Posted by Sam Bloom February 13th 2018
Compare ASB KiwiSaver
If you’re considering opening a KiwiSaver fund with ASB, check out Canstar’s latest Star Ratings for its products.
Types of ASB KiwiSaver funds
ASB offers five different investment funds to suit the needs of different investors at various life stages. Each has a different allocation of ‘income Assets’ – stable assets such as cash and bonds – and ‘growth Assets’ such as commercial and real estate equities; as such, they also come with recommended minimum timeframes for which you should be looking to invest – the sooner you plan to withdraw, the less risk you should take on.
You can select whichever fund you’d prefer and change it at any time; if you’re unsure which one would best suit your needs, try out ASB’s ‘Help Me Choose’ tool. The five fund options are as follows:
|Fund Name||Income Assets||Growth Assets||Investment timeframe||Annual fee|
ASB charges an annual administration fee of NZ$30, which is the same regardless of which investment fund you choose.
Eligibility to open an ASB KiwiSaver account
You are eligible to join the KiwiSaver scheme if you are:
- Younger than the qualifying age for New Zealand superannuation (currently age 65)
- Over the age of 18
- Living or normally living in New Zealand
- A New Zealand citizen, or entitled to live in New Zealand indefinitely
How to open an ASB KiwiSaver account
If you’ve unexpectedly been contacted by ASB, you may have been automatically enrolled in the ASB KiwiSaver scheme when you started with a new employer – either because ASB is your employer’s preferred provider, or because you haven’t specified your own provider. If that’s the case, then you already have an account – you don’t need to do anything!
If you’d like to open a new ASB KiwiSaver account, you can apply online on the ASB website; call ASB on 0800 ASB RETIRE (0800 272 738) to speak to a KiwiSaver specialist; you can also visit any ASB branch across New Zealand, which you can find using the ASB location tool. In addition to your personal details, you will need:
- Your IRD number
- Your NZ drivers licence or NZ Passport
ASB KiwiSaver FAQs
Yes, you can log in to your ASB account using ASB’s FastNet Classic internet banking, which can be accessed via the link on the ASB website. From there you can monitor your balance, change your investment fund, view reports, invest money or apply for a withdrawal.
Since KiwiSaver is an initiative of the New Zealand Government, your funds are held by the New Zealand Guardian Trust Company (a government-owned company) on your behalf. ASB functions as the administration manager for your KiwiSaver fund, along with Colonial First State Investments. Additionally, Colonial First Estate Asset Management and Mercer both provide investment advisory services.
You can transfer all of your existing KiwiSaver balance into your new ASB account. Once you open an ASB KiwiSaver account, ASB will automatically transfer your balance from your old provider to your new account. Your old scheme provider may charge you a transfer fee – contact your previous provider for further information.
The main purpose of the KiwiSaver scheme is to save for retirement, so you are usually only able to withdraw money once you reach the KiwiSaver retirement age of 65 years. However, there are also several circumstances in which you can withdraw money earlier, which are:
- Buying your first home
- Permanently moving to another country
- Experiencing or being likely to experience significant financial hardship
- Having a serious illness or injury
The Auckland Savings Bank (ASB) was opened in June 1847, making it the oldest savings bank in New Zealand. Today the company boats more than 1.3 million personal, business and rural customers across the nation, including more than 450,000 KiwiSaver customers. In 2017, ASB was awarded KiwiSaver Category Winner at the Morningstar Awards, being deemed the best retirement savings scheme in the country. In 2016, the bank was named ‘New Zealand Bank of the Year’ by The Banker Magazine (UK) for the twelfth time in the past 15 years, reflecting its continuing success in the NZ market.
ASB is active in community partnerships and sponsorships – back in 1906, the bank successfully lobbied the government to allow excess funds to be donated to community projects. ASB currently supports the St John Ambulance by selling toy sets to raise money, volunteering staff members and by running the first aid programme ASB St John In Schools. ASB also runs the ASB GetWise financial literacy programme for kids, and their various sponsorships include Auckland Lantern Festival, Ronald McDonald House, Starship Foundation and an NZ Coast Guard vessel.