Bank vs Independent KiwiSaver Providers NZ: Fees and Returns

New Zealand KiwiSaver members split broadly into two groups: those with a bank provider (ANZ, ASB, BNZ, Westpac) and those with an independent provider (Booster, Fisher Funds, Generate, Milford, Simplicity and others). This page sets out how the two groups differ on fees, after-fee returns, fund range and app access; the KiwiSaver head-to-head comparisons linked at the end go into specific pairs.

The NZ KiwiSaver Landscape

As of 2026, there are around 30 registered KiwiSaver scheme providers in New Zealand. The market is broadly divided into:

Bank providers:

• ANZ
• ASB
• BNZ (also a default provider; BNZ’s own site says the scheme is issued and managed by Harbour Asset Management, which uses the BNZ brand under licence and isn’t part of the NAB group)
• Westpac
• Kiwibank’s former KiwiSaver arm, Kiwi Wealth, was sold to Fisher Funds in 2022 and merged into the Fisher Funds brand, so Kiwibank itself no longer operates a KiwiSaver scheme

Independent providers (selection, alphabetical):

• Booster (default provider, Default Saver default fund)
• Craigs Investment Partners (investment firm)
• Fisher Funds (active management; holds default-provider status only via its acquired Kiwi Wealth scheme, not in its own right)
• Generate (active, not a default provider)
• Kernel (passive index, low-cost)
• Koura (customisable)
• Milford (active management, not a default provider)
• Pathfinder (ethical/ESG focus)
• Pie KiwiSaver, formerly Juno (digital-first, active management)
• Simplicity (not-for-profit, passive index, default provider)
• SuperLife (mostly index-tracking, default provider, managed by Smartshares Limited (Smart), a wholly owned subsidiary of NZX)

Head-to-Head: Banks vs Independents

Fees

Fees vary widely within both groups. Ordered by growth fund fee:

Among the banks, BNZ and Westpac have the lower growth fund fees and ANZ and ASB the higher. Generate and Fisher Funds, both independents, charge more than the bank growth funds in this table, so “independent” does not mean “cheaper.”

For the detailed fee comparison, see our KiwiSaver fees comparison.

Performance (5-year, after fees)

5-year after-fee, after-tax returns to 30 June 2026, source: Sorted Smart Investor. Ordered by return.

Both groups appear at the top and the bottom of this table: two independents have the highest returns, two banks (ASB and BNZ) returned more than Milford, and an independent scheme (the Fisher Funds KiwiSaver Plan) has the lowest figure. The category says less than the specific fund. Past returns don’t predict future returns.

For full return tables, see our KiwiSaver fund returns guide.

Fund Range

Digital Experience and Tools

For existing bank customers, a bank provider shows the KiwiSaver balance alongside transaction accounts in the same app.

Independent providers’ digital tools include (alphabetically): Booster (MyBooster app), Koura (digital-first with personalised fund selector), Milford (member portal), Simplicity (online dashboard).

Default Provider Status

Of the bank providers, BNZ and Westpac (through BT Funds Management) were among the six default providers appointed in 2021, while ANZ and ASB were not reappointed. The current default providers and what default status means are covered in our KiwiSaver default fund guide.

Why Some Members Use a Bank Provider

Reasons members give for staying with their bank, beyond fees and returns:

• Managing everything in one app (especially for less engaged members)
• Existing relationship and familiarity with the provider
• Joint account holders who want aligned financial visibility (though KiwiSaver accounts are always individual)

For reference, BNZ’s growth fund charges ~0.45% (no member fee) and returned 6.81% a year after fees and tax over the 5 years to 30 June 2026.

Common Reasons Members Compare Providers

Situations in which members often look at other providers:

• Their fund’s fee is 1% or more
• Their growth fund’s 5-year after-fee return is near the bottom of the table above
• They want a dedicated ethical/ESG fund (not just an exclusions list)
• They want passive index investing at a low fee

You can switch at any time, though your old provider may charge a transfer fee. See our switching KiwiSaver providers guide.

Summary

On the 5 years to 30 June 2026, the bank and independent groups overlap on both fees and returns:

Dedicated ethical options in this group: Booster SRI and Pathfinder.

Explore the Full Comparison Series

• ANZ vs ASB KiwiSaver: two of NZ’s biggest bank providers compared
• ANZ vs Simplicity KiwiSaver: a bank provider and a not-for-profit index provider
• Ethical KiwiSaver Providers Compared: exclusions, fees and returns side by side
• KiwiSaver Fees vs Returns: what the data shows on low and high fees
• Milford vs Fisher Funds KiwiSaver: two active managers compared
• Simplicity vs Milford KiwiSaver: passive vs active

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.

What to Read Next

• KiwiSaver Providers Compared: the full provider comparison
• KiwiSaver Fees Comparison: fees by provider and fund type
• KiwiSaver Fund Returns: 5-year return tables
• Switching KiwiSaver Providers: how to move
• KiwiSaver Fund Types Explained: how fund types differ