Opening a bank account sounds like it should be simple, but the actual cost depends entirely on which account fits your situation. A student needs something different from a business owner, and a parent saving for a child needs something different again. The cost of opening a bank account with Equity Bank varies from as little as KSh 100 to several thousand shillings, depending on the account type and who it’s designed for.
Here’s a breakdown of the main account categories and what they typically require to open, based on publicly available account information.
Account Opening Costs at a Glance
| Account Type | Opening/Operating Balance | Monthly Charges |
|---|---|---|
| Equity Ordinary Account | No minimum | None |
| Current Account (Personal) | No minimum | None |
| Corporate Current Account | No minimum | None |
| Junior Member Account | KSh 200 | None |
| Teen Member Account | KSh 200 | None |
| School Fees Account | KSh 100 | None |
| EazzySave Account | No minimum | None |
| Jijenge Account | KSh 300 (plus KSh 300/month minimum contribution) | None |
| Fixed Deposit Account | KSh 20,000 minimum fixing amount | None |
| Partnership/Business Account | KSh 5,000 (varies by entity type) | None |
None of these accounts charge a monthly maintenance fee at opening, which keeps the upfront cost of opening a bank account with Equity Bank relatively low across most personal and youth accounts. The bigger cost differences show up in minimum balances and withdrawal terms rather than opening fees.
Personal and Everyday Accounts
The Equity Ordinary Account and the personal Current Account both require no minimum opening or operating balance, making them the most accessible starting point for most individuals. The Current Account additionally supports multiple currencies, including USD, EUR, and GBP, alongside the Kenyan shilling, which makes it a common choice for people who deal with foreign currency regularly. Both accounts come with an instant Mastercard or Visa card on application and full access to mobile and internet banking.
Accounts for Children and Teenagers
Equity Bank runs three main accounts aimed at younger account holders. The Junior Member Account and Teen Member Account both require an opening and operating balance of KSh 200, with two free withdrawals allowed per year — any additional withdrawal attracts a KSh 200 charge. The School Fees Account has an even lower entry point at KSh 100, with four free withdrawals a year and three free bankers cheques annually for school fee payments. All three are structured around encouraging saving habits rather than everyday spending, so the low balance requirement is intentional rather than a limitation.
Savings-Focused Accounts
For customers who want to set money aside rather than spend it directly, EazzySave and Jijenge serve slightly different purposes. EazzySave has no minimum operating balance and allows one free withdrawal a month, with competitive interest paid annually once the balance reaches KSh 20,000 or more. Jijenge works differently — it needs an opening balance of KSh 300 and a minimum monthly contribution of the same amount, locked in for at least six months with no partial withdrawals allowed during that period. This makes Jijenge better suited to a specific savings goal, while EazzySave suits more flexible, ongoing saving.
For larger lump sums, the Fixed Deposit Account requires a minimum of KSh 20,000 to open, with a minimum term of one month and a negotiable interest rate depending on the amount and duration. It can be opened by individuals, businesses, or organisations, and premature withdrawal is permitted, though this usually affects the interest earned.
Business and Partnership Accounts
Business-related accounts carry different requirements depending on the structure of the entity. A partnership account, for example, typically requires a minimum opening balance of around KSh 5,000, along with a signed mandate and supporting registration documents. Requirements shift further for limited companies, registered groups, and corporate entities, each needing specific documentation such as certificates of incorporation, PIN certificates, or resolution letters authorising the account.
What Actually Affects the Total Cost
Beyond the opening balance itself, the real cost of running an Equity Bank account comes down to a few recurring factors: whether withdrawals exceed the free limit on youth accounts, whether a savings account is broken early, and which optional services — like cheque books or additional cards — are added on top of the basic account. Most core personal accounts avoid monthly maintenance fees altogether, which keeps day-to-day banking relatively predictable once the account is open.
Because charges and minimum balances are reviewed periodically, it’s worth confirming current figures directly with Equity Bank or through its official tariff guide before opening an account, particularly for business and corporate accounts where requirements vary more by entity type.
Frequently Asked Questions
Which Equity Bank account is cheapest to open? The School Fees Account has the lowest entry point at KSh 100, while several personal accounts like the Ordinary Account and Current Account require no minimum balance at all.
Do Equity Bank accounts charge monthly fees? Most personal, youth, and savings accounts do not carry monthly maintenance charges, based on publicly listed account terms.
How much do I need to open a fixed deposit account? A minimum of KSh 20,000 is required to open a Fixed Deposit Account, with a minimum term of one month.
Is a business account more expensive to open than a personal account? Generally yes — business and partnership accounts often require a minimum opening balance, commonly around KSh 5,000, along with registration documents that personal accounts don’t need.