The BNZ KiwiSaver Scheme is issued and managed by Harbour Asset Management, which uses the BNZ brand under licence. It offers eight funds, from Cash to High Growth, with management fees of 0.30% to 0.45% a year and no separate member fee. It has a separate Default Fund for default members and no separate ethical fund. This is one of our KiwiSaver provider reviews.
BNZ KiwiSaver at a Glance
| Detail | BNZ KiwiSaver |
|---|---|
| Type | Bank-branded: issued and managed by Harbour Asset Management under licence from BNZ |
| Default members | Yes: a separate Default Fund since 1 December 2021 |
| Funds offered | 8 funds, including a Default Fund and a First Home Buyer Fund |
| Management fee | 0.30% to 0.45% a year depending on fund |
| Member fee | None: BNZ says the management fee is the only fee |
| FUM (approx) | About $6.8 billion at 31 March 2026 |
| Supervisor | The New Zealand Guardian Trust Company Limited |
| Regulated by | Financial Markets Authority (FMA) |
| Ethical/ESG option | Manager-set exclusions apply to all funds (fossil fuels, gambling, tobacco); no separate ethical fund |
Who Runs BNZ KiwiSaver
BNZ distributes the scheme, but Harbour Asset Management Limited issues and manages it. Harbour’s PDS says it “uses the BNZ brand under licence from Bank of New Zealand” and that no member of the FirstCape group, which owns Harbour, is a member of the NAB group that owns BNZ. The supervisor is The New Zealand Guardian Trust Company Limited.
BNZ’s Fund Range
BNZ offers eight funds across the risk spectrum, including a Default Fund and a First Home Buyer Fund.
| Fund | Target growth/income split | Annual management fee | Minimum suggested timeframe |
|---|---|---|---|
| Cash | 0% / 100% | 0.30% | No minimum suggested timeframe |
| First Home Buyer | 15% / 85% | 0.45% | 3 years |
| Conservative | 20% / 80% | 0.45% | 3 years |
| Moderate | 40% / 60% | 0.45% | 5 years |
| Default | 60% / 40% | 0.35% | 7 years |
| Balanced | 60% / 40% | 0.45% | 7 years |
| Growth | 80% / 20% | 0.45% | 10 years |
| High Growth | 100% / 0% | 0.45% | 12 years |
Target mixes and timeframes from BNZ’s compare-funds page; fees from BNZ’s fees page and the PDS dated 1 April 2026. The actual mix can move within allowed ranges. Verify current fees at bnz.co.nz/kiwisaver.
The Default Fund and the Balanced Fund have the same target mix. BNZ says the Balanced Fund’s Australasian equities are more actively managed than the Default Fund’s, which is why the Balanced Fund has the higher fee.
For an explanation of fund types and growth/income allocations, see KiwiSaver fund types explained.
BNZ KiwiSaver Fees
BNZ says the management fee, a percentage of each fund’s net asset value, is the only fee you pay, so there is no separate member fee, and the PDS lists one-off fees as “currently none”. The fee is already deducted from the fund, so it does not show as a transaction on your account. In the Growth Fund (0.45% a year) that comes to about $225 a year on a $50,000 balance.
Buy/sell spreads also apply when units are bought or sold, for example an indicative 0.07% buy spread and 0.06% sell spread on the Growth Fund in the PDS (none on the Cash Fund).
To set BNZ’s fees against other providers’ funds of the same type, see KiwiSaver fund fees compared.
BNZ’s Default Fund
BNZ KiwiSaver takes default members: its PDS says you may be automatically enrolled “because it is your employer’s chosen scheme or because you are a default member”, and it refers to “the relevant Fund for default members”. BNZ launched its separate Default Fund on 1 December 2021, with a management fee of 0.35% a year. If you never chose a fund, check with BNZ which one you are in. The default scheme rules and how allocation works are covered in KiwiSaver default providers.
BNZ KiwiSaver Performance
Harbour uses global and local specialist investment managers to manage the funds. The Growth Fund has a target mix of 80% growth assets. Growth funds at different providers hold different shares of growth assets, so when comparing returns it helps to check the growth/income split as well as the fund’s name.
Current 5-year after-fee returns for BNZ’s funds, set against other providers’ funds of the same type, are in KiwiSaver fund returns compared.
Responsible Investing and Exclusions
BNZ does not run a separate ethical fund. Instead, the PDS says the funds exclude companies under the criteria in Harbour’s ESG Policy, and these exclusions apply to every fund; members don’t choose them.
Harbour’s exclusions, as summarised on BNZ’s responsible investing page, cover:
- Fossil fuels (for example companies whose primary business is mining or marketing thermal coal, or exploring for and producing oil and gas)
- Gambling (companies with more than 10% of revenue from gambling operations or equipment)
- Tobacco (companies involved in manufacturing tobacco, tobacco products or vaping products)
Harbour’s ESG Policy has the detailed criteria for each category. Providers that run dedicated ethical funds are compared in ethical KiwiSaver providers compared.
Features and Limitations
Features:
- No separate member fee and no one-off fees (currently)
- Management fees of 0.30% to 0.45% a year
- A separate Default Fund (0.35%) and a First Home Buyer Fund
- Managed in the BNZ app or BNZ Internet Banking
- Harbour’s exclusions (fossil fuels, gambling, tobacco) apply to all funds
Limitations:
- No dedicated ethical fund, and no member-selected exclusions
- Buy/sell spreads apply on most funds when units are bought or sold
- Partly actively managed (for example the Balanced Fund’s Australasian equities), so returns depend partly on the manager’s decisions
- Under BNZ’s fees page and the PDS dated 1 April 2026, most funds charge 0.45%; only Cash (0.30%) and Default (0.35%) are lower
Switching to or from BNZ KiwiSaver
Whether you are moving to BNZ or leaving it, you apply to the new provider and it arranges the transfer of your savings (IRD says about 2 weeks); the date you first joined KiwiSaver and any first home withdrawal you have made are passed to the new provider (see first home withdrawal eligibility). If you switch to BNZ you choose one of its eight funds; the full process and timing are in the KiwiSaver provider switching 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
What are BNZ KiwiSaver’s fees?
BNZ’s management fees run from 0.30% (Cash) to 0.45% (most other funds, with the Default Fund at 0.35%) a year, and BNZ says the management fee is the only fee. Buy/sell spreads apply when units are bought or sold. Other providers’ fees for the same fund types are in KiwiSaver fund fees compared.
Is BNZ a default KiwiSaver provider?
BNZ KiwiSaver takes default members: its PDS says you may be enrolled because you are a default member, and BNZ has run a separate Default Fund since 1 December 2021. See KiwiSaver default providers.
What fund am I in if I never chose one with BNZ?
BNZ runs a separate Default Fund (management fee 0.35% a year), and its PDS refers to “the relevant Fund for default members”. Check your BNZ KiwiSaver account or ask BNZ to confirm your fund.
Does BNZ KiwiSaver charge a flat member fee?
No. BNZ says the management fee, a percentage of each fund’s net asset value, is the only fee you pay with the BNZ KiwiSaver Scheme.
Can I choose my own ethical exclusions with BNZ?
No. Harbour’s exclusions (fossil fuels, gambling, tobacco) apply to all of the scheme’s funds; BNZ does not describe any option for members to add their own.
How do fees affect a first home withdrawal?
Fees come out of your balance, so the fees you pay over the years reduce what is available for your first home withdrawal. For how the withdrawal amount is worked out, see How much can I withdraw from KiwiSaver for my first home?
Key Takeaways
- BNZ KiwiSaver is issued and managed by Harbour Asset Management, which uses the BNZ brand under licence
- Eight funds, with management fees of 0.30% to 0.45% a year and no separate member fee
- A separate Default Fund (0.35%) has run since 1 December 2021
- Harbour’s exclusions (fossil fuels, gambling, tobacco) apply to every fund; there is no separate ethical fund
- The Growth Fund targets 80% growth assets, so check growth/income splits when comparing it with other providers’ growth funds
For a full comparison across NZ providers, see KiwiSaver providers compared (2026) and how to choose a KiwiSaver fund.