below to help you prepare for the online account opening process.
You need to be 18 years or older.
Have your Social Insurance Number handy.
When you bank with Libro, you become an Owner by purchasing $5 in membership shares using your first deposit.
Already have an account at Libro? Open another: in Online Banking, by appointment, in a branch or by phone.
Benefits of Having a Libro Savings Account
Tailored to you
With no monthly fee, you can open a savings account for every goal you have.
Savings on autopilot
Set it and forget it with pre-authorized deposits into your savings account. You can also round up your debit purchases to make savings simple.
Start whenever you want
With no minimum balance needed to start your savings, what are you waiting for?
Why Switch to Libro Credit Union?
We care about your financial well-being
People choose Libro because we’re different. We’re committed to working with you to set your goals and help you reach them. As part of our culture of providing you with straightforward advice and friendly service, Libro Coaches also want to see you succeed and prosper. If you’re prospering, the people around you are prospering, too.
Get the most out of your savings
Whether short- or long-term goals, save for any reason with low risk and high rewards. With a goal in mind and a plan in place, you can do anything. So go ahead, take that vacation or make that purchase you’ve been thinking about.
See how much faster your money grows the more you save each month!
Tools to Help You Save
Budget Planner
Easily create a monthly budget with this tool. Simply input your household’s income, expenses, and savings.
Pay Down or Invest
Should you pay down or invest if you have extra money? Use this tool to help you plan.
Savings to Reach a Goal
Use this tool to see how much you need to save to reach your goal.
Frequently Asked Questions
What is an Owner?
Credit unions are financial cooperatives that are locally owned by their account holders — at Libro, our customers are known as Owners.
Why do I have to buy membership shares?
To open an account at Libro, you’re required to purchase membership shares and become an Owner. Ownership is what sets Libro apart. It means you really do own the company, have opportunities to impact our organization, and receive an individual share of our profits.
What’s the difference between a credit union and bank?
Credit unions provide many of the same types of financial products and services as local big banks. Differences are most notable, but not limited to, areas like profit sharing and governance:
• Profit Sharing: As large, for-profit entities, banks operate for the purpose of making a profit that is distributed to the shareholders of the bank. In contrast, credit unions reinvest profits back into the people, businesses, and local communities.
• Governance: A credit union has a board of directors made up of volunteers who have been voted in democratically, with each credit union member getting one vote regardless of how much they have invested. This means real Libro Owners make up our board. In contrast, a bank’s board members are appointed and paid by shareholders.
What is required to open an account online?
To open an account online, you need the following:
- To be 18 or older.
- Have your Social Insurance Number handy.
- Be ready to purchase memberships shares using your first deposit. If you’re under the age of 26, we will cover your membership shares.
- Your first deposit must be a minimum of $10.
Note: If you already have a Libro account, you can open another account by calling Libro Connect at 1-800-361-8222, in online banking or at a branch location.
What web browsers do you support?
We support the last two mobile and desktop versions of major browsers (Safari, Chrome, Edge, Firefox and Opera).
How will I get access to Online Banking when I open my account online?
After you’ve been approved through the online account opening process, you will be sent an email with information on how to access Online Banking.
Looking for something else?
Chequing Accounts
Business Banking
