KiwiSaver providers compared: fees, funds and performance
Compare KiwiSaver balanced and S&P 500 funds by fees, investment mix, transaction costs and long term returns in New Zealand.
Comparing KiwiSaver providers is difficult when every provider shows a different fund, fee and return period. A low fee growth fund cannot be compared fairly with a higher fee conservative fund because they take very different levels of risk.
This guide starts with one common type of investment, a balanced fund. It places similar funds beside each other so you can compare what they actually hold, what they cost and how they have performed over the same period.
The figures were checked on 10 September 2026. Fees and investment mixes can change. Confirm the current Product Disclosure Statement and fund update before changing your KiwiSaver.
The useful comparison: one balanced fund from each provider
A balanced fund combines growth assets, mainly shares and property, with income assets, mainly bonds and cash. Sorted classifies funds with 35 percent to 62.9 percent in growth assets as balanced.
That range is wide. ANZ held about 51 percent in growth assets while BNZ held nearly 62 percent at 30 June 2026. Both were classified as balanced, but BNZ had more exposure to assets that usually move up and down more. This is why the growth asset column matters.
The table uses figures from Sorted Smart Investor at 30 June 2026. Annual fund costs include management, administration, underlying fund and performance costs reported for the fund. The member fee is shown separately. The dollar estimate combines both on a $30,000 balance. The five year return is the average return each year after fees and tax at the 28 percent prescribed investor rate.
| Fund | Growth assets | Annual fund costs | Member fee | Approximate cost on $30,000 | Five year return each year |
|---|---|---|---|---|---|
| ANZ Balanced Fund | 51.32% | 0.86% | None | $258 | 3.54% |
| ASB Balanced Fund | 59.77% | 0.65% | None | $195 | 5.72% |
| BNZ Balanced Fund | 61.86% | 0.45% | None | $135 | 5.35% |
| Westpac Balanced Fund | 61.62% | 0.50% | None | $150 | 5.13% |
| Milford KiwiSaver Balanced Fund | 60.05% | 1.05% | None | $315 | 5.04% |
| Generate Balanced Fund | 60.35% | 1.24% | $36 a year for adults | $408 | Not available yet |
| Simplicity Balanced Fund | 58.66% | 0.24% | None | $72 | 5.28% |
| Kernel Balanced Fund | 60.13% | 0.25% | None | $75 | Not available yet |
| InvestNow Foundation Series Balanced Fund | 59.63% | 0.38% | None | $114 | 5.80% |
| Sharesies Smartshares Balanced Fund | 60.65% | 0.50% | None | $150 | Not available yet |
| Fisher Funds KiwiSaver Plan Balanced Fund | 53.37% | 1.11% | None | $333 | 3.82% |
| Average balanced KiwiSaver fund | about 58.85% | about 0.84% | about $15 | about $267 | 4.38% |
Not available does not mean the fund performed badly. Generate, Kernel and the Sharesies fund had not operated for five complete years, so a genuine five year result could not be reported.
These figures do not identify a winner. They reveal the questions that broad provider descriptions miss. For example, Simplicity, ASB and BNZ had similar five year results in this snapshot, but their fees and growth allocations differed. Milford had a higher fee and a similar five year result, but it uses active management rather than following a mainly index based approach. Those differences help you decide what deserves closer investigation.
Past returns do not tell you what will happen next. A provider can lead one period and trail another. The comparison is most useful for checking whether a higher fee has produced a result you understand and whether the funds took a similar amount of risk.
How much do the other funds from each provider cost?
One fee cannot describe a whole provider. Some providers charge the same percentage for every KiwiSaver fund. Others offer funds with very different charges.
The table below shows the lowest and highest estimated annual fund charges currently published for the KiwiSaver funds available through each scheme. It also shows the current published charge for the balanced fund used in the main comparison.
| Provider | Current annual fund charge range | Balanced fund charge | Other regular charge |
|---|---|---|---|
| ANZ KiwiSaver Scheme | 0.25% to 0.98% | 0.89% | None |
| ASB KiwiSaver Scheme | 0.35% to 0.75% | 0.65% | None |
| BNZ KiwiSaver Scheme | 0.30% to 0.45% | 0.45% | None |
| Westpac KiwiSaver Scheme | 0.25% to 0.70% | 0.50% | None |
| Milford KiwiSaver Plan | 0.20% to 1.25% | 1.07% | None, although an adviser fee may apply if agreed |
| Generate KiwiSaver Scheme | 0.40% to 1.25% | 1.22% | $36 a year for members aged 18 or over |
| Simplicity KiwiSaver Scheme | 0.24% for every current fund | 0.24% | None |
| Kernel KiwiSaver Plan | 0.25% to 0.50% | 0.25% | None |
| InvestNow KiwiSaver Scheme | 0.03% to 1.38% | 0.37% | None charged by InvestNow |
| Sharesies KiwiSaver Scheme base funds | 0.09% to 1.49% | 0.50% | None for the base fund itself |
| Fisher Funds KiwiSaver Plan | 0.37% to 1.23% | 1.01% | None |
This does not mean the fund at the bottom of a provider's range is comparable with the fund at the top. The lowest option may be a cash fund or a single market index fund, while the highest may be an actively managed share fund. They can have completely different levels of risk.
The main comparison uses the actual annual fund costs reported for the year to 30 June 2026. This second table uses each provider's current estimate. The figures can differ because a fund update looks backwards at the costs actually incurred, while a current fee schedule estimates what the fund is expected to cost from now. For example, Generate now publishes 1.22 percent for its Balanced Fund, while its latest completed fund update reported 1.24 percent.
InvestNow and Sharesies need extra care because they offer a menu of funds run by different managers. A low figure at one end of the range does not apply to every option on the platform. At InvestNow, some Foundation Series share funds also charge 0.50 percent when units are bought and again when they are sold. At Sharesies, its United States based index base funds charge a 0.50 percent currency exchange fee when units are bought or sold.
What funds are New Zealanders actually investing in?
Growth funds are the most widely used KiwiSaver category. The FMA's investment fund summary at 31 March 2026 recorded:
| Fund category | Member positions | Money invested |
|---|---|---|
| Growth | 1,691,124 | $67.96 billion |
| Balanced | 782,543 | $32.42 billion |
| Conservative | 693,796 | $21.15 billion |
| Single sector shares | 166,712 | $3.68 billion |
The figures count positions in funds rather than unique people. Someone whose KiwiSaver is divided between two funds appears in both, so the numbers should not be read as the total number of KiwiSaver members.
Growth funds held about half of the money covered by the FMA summary. Balanced funds remained the next largest diversified category. Single sector share funds, which include choices such as S&P 500 funds, attracted considerable interest but held much less money overall.
The providers' official quarterly fund updates at 30 June 2026 show that the largest individual diversified KiwiSaver funds by money invested included:
| Fund | Category | Approximate money invested |
|---|---|---|
| Milford Active Growth Fund | Growth | $8.96 billion |
| ASB Growth Fund | Growth | $7.51 billion |
| ANZ Growth Fund | Growth | $5.58 billion |
| Generate Focused Growth Fund | Aggressive | $5.51 billion |
| Fisher Funds KiwiSaver Plan Growth Fund | Growth | $4.40 billion |
Popularity is not evidence that a fund suits you or will perform best. It mainly shows that diversified growth funds, including large bank and specialist provider funds, hold most KiwiSaver money.
What about buy and sell fees?
The annual fee is not always the whole cost. Some funds also use a buy spread when money enters the fund or a sell spread when money leaves. A spread helps existing investors avoid paying the trading cost created by another investor moving money.
This is different from the brokerage fee you might pay when buying a share. Most diversified KiwiSaver funds do not charge a separate brokerage fee every time your employer contribution arrives.
| Fund | Buy cost | Sell cost | Important detail |
|---|---|---|---|
| ANZ Balanced Fund | None currently | None currently | ANZ says one off fees are currently not charged |
| ASB Balanced Fund | None currently | None currently | ASB says individual action fees are not currently charged |
| BNZ Balanced Fund | 0.07% indicative spread | 0.06% indicative spread | The spread can change with market conditions |
| Westpac Balanced Fund | 0.00% in normal conditions | 0.00% in normal conditions | Westpac can change spreads when market conditions require it |
| Milford KiwiSaver Balanced Fund | None currently | None currently | Swing pricing may adjust the unit price when large movements create trading costs |
| Generate Balanced Fund | None currently | None currently | The $36 annual member fee is already reflected in the table above |
| Simplicity Balanced Fund | None currently | None currently | No separate member fee is shown |
| Kernel Balanced Fund | None | None | Kernel lists no KiwiSaver transaction or member fee |
| InvestNow Foundation Series Balanced Fund | 0.00% currently | 0.00% currently | Do not confuse it with some Foundation Series share funds that charge buy and sell fees |
| Sharesies Smartshares Balanced Fund | None for the base fund | None for the base fund | Self selected investments can have additional transaction and foreign exchange costs |
| Fisher Funds KiwiSaver Plan Balanced Fund | None currently | None currently | Fisher Funds may introduce a spread if unusual trading volumes create material costs |
An indicative spread is not an annual charge. If BNZ applied a 0.07 percent buy spread to a $1,000 contribution, the cost would be about 70 cents. A 0.06 percent sell spread on a $50,000 withdrawal would be about $30. The actual spread may be different when the transaction occurs.
A separate comparison of S&P 500 KiwiSaver funds
An S&P 500 comparison is useful, but it needs its own table. These funds own shares in large United States companies. They are single market share funds rather than balanced portfolios and usually have close to 100 percent in growth assets.
The figures below use the providers' official quarterly fund updates for 30 June 2026 and their current fee information. Using the same reporting date makes the returns more comparable. Returns are after fund charges and before tax. Not available means the fund did not have a complete return history for that period.
| Fund | Currency approach | Annual fund charge | Cost when buying or selling | One year return | Three year return each year | Five year return each year | Fund size |
|---|---|---|---|---|---|---|---|
| InvestNow Foundation Series US 500 Fund | Not hedged | 0.03% | 0.50% when buying and 0.50% when selling | 30.5% | 23.6% | Not available | $84.9 million |
| InvestNow Foundation Series Hedged US 500 Fund | Hedged to NZ dollars | 0.03% | 0.50% when buying and 0.50% when selling | 19.7% | Not available | Not available | Not reported |
| Kernel S&P 500 Unhedged Fund | Not hedged | 0.25% | None | 30.2% | Not available | Not available | Not reported |
| Kernel S&P 500 NZD Hedged Fund | Hedged to NZ dollars | 0.25% | None | 19.5% | 18.6% | Not available | Not reported |
| Sharesies US500 Fund | Not hedged | 0.09% | 0.50% currency exchange fee when buying and selling | 22.4% | Not available | Not available | $325.8 million |
| SuperLife US 500 Fund | Not hedged | 0.54% | No contribution or switching fee currently listed | 29.3% | 22.9% | 17.1% | $127.6 million |
| Koura US Equities Fund | Screened S&P 500 exposure | 0.63% | None currently listed | 22.1% | 21.3% | 13.1% | $181.6 million |
SuperLife also charges a $30 annual administration fee. Koura's fund held an iShares screened S&P 500 exchange traded fund, so it is close to this comparison but does not hold exactly the same version of the index.
Currency makes a large difference over short periods. An unhedged fund changes with both United States share prices and the exchange rate between the New Zealand and United States dollars. A hedged fund aims to reduce the effect of that exchange rate. This is why the one year returns above should not be treated as a simple ranking of fund managers.
InvestNow has the lowest annual percentage in this group, but its 0.50 percent cost on both purchases and sales changes the calculation. Kernel charges a higher annual percentage but no transaction fee. Which costs less depends on the balance, contribution pattern and how long the money remains invested.
Some major providers, including ANZ, ASB, BNZ, Westpac, Milford, Generate, Simplicity and Fisher Funds, do not currently offer a standalone KiwiSaver fund designed only to track the S&P 500. Their diversified funds may still own many of the same United States companies as part of a wider portfolio.
If you specifically want an S&P 500 fund, compare only S&P 500 options with each other. Check these points:
- Which version of the index the fund follows.
- Whether the currency exposure is hedged to New Zealand dollars.
- The annual fund charge.
- Any buy, sell and foreign exchange cost.
- Whether the return shown is before or after fees and tax.
- Whether the S&P 500 is the whole KiwiSaver portfolio or one part of a diversified mix.
A lower fee S&P 500 fund is not automatically a better KiwiSaver choice than a balanced fund. It is a different investment with much more exposure to one country and to shares.
What the annual fee can mean over time
At a $30,000 balance, a 0.25 percent fee is about $75 a year and a 1.05 percent fee is about $315. The immediate difference is $240.
The longer term difference can be larger because money paid in fees is no longer invested and cannot earn future returns (opportunity costs). Your balance, contributions and market returns will change, so multiplying the current fee by thirty years is not an accurate forecast. It is still worth checking the fee in dollars at your current balance.
Ask a simple question: what am I receiving for the extra cost?
The answer might be active investment decisions, financial guidance, a particular responsible investment approach, access to specialised funds or a service you value. A higher fee is not automatically wrong. It should be deliberate rather than invisible.
How to read the performance number
The five year return in the table is annualised. ASB's 5.72 percent does not mean the fund returned 5.72 percent in total over five years. It means the return averaged 5.72 percent a year over that period after fees and tax at 28 percent.
Your own result can differ because:
- You contributed at different times throughout the period.
- Your prescribed investor rate may be lower than 28 percent.
- You may have switched funds.
- Your balance was exposed to different daily market prices.
Do not compare an after tax return with a before tax return. Do not compare a one year result from one provider with a five year result from another. The labels matter as much as the percentage.
Which differences matter most?
Investment mix
Start with the percentage in growth assets. More growth assets normally means greater movement in value, including larger falls. A fund needed for a first home soon may require a different level of risk from retirement money that will stay invested for decades.
Total cost
Look at the combined annual fee, any member fee, performance fee, buy and sell spreads and costs inside underlying funds. Use the cost in dollars as well as the percentage.
Management style
Milford, Generate and Fisher Funds use active investment decisions. Simplicity and Kernel use a mainly index based approach. Bank funds can combine active and passive components. InvestNow offers funds from multiple managers. Sharesies adds optional self selected investments around its base funds.
Choice and effort
A large menu can be valuable when you understand how the funds fit together. It can also make it easier to create overlap or concentration. Someone who wants one diversified fund may benefit more from a clear choice than from dozens of options they do not intend to manage.
A practical checklist for comparing KiwiSaver funds
Use this list while looking at two or three similar funds:
- Compare the same fund type, such as balanced with balanced.
- Check the annual fund charge and any yearly member fee.
- Check for buy fees, sell fees, spreads and currency exchange fees.
- Compare returns over the same period and on the same tax basis.
- Check how much is invested in growth assets and whether the fund is diversified.
- Work out the total cost in dollars at your current KiwiSaver balance.
Do not choose from the return column alone. The fund should also suit when you expect to use the money and how comfortable you are with its value rising and falling.
How Fireball helps after you choose
Fireball does not select a KiwiSaver provider for you. It helps you see how KiwiSaver fits into the rest of your financial life.
Add your KiwiSaver balance as an asset, or connect it when a supported connection is available. Fireball can show it beside your cash, investments, property and debts, so retirement savings are not left outside your net worth.
Your FIRE Plan can then use the current KiwiSaver balance, future contributions and the age when the money becomes available. You can test how changes to contributions, retirement age and expected growth affect the wider plan. You can also see what assets may be available before age 65 if you want more flexibility earlier.
The provider comparison helps you examine where your KiwiSaver is invested. Fireball helps you understand what that balance could mean for your goals.
Common questions
Which KiwiSaver balanced fund had the lowest fee in this comparison?
At 30 June 2026, Simplicity had the lowest combined fee in the table at 0.24 percent on a $30,000 balance. Kernel followed at 0.25 percent. This does not make either fund automatically suitable for your timeframe or risk tolerance.
Which balanced fund had the highest five year return?
The InvestNow Foundation Series Balanced Fund had the highest five year return in this snapshot at 5.80 percent a year after fees and tax at 28 percent. ASB followed at 5.72 percent. Past performance does not guarantee the next five years.
Why are Generate, Kernel and Sharesies missing a five year number?
Their balanced funds had not completed five years by 30 June 2026. A provider should not fill the gap with simulated results or the history of a different fund.
Are bank KiwiSaver funds safer?
A bank name does not stop an investment from falling. Risk depends mainly on what the fund owns. Compare the investment mix and risk indicator, not only the provider's brand.
Can I have more than one KiwiSaver provider?
No. Your KiwiSaver is held with one scheme provider at a time, although that provider may let you divide the balance across several funds.
Sources
- Sorted Smart Investor, balanced KiwiSaver fund category and individual fund comparisons: https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/
- Provider Product Disclosure Statements and quarterly fund updates linked from each Sorted Smart Investor fund page.
- BNZ KiwiSaver Scheme Product Disclosure Statement dated 1 April 2026: https://smartinvestor.sorted.org.nz/disclose-document/02242ebff831b667/BNZ-Kiwi-Saver-Scheme-PDS-1-April-2026.pdf
- Westpac KiwiSaver fees and buy and sell spreads: https://www.westpac.co.nz/kiwisaver-investments/investment-guides/fees-charges-why-they-matter/
- Kernel pricing: https://kernelwealth.co.nz/pricing
- InvestNow Foundation Series diversified funds Product Disclosure Statement dated 30 January 2026: https://cdn.investnow.co.nz/20260130134419/20260130-Foundation-Series-Funds-Diversified-Funds-PDS.pdf
- Sharesies KiwiSaver fees: https://intercom.help/sharesies/en/articles/7439132-sharesies-kiwisaver-scheme-fees
- ANZ KiwiSaver Scheme current annual fund charges: https://www.anz.co.nz/rates-fees-agreements/kiwisaver/
- ASB KiwiSaver Scheme fund comparison and current annual charges: https://www.asb.co.nz/kiwisaver/compare-kiwisaver-funds.html
- BNZ KiwiSaver Scheme fund comparison and current management fees: https://www.bnz.co.nz/personal-banking/kiwisaver/compare-kiwisaver-funds
- Milford KiwiSaver Plan Product Disclosure Statement: https://milfordasset.com/wp-content/uploads/2017/11/Milford-KiwiSaver-Plan-Product-Disclosure-Statement-18-Jun-2025.pdf
- Generate KiwiSaver Scheme current fees: https://www.generatewealth.co.nz/kiwisaver/fees/
- Simplicity current fees: https://simplicity.kiwi/about-us/our-fees
- InvestNow KiwiSaver Scheme current fees and charges: https://investnow.co.nz/kiwisaver-fees-and-charges/
- Sharesies KiwiSaver Scheme current base fund fees: https://www.sharesies.nz/kiwisaver/base-funds
- Fisher Funds KiwiSaver Plan current fund charges: https://fisherfunds.co.nz/kiwisaver
- FMA KiwiSaver Annual Report 2026, including the investment fund summary at 31 March 2026: https://www.fma.govt.nz/assets/Reports/KiwiSaver-Annual-Report-2026.pdf
- Morningstar KiwiSaver 360 report for the quarter ended 30 June 2026, used as an independent cross check: https://images.mscomm.morningstar.com/Web/MorningstarInc/%7Bb037f9cb-24e7-4834-969a-90d35d2c8062%7D_260723_KiwiSaverSurvey_Q2_2026_v2_RO.pdf
- Kernel S&P 500 fund fees: https://intercom.help/kernelwealth/en/articles/6126588-what-are-the-fees-for-the-kernel-kiwisaver-plan
- SuperLife US 500 Fund: https://www.superlife.co.nz/investment/sector-funds/us-500-fund
- Koura US Equities Fund: https://www.smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12702/OFR12735/FND15958/
- ASB KiwiSaver Scheme official Growth Fund updates: https://www.asb.co.nz/documents/kiwisaver-fund-updates/quarterly-fund-updates-growth-fund.html
- ANZ KiwiSaver Scheme official fund performance and quarterly updates: https://www.anz.co.nz/personal/kiwisaver/compare-funds/performance-fees/
- Milford KiwiSaver Plan official fund reports: https://milfordasset.com/documents/kiwisaver-funds-annual-reports
- Generate KiwiSaver Scheme official quarterly fund updates: https://www.generatewealth.co.nz/kiwisaver/fund-updates/
- Fisher Funds KiwiSaver Plan official quarterly fund updates: https://fisherfunds.co.nz/kiwisaver/forms-and-documents
This article provides general information and does not take account of your goals, financial situation or needs. KiwiSaver investments can rise or fall. Read the relevant Product Disclosure Statement and consider licensed financial advice before making a decision.
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