Credit Union
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.


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About company

Libro Credit Union is a financial cooperative founded in 1951 in London, Ontario. Through over 70 years of operation, Libro has grown into the largest credit union in southwestern Ontario. Today, Libro is a full-service financial institution with 33 branches across Ontario and CAD 6.8 billion in total assets as of 2021.


Libro Credit Union provides a full range of banking products and services for both individuals and businesses. 

All credit union members automatically become the owners upon purchasing shares in enrollment. Along with obtaining ownership, each member gets a right to elect a Board of Directors and share in the profit based on the credit union’s performance and the volume of your operations. 

Libro Credit Union is a certified B-Corporation which means it meets high standards of social and environmental performance, transparency, and accountability.

The credit union reinvests 100% of its profits back into the communities it serves. 

Pros and cons

Let’s outline the major benefits of joining Libro Credit Union:

  • A range of products and services for both personal and business members

  • An opportunity to participate in profit sharing

  • No fees for chequing accounts for youth

  • No fees for U.S. dollar accounts

  • No fees for savings accounts

  • Competitive interest rates for investment savings accounts and GICs

  • Insurance coverage of eligible deposits by the Financial Services Regulatory Authority of Ontario (FSRA)

  • Access to 4,000 surcharge-free ATMs across Canada

The drawbacks of Libro Credit Union are:

  • Monthly fees for most chequing accounts

  • The availability of products and services to Ontario residents primarily 


For individuals, there are the following products at Libro Credit Union:

  • Chequing accounts for everyday banking with a low to an unlimited number of monthly transactions included

  • Savings accounts with no monthly fees and interest rates of up to 2.00% 

  • Term deposits or GICs providing safety of your initial investment and a competitive return at rates ranging from 2.00% to 4.50% depending on the chosen option

  • Mutual funds providing access to professionally managed diversified collections of stocks and bonds

  • Registered plans like TFSAs, RRSPs, RDSPs, and RESPs allowing you to grow your savings and investment income tax-free

  • Libro Investment Shares available exclusively for Libro members

  • Credit cards with a range of benefits to fit your preferences including zero fees, low rates, zero foreign transaction fees, cash back, and rewards

  • Open and closed mortgages at fixed and variable rates ranging from 5.25% to 6.59% depending on the chosen solution

  • Loans and lines of credit for different borrowing needs at rates starting from 6.95%

  • Student lines of credit allowing you to borrow up to $12,500 per year to cover your education-related expenses

Businesses can apply for the following products:

  • Business and agricultural chequing accounts with interest-bearing capabilities and different numbers of monthly transactions included

  • Business and agricultural savings accounts allowing you to earn up to a 2.00% interest on the deposited funds 

  • Business credit cards with benefits like no fees, low rates, cash back, and rewards

  • Leasing solutions providing financing for getting the equipment your business needs

  • Operating lines of credit providing revolving access to the funds up to an approved limit, with interest applied to the borrowed amount only

  • Term loans available for one to ten years with fixed and variable interest rates and flexible repayment terms

  • Commercial and agriculture mortgages available for six months to ten years at fixed rates to finance real estate projects of your business

  • Construction mortgages available for a five-year term at a variable rate to finance the development projects of your business


Services for personal members include:

  • Access to the Qtrade Direct Investing platform allowing you to trade investment securities online at low fees 

  • Access to the Qtrade Guided Portfolios™ tool providing automated recommendations on the right investments for you

For businesses, there are the following services at Libro Credit Union:

  • Payables solutions designed to help you collect money from your customers

  • Receivables solutions providing an easier way to pay your employees, partners, or government 

  • Business advisory and planning services to get guidance from experts and an actionable plan on how to achieve your financial goals.



Who owns Libro Credit Union?

Libro Credit Union is a 100% member-owned financial cooperative. Each member can influence the decision-making process, vote for the Board of Directors based on the one member, one vote principle, and get the profit shares based on the credit union’s performance.

Is Libro Credit Union legitimate?

Libro Credit Union has been operating in the financial market for 71 years already. Libro Credit Union Libro is a B Corp Certified company meeting the high standards of socially responsible business.

The credit union’s head office is at 217 York Street, London, Ontario N6A 5P9.

How to become a Libro Credit Union member?

You can become a Libro Credit Union member by opening a Libro account — either online or in person at your local Libro branch. 

To apply online, click the “Join Libro” button in the top right corner of the page you are browsing. Then, select the account you want to open and click “Open Account”.

Company documents

Privacy and security

At Libro, we have a purpose beyond profit, helping our Owners achieve their goals, supporting businesses to create a thriving local economy, and contributing to strong and prosperous communities.

© Libro
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