Daily Banking Accounts
Bank with a difference.
Libro offers a full range of personal chequing and savings accounts to fit your needs. We’re committed to giving you the best service and coaching along with convenient access to do your banking the way you choose.
Chequing Accounts
Basic
A pay-as-you-go account for those who spend as little time banking as humanly possible. Best if you have limited transactions.
$4 (minimum) / month
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Monthly Fee
- Waived with $1,000 minimum monthly balance
Key Benefits
- 12 transactions per month
- 5 surcharge-free Interac ATM withdrawals per month*
- Overdraft available
Transaction Fees
- $0.60 per additional debit transaction
- View additional fees
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: by appointment, in branch, or by phone.
Go Free Chequing
Chequing account for those aged 25 and under with no monthly fee.
Free
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Monthly Fee
- Free for anyone under the age of 26
Key Benefits
- Unlimited transactions
- Unlimited surcharge-free Interac ATM withdrawals*
- Free unlimited Interac e-Transfers
- 10 free Interac Request Money transactions per month
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: by appointment, in branch, or by phone.
Simplify
Flat-fee unlimited account for those who keep a minimum monthly balance of $2,500+ or have 27+ transactions per month.
$14 / month
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Monthly Fee
- $2 discount with automatic payroll deposit
- Waived with $2,500 minimum monthly balance
Key Benefits
- Unlimited transactions
- 5 surcharge-free Interac ATM withdrawals*
- Free unlimited Interac e-Transfers
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: by appointment, in branch, or by phone.
Premium
Premium flat-fee unlimited account for those who have over $75,000 in deposits and loans at Libro or require extra perks.
$25 / month
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Monthly Fee
- Waived with $75,000+ portfolio balance
Key Benefits
- Unlimited transactions
- Unlimited surcharge-free Interac ATM withdrawals*
- Free unlimited Interac e-Transfers
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: by appointment, in branch, or by phone.
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.
Need to switch your automated payments?
ClickSWITCH is a service that makes it easy to quickly and securely switch current automated payments, bill payments, and direct deposits from existing financial institution accounts to Libro accounts.
Once you open your new Libro account, you can login at home to complete your switches or ask your Coach for assistance.
Why you’ll love our accounts
Access your account anytime, anywhere with Online Banking or the Libro Mobile App
Use Interac e-Transfer or round up your debit purchases to increase savings
Take advantage of free access to 4,000+ ATMs across Canada
Enjoy overdraft protection for peace of mind
Deposit cheques from your mobile phone
Use Apple Pay, Samsung Pay and Google Pay
Personalize your Libro Experience
Frequently Asked Questions
Does Libro have a service agreement?
Yes, our service agreement can be found online and explains the service standards Libro holds itself accountable to.
Can I download a void cheque for my Libro account?
Yes, you can download a copy of your void cheque directly from Online Banking. Read our How-To page for instructions.
Does Libro offer deposit insurance?
Yes, when you’re a member of an Ontario Credit Union, your deposits are insured at no cost to you. To find out more information about what’s covered and what’s not, please read more on deposit insurance.
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 overdraft protection?
Overdraft protection is an option you can add to your chequing account to help avoid declined transactions or non-sufficient funds, in case you forget about an upcoming automated payment. Contact a Libro Coach to ask if this option is right for you or visit our Overdraft Protection page.
Can I earn interest on my savings accounts?
Yes! Different savings accounts pay different interest rates. Visit our rates page for full details. We also offer other savings options like TFSAs and GICs. See our investment page to learn more.
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.
