Fees and long-term investment returns compound over your saving lifetime, so the differences between KiwiSaver providers can add up to tens of thousands of dollars. With about 30 providers on IRD’s list of KiwiSaver providers, this page compares the major ones on fees, 5-year after-fee performance, fund range, ethical options and digital tools, in one alphabetical table.
For individual deep-dives, see the dedicated review for each provider, linked from the table and listed in our KiwiSaver provider reviews. For choosing between fund types, see KiwiSaver fund types explained.
What to Compare When Choosing a KiwiSaver Provider
Before comparing providers, it helps to know the key variables.
1. Annual fees
Fees are one factor in your long-term KiwiSaver balance that you can compare before you choose. Two types matter:
- Management fee (% of balance): charged as a percentage of your total balance each year. A 0.5% difference on a $100,000 balance is $500/year — money not compounding.
- Member fee ($): a fixed annual dollar fee, regardless of your balance. At small balances, this can represent a high effective percentage. At large balances, it becomes relatively insignificant.
2. Long-term investment performance
Past returns do not guarantee future results, but 5–10 year annualised returns (net of fees) are a useful indicator of how well a fund has been managed. Always compare returns after fees — a high-return fund that charges 1.5% may underperform a lower-return fund charging 0.3%.
3. Fund range
Does the provider offer the fund type you need? Some providers offer only a handful of funds; others offer 10+ options across cash, conservative, moderate, balanced, growth, aggressive, and specialised ethical funds.
4. Ethical / ESG options
If you care about where your money is invested, check whether the provider offers ethical screening. Pathfinder and Simplicity both describe their KiwiSaver investing as ethical.
5. Digital tools and usability
How easy is it to check your balance, switch funds, make voluntary contributions, or contact support?
KiwiSaver Provider Comparison Table (2026)
Providers are listed alphabetically. The fee and return columns are for each provider’s growth fund (or the fund named), so you can sort them yourself by whichever figure matters to you.
5-year after-fee, after-tax returns to 30 June 2026, from each fund’s own page on Sorted Smart Investor; Fisher Funds’ figures cross-checked against Fisher Funds’ own current fee disclosure; Kōura and Summer fees from each scheme’s current PDS. Past performance is not a guarantee of future returns: verify current figures before deciding.
| Provider | Bank or independent | Growth fund (as compared) | Mgmt fee (approx) | Member fee | 5-yr return after fees and tax (to 30 Jun 2026) | Features |
|---|---|---|---|---|---|---|
| Amanah (now AE KiwiSaver Plan) | Independent | AE KiwiSaver Plan (its only fund) | 4.26% (total fund charges in the year to 31 March 2026) | $32.40/yr | Not in this table | Run by AE KiwiSaver Limited (Always-Ethical); invests under a Strict Ethical Mandate that excludes interest-based products |
| ANZ | Bank | Growth (OneAnswer) | 0.95% (total fund charges in the year to 31 March 2026) | $0 | 5.29% | Bank app integration |
| ASB | Bank | Growth | ~0.70% | $0 | 7.15% | Bank app integration |
| BNZ | Bank-branded (issued and managed by Harbour) | Growth | 0.45% | $0 | 6.81% | Bank app integration |
| Booster | Independent | High Growth | 1.34% (estimated; 1.30% charged in the year to 31 March 2026) | $36/yr (not on the Default Saver Fund; only on balances over $500) | 6.65% | Socially Responsible fund range |
| Fisher Funds KiwiSaver Plan (ex-Kiwi Wealth) | Independent | Growth | ~1.13% (expected for the year to 31 March 2027; 1.23% in the year to 31 March 2026) | n/a | 4.46% | Former Kiwi Wealth scheme (Kiwi Wealth became part of Fisher Funds in late 2022; the sale completed on 1 December 2022) |
| Fisher Funds KiwiSaver Scheme (original) | Independent | Growth | 1.09% (total fund charges in the year to 31 March 2026) | See review | 3.92% | Closed to new investors; members were due to move into the Fisher Funds KiwiSaver Plan by 6 October 2026 |
| Generate | Independent | Focused Growth (Sorted classes it as aggressive) | ~1.25% | $36/yr | 8.03% | Active management |
| Kernel | Independent | High Growth | 0.25% (0.25% to 0.45% across its KiwiSaver funds) | $0 | Not in this table | Index funds |
| Kōura | Independent | Mix of its funds | 0.63% to 1.10% (annual fund charges) | $30/yr administration fee | Not in this table | Digital advice tool suggests a mix of funds based on your objectives, risk appetite and preferences |
| Milford | Independent | Active Growth | 1.05% base fee (about 1.44% estimated with performance fees) | $0 | 6.60% | Active management |
| Pathfinder | Independent | Growth | ~1.35% | $27/yr | 6.44% | Specialist ethical manager: ESG screening, limits exposure to fossil fuels, weapons, gambling and tobacco (allows companies with small revenue shares in these, and has made at least one exception) |
| Simplicity | Independent | Growth | 0.23% (all funds, from 1 October 2026) | $0 | 7.23% | Mostly passive; donates 15% of its investment management fees to the Simplicity Foundation |
| Summer | Independent | Build your own mix | 0.50% to 0.90% (annual fund charges) | $36/yr account fee | Not in this table | Build your own portfolio from any combination of its funds |
| SuperLife (Smart) | Independent | Growth | ~0.61% | $30/yr | 6.74% | Mostly index-tracking funds |
| Westpac | Bank | Growth | ~0.55% | $0 | 6.29% | Bank app integration |
Fisher Funds’ KiwiSaver schemes reported separately to 30 June 2026: the original Fisher Funds KiwiSaver Scheme (closed to new investors) returned 3.92% p.a. over the 5 years to 30 June 2026, and the Fisher Funds KiwiSaver Plan (formerly Kiwi Wealth) 4.46% p.a. Fisher Funds TWO members were moved into the Plan in June 2026, and after the FMA approved the transfer, the original scheme’s members were due to move into the Plan by 6 October 2026, leaving the Plan as Fisher Funds’ KiwiSaver scheme. See the Milford vs Fisher Funds comparison for the full split. Kiwibank no longer has its own KiwiSaver product: see what happened to Kiwibank KiwiSaver.
Providers not in the table have their own reviews too: AMP, Craigs, Juno (now Pie), Mercer, NZ Funds and SBS.
Which of these providers are government-appointed default providers is set out in KiwiSaver default funds and providers.
Fees by fund type (growth, balanced, conservative and ethical) are in the KiwiSaver fee comparison, and the return tables by fund type in KiwiSaver fund returns.
Fees and returns above are indicative and change regularly. Verify current figures at Sorted Smart Investor and directly with each provider.
Bank vs Independent Providers
ANZ, ASB and Westpac run bank-owned KiwiSaver schemes that sit alongside your bank accounts, while BNZ’s scheme carries the BNZ name but is issued and managed by Harbour Asset Management; the independent providers range from the lowest-fee passive managers to some of the highest-fee active ones. How the two groups compare on fees, returns and services is in bank vs independent KiwiSaver providers.
How to Switch KiwiSaver Providers
A move is arranged by the provider you join, but your current provider may charge a transfer fee, so check with it first. Switching KiwiSaver providers sets out the timing, any transfer fee and what carries across.
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
Is there one “best” KiwiSaver provider in NZ?
No. Which provider fits depends on your balance, age, fund type, ethical priorities, and whether you value digital tools or branch access. The table above sets out each provider’s fees and dated 5-year after-fee return so you can compare them on the figures.
How do bank KiwiSaver fees compare?
On the growth funds in the table above, BNZ charges 0.45%, Westpac about 0.55%, ASB 0.70% and ANZ (OneAnswer Growth) 0.95%, against 0.23% (Simplicity) to 1.35% (Pathfinder) in the fee column; Milford’s base fee is 1.05%, about 1.44% with estimated performance fees.
Does switching KiwiSaver providers affect my first-home eligibility?
No. The 3-year clock in the first-home eligibility rules is based on your total KiwiSaver membership, not your membership with any single provider. Switching does not reset the clock.
Can I have more than one KiwiSaver account?
No — you can only have one active KiwiSaver account at a time.
How often should I review my KiwiSaver provider?
A meaningful review every 3–5 years is reasonable, or whenever you hit a major life milestone (approaching retirement, first home purchase, significant salary increase). Fee structures and fund ranges do change over time.
Are independent providers safe? Are they regulated?
KiwiSaver schemes are regulated by the Financial Markets Authority (FMA) under the Financial Markets Conduct Act 2013, and each scheme’s PDS names its supervisor, an independent trustee company (for example, The New Zealand Guardian Trust Company Limited for BNZ and Westpac, and Public Trust for ASB). Your KiwiSaver savings are invested in the scheme’s funds, which are not bank deposits and are not guaranteed, so their value can fall as well as rise.
This guide provides general information only and does not constitute personalised financial advice. For advice specific to your situation, speak with a licensed financial adviser. Find one through the FMA’s adviser register or sorted.org.nz. Fee and performance data should be verified directly with providers and at sorted.org.nz before making any decision.