Sharesies and Kernel are two of New Zealand’s most popular investing platforms — but they’re built for different investors. If you’re deciding between them, here’s a clear comparison.
Kernel has lower costs for fund investing in the examples below (0.25% fund fee, no brokerage, no platform fee) and auto-invest without a per-purchase fee. Sharesies also lets you buy and sell NZX, ASX, and US shares alongside funds, with 1.9% brokerage per trade (capped). They solve different problems, and many investors use both.
Side-by-Side Comparison
| Feature | Sharesies | Kernel |
|---|---|---|
| Platform fee | $0 ongoing (1.9% per-trade brokerage, capped $25 NZD/$15 AUD/$5 USD) | $0 |
| Fund fee | Fund fee + per-trade brokerage to buy in | Fund fee only |
| NZ index fund example | Smart USF (0.34% fund fee) + 1.9% brokerage per buy (capped $25) | Kernel High Growth at 0.25% total, no brokerage |
| NZX share trading | ✅ Yes | ❌ No |
| ASX share trading | ✅ Yes | ❌ No |
| US share trading | ✅ Yes | ❌ No |
| Auto-invest | ✅ Yes (brokerage on each purchase) | ✅ Yes (no brokerage) |
| Minimum investment | $1 | $1 |
| Mobile app | ✅ Yes | ✅ Yes |
| Fund range | 29 managed funds plus 4,500+ ETFs, including Smart (formerly Smartshares), as at October 2026 | 28 (own funds, as at October 2026) |
| KiwiSaver | ✅ Yes (Sharesies KiwiSaver Scheme) | ✅ Yes |
| Investor protection | Drivewealth/SIPC for US | Public Trust supervisor |
| PIE funds | ✅ Yes (most funds) | ✅ Yes |
Fee Comparison: Where It Really Matters
Sharesies no longer charges an ongoing percentage-of-portfolio platform fee (that older 0.50% p.a. model was retired). It now charges a 1.9% per-trade brokerage fee, capped at $25 NZD / $15 AUD / $5 USD per order, only when you buy or sell. Kernel charges no brokerage at all — just its fund fee. This changes the comparison: Sharesies’ cost is mostly a one-off cost to buy in (plus the fund’s own ongoing fee), while Kernel’s cost is a pure ongoing percentage.
$50,000 lump sum into a global index fund — cost in year one:
| Platform | Fund | Ongoing fund fee | One-off brokerage to buy in | Year-one total |
|---|---|---|---|---|
| Kernel | High Growth | 0.25% | $0 | 0.25% = $125 |
| Kernel | S&P 500 Fund | 0.25% | $0 | 0.25% = $125 |
| Sharesies | Smart TWF | 0.40% | $25 (capped) | $225 |
| Sharesies | Smart USF | 0.34% | $25 (capped) | $195 |
The brokerage is a one-time cost to buy in — from year two onward (assuming no further trades), Sharesies’ ongoing cost drops to just the fund fee: $200/year on Smart TWF or $170/year on Smart USF for a $50,000 holding, versus Kernel’s $125/year. Kernel is still cheaper on an ongoing basis because its fund fee (0.25%) is lower than Smart TWF (0.40%) or Smart USF (0.34%), and it charges no brokerage on top.
Over 20 years on a $50,000 lump sum at 8% growth (fund fee only, ignoring the small one-off brokerage):
- Kernel (0.25%): ~$10,600 in fees
- Sharesies → Smart USF (0.34%): ~$14,200 in fees
- Sharesies → Smart TWF (0.40%): ~$16,700 in fees
If you’re making regular top-up purchases rather than a single lump sum, each Sharesies buy incurs its own 1.9% brokerage (capped), which adds up faster — Sharesies’ $3/$7/$15 monthly plans reduce this for frequent buyers.
Investment Options: Sharesies Has More
Sharesies is a broader platform. It offers:
- NZX-listed shares (any NZX company)
- ASX shares (Australian companies)
- US shares and ETFs (via Drivewealth)
- Smart ETFs (formerly Smartshares)
- Managed funds (many providers)
- Bonds (some corporate bonds)
Kernel offers only Kernel’s own funds (28 funds as at October 2026). No individual shares.
Of the two, only Sharesies holds index funds, NZX shares, and US shares on one platform. For index funds alone, Kernel (or InvestNow) costs less in the examples above.
Auto-Invest: How They Differ
Both platforms support automatic investing, with different costs and setup:
- Kernel: Set weekly or monthly auto-invest per fund. Clean UI, easy to adjust.
- Sharesies: Auto-invest available but requires more steps, and the 1.9% brokerage fee (capped) applies to each auto-invest purchase.
For regular contributions, the difference is that Kernel charges no brokerage on each auto-invest purchase.
KiwiSaver: Both Offer It
Both offer KiwiSaver. Sharesies runs the Sharesies KiwiSaver Scheme, which has base funds and also lets you invest part of your balance in companies and ETFs you pick; Kernel’s KiwiSaver uses Kernel’s own funds. Each provider keeps its KiwiSaver and other investments in the same app.
Providers are listed alphabetically.
Kernel’s Features
- Lower ongoing cost for index funds in the examples above (0.25%, no brokerage)
- Auto-invest with no fee on each purchase
- KiwiSaver and investment funds in the same app
- Mobile-first app
Sharesies’ Features
- Individual NZX shares (e.g., Fisher & Paykel Healthcare, Mainfreight)
- US share access alongside index funds on one platform
- The brokerage cap limits the cost of a small number of larger, infrequent trades
- A wider fund range (29 managed funds and 4,500+ ETFs, including Smart ETFs)
Using Both
Many NZ investors use both Sharesies and Kernel, for example:
- Kernel: index fund contributions (auto-invest, no brokerage)
- Sharesies: NZX shares and occasional US share purchases
Summary
| Feature | Platform |
|---|---|
| Lower fees for index funds (examples above) | Kernel |
| More investment options | Sharesies |
| Auto-invest without per-purchase brokerage | Kernel |
| Individual share buying | Sharesies |
| KiwiSaver in the same app | Both |
| Single large lump-sum purchase | Similar (Sharesies’ brokerage cap limits the one-off cost) |
| Small regular amounts ($1 minimum on both) | Kernel charges no brokerage per purchase |
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- Sorted Smart Investor: compares fees, returns and risk levels of KiwiSaver and managed funds.
- Disclose register: holds each fund's product disclosure statement and quarterly fund updates.
- Financial Service Providers Register: shows whether a provider is registered to offer financial services in New Zealand.
- The provider's own website: has its current rates, fees and full terms; these change more often than any comparison page.