Equity Bank Kenya has several savings accounts that enable customers to put aside funds towards a financial goal and earn interest on the savings. In this article, we’ll explore Equity Bank’s savings account features and what is required to open each.
Equity Bank has various accounts each targeting specific customers and serving various needs.
Here is a list of the savings accounts we’re going to look at in this article:
- Jijenge account
- Junior Member account
- School fees account
- Achievers student account
- Fixed Deposit account
- EazzySave
Read: also A list of ABSA Bank Kenya Branch Codes
1. Jijenge Account
This Equity Bank Savings account is ideal for individuals who want to build their dreams by saving towards them.
Key Features
- Account opening balance of KSh 300.
- Minimum monthly contributions of KSh 300.
- Minimum savings period of 6 months with no partial withdrawal.
- No monthly charges.
- Free internal standing orders to your account
- Access to instant loans of up to 90% of your savings at discounted rates.
Requirements to Open Jijenge Account
- Original Identification card and KRA PIN certificate.
Read: KCB MPesa Savings Account Features, Interest Earned.
2. Junior Member account
This account is ideal for children below 18 years of age offering them financial literacy while they earn interest on savings.
Features
- Opened by the parent/ guardian on behalf of a minor in the child’s name (A/c name) with the guardian/ parent as a signatory.
- One withdrawal every three months.
- Free cash deposits.
- Free withdrawal and internal transfers.
- Free standing order into the account.
- No opening balance.
- No minimum operating balance.
- Attracts no activation fee when dormant in a year.
- Has no debit card.
- Home Bank provided upon depositing Kshs 1000 in the account.
- Earn interest on Kshs. 10,000 and above.
- Access to Junior Member Financial Literacy Day
- Free E-Statements
Opening Requirements
- Parent’s or guardian’s original and copy of national ID. The guardian must provide proof of legal guardianship (letter of administration).
- Original and photocopy of child’s Birth certificate or Birth notification.
3. School Fees Account
The school fees account helps you save for your child’s school fees for better access to education in the foreseeable future.
Key Features
- Has account opening and operating balance of KSh. 100.
- No monthly charges.
- You can make four free withdrawals in a year.
- Free internal standing orders.
- You have access to 3 free bankers cheques in a year for school fees payment.
Opening Requirements
- Original and copy of the parent’s or guardian’s ID card.
4. Achievers Student Savings Account
Achievers Students Account is ideal for students aged 18 to 24 years in all tertiary institutions of learning.
Key Features
- No opening balance
- No account maintaining balance
- No ledger fees
- No limitation on the withdrawal amount
- Free internal/ incoming funds transfer
- 50% Discounted on the student payment card
- Free Eazzy 24/7 funds transfer within the same scheme code
- The account is transformed into Equity ordinary account when the holder turns 25 years old. The account holder will be notified via email.
5. Call/ Fixed Deposit Account
This is one of the Equity Bank savings accounts that enables you to lock funds for investment opportunities. The fixed deposit account can be opened by an individual, business or organization.
Key Features
- The minimum fixing amount is KSh. 20,000.
- The minimum period allowed is one (1) month.
- You can negotiate the interest rate.
- Premature withdrawal of deposits is allowed.
- Access instant loans of up to 80% of your savings at discounted rates.
- Investors can use the Fixed Deposit account as collateral to a loan facility.
What’s Required to Open
- Original ID card.
- KRA PIN certificate.
6. EazzySave
The EazzySave account helps you set funds aside from your account to keep it secure until it matures. You will earn interest on KSh. 20,000 and above.
Eazzy save features and requirements are covered here: Equity Bank EazzySave Account Details, Requirements.
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