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ANZ vs ASB KiwiSaver NZ: Fees and Returns Compared

Updated

ANZ and ASB are two of New Zealand’s biggest KiwiSaver providers by funds under management. Both are major trading banks with large existing customer bases, and both offer broadly similar KiwiSaver products; this page sets out where their fees, returns and fund ranges differ. It is one of our KiwiSaver head-to-head comparisons; every major provider side by side is in compare KiwiSaver providers.

ANZ vs ASB KiwiSaver: Quick Comparison

Feature ANZ ASB
Default provider status No (lost in 2021) No (lost in 2021)
Growth fund fee ~0.95% ~0.70%
Growth fund 5-yr return (after fees and tax, to 30 June 2026, Sorted Smart Investor) 5.29% p.a. 7.15% p.a.
Conservative fund fee ~0.60% ~0.40%
Ethical/responsible fund No separately branded ethical fund (standard funds RIAA-certified; the OneAnswer scheme’s Select International Share Fund adds ESG measures) No
Passive index option Partial (some funds) Partial
Mobile app integration ANZ goMoney / ANZ app ASB Mobile / FastNet Classic
Minimum contribution None None

Fees: ANZ vs ASB

ANZ growth fund: approximately 0.95% (total fund charges in its fund update for the quarter to 30 June 2026; 0.98% is the maximum in its fee schedule). On a $60,000 balance, this costs approximately $570 a year.

ASB growth fund: approximately 0.70%. On a $60,000 balance, approximately $420 a year.

For reference, on the same $60,000 balance:

  • BNZ Growth: ~0.45% (no member fee), approximately $270 a year
  • Simplicity Growth: 0.23%, approximately $138 a year

ASB’s growth fund fee is about 0.25 percentage points below ANZ’s, and both are above the passive providers listed. See our KiwiSaver fees comparison for more providers.

Performance after fees

On a 5-year after-fee, after-tax basis (source: Sorted Smart Investor, to 30 June 2026):

Fund type ANZ 5-yr return ASB 5-yr return
Growth 5.29% 7.15%
Conservative 1.90% 3.05%

ASB’s growth fund’s after-fee return was about 1.9 percentage points a year above ANZ’s over this period.

Other growth funds over the same 5 years, for reference: Generate 8.03%, Simplicity 7.23% and Milford Active Growth 6.60%. Past returns don’t predict future returns; more providers are in our KiwiSaver fund returns tables.

Fund Types and Options

ANZ fund range

ANZ offers a broad range: cash, conservative, conservative balanced, balanced, balanced growth, growth, and high growth. ANZ does not offer a separately branded ethical fund in the ANZ KiwiSaver Scheme: its Conservative to High Growth funds carry RIAA responsible-investment certification. In its OneAnswer KiwiSaver Scheme, ANZ says the Select International Share Fund “has additional environmental, social and governance (ESG) and climate-specific measures”.

ASB fund range

ASB offers conservative, moderate, balanced, and growth funds. ASB does not offer a dedicated ethical/ESG fund. Independent providers such as Booster (SRI range) and Pathfinder offer dedicated ethical funds; see how ethical KiwiSaver providers compare.

Digital Experience

Both ANZ and ASB show KiwiSaver inside their main banking apps, which most independent providers can’t do.

ANZ: KiwiSaver visible in ANZ goMoney and the main ANZ app. Balance, contributions, and fund type all accessible in the banking interface.

ASB: KiwiSaver integrated into ASB Mobile and FastNet Classic.

Independent providers like Simplicity and Milford have their own portals but don’t integrate with your bank account.

Default Provider Status

Neither ANZ nor ASB was reappointed as a default provider in the 2021 review, so new employees who don’t choose a scheme aren’t allocated to either. Which providers are defaults now, and what that means for members, is covered in our KiwiSaver default fund guide.

ANZ vs ASB: Side by Side

ANZ ASB
Growth fund fee ~0.95% ~0.70%
Growth fund 5-yr after-fee return (to 30 June 2026) 5.29% 7.15%
Conservative fund fee ~0.60% ~0.40%
Separately branded ethical fund No (OneAnswer Select International Share Fund adds ESG measures) No
KiwiSaver in banking app Yes Yes

To move provider, see our switching KiwiSaver providers guide.

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.
  • The provider's latest fund update: gives the fund's current fees, returns and holdings.

Frequently Asked Questions

How do ANZ and ASB KiwiSaver compare? ASB’s growth fund has the lower fee (~0.70% vs ~0.95%) and had the higher 5-year after-fee return (7.15% vs ANZ’s 5.29%, to 30 June 2026 per Sorted Smart Investor). ANZ has the broader fund range.

Can I switch from ANZ to ASB KiwiSaver? Yes. You can switch at any time; IRD says the transfer takes about 2 weeks, and your old provider may charge a transfer fee. You apply to the new provider, which manages the transfer.

Does switching from ANZ or ASB affect my banking relationship? No. KiwiSaver is separate from your everyday banking. You can hold your main bank accounts with ANZ or ASB while having KiwiSaver with a different provider.

Are ANZ and ASB default KiwiSaver providers? No. Neither was reappointed in the 2021 default provider review; see our default fund guide for the current list.