BNZ KiwiSaver

BNZ is one of the oldest and largest banks in New Zealand, offering bank accounts, credit cards, insurance, loans, investments and currency services.

Compare BNZ KiwiSaver

If you’re considering opening a KiwiSaver fund with BNZ, check out Canstar’s latest Star Ratings for its products.

Compare KiwiSaver funds

Types of BNZ KiwiSaver funds

BNZ offers six different KiwiSaver funds, each targeted to the needs of different life stages. The funds contain varying mixes of assets, with cash and fixed-interest bonds (‘Income’ assets) making up most of the conservative funds, and equities (‘Growth’ assets) making up more of the growth options. The key stats for each fund are as follows:

Fund Recommended minimum investment timeframe Asset Allocation Annual Fee per annum
Cash Fund No minimum 100% Income 0.35% or less
First Home Buyer Fund 3-5 years 85% Income/15% Growth 0.50%
Conservative Fund 3 years 80% Income/20% Growth 0.58%
Moderate Fund 5 years 65% Income/35% Growth 0.90%
Balanced Fund 7 years 50% Income/50% Growth 1.00%
Growth Fund 10 years 30% Income/70% Growth 1.10%

Your KiwiSaver account also incurs a membership fee of $1.95 per month ($23.40 per annum), which is deducted from your account with the highest current balance.

Eligibility to open a BNZ 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, or under the age of 18 with the consent of your parents/legal guardians
  • Living or normally living in New Zealand
  • A New Zealand citizen, or entitled to live in New Zealand indefinitely

If you’re over the age of 65, you can only join BNZ KiwiSaver if you already belong to another KiwiSaver scheme.

How to open a BNZ KiwiSaver account

If you’d like to open a new BNZ KiwiSaver account, you can apply online on the BNZ website.

BNZ KiwiSaver FAQs

Yes. You can log in to your BNZ account using the link in the top corner of the BNZ website, where you can manage your investment portfolio, monitor your balance, invest money or apply for a withdrawal.

Your money is invested using the six different investment portfolios outlined above. You can either choose a single fund, or invest your money in a mixture of these funds – each fund must make up at least 5% of your portfolio.

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. BNZ functions as the administration manager and investment advisor for your KiwiSaver fund.

Compare KiwiSaver funds

You can transfer all of your existing KiwiSaver balance into your new BNZ account. Once you open a BNZ KiwiSaver account, BNZ 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 able to withdraw money once you reach the KiwiSaver retirement age of 65 years. There are also several circumstances in which you may be able to withdraw money earlier, which are:

  • Buying your first home
  • Permanently moving to another country
  • Experiencing or are likely to experience significant financial hardship
  • Having a serious illness or injury

BNZ was founded back in 1861 and currently employs more than 5,000 people across New Zealand and Australia. The bank has had a colourful history, having been purchased by the Government in 1945, floated on the sharemarket in 1987, bailed out twice during the 1990s and finally purchased by National Australia Bank in 1992.
BNZ became carbon-neutral in September 2010 and has set carefully tracked environmental targets for its use of resources and energy, as well as planting 100 kauri tree seedlings for every Kauri bond they issue. The bank now processes 89% of all its transactions online, resulting in a big reduction in paper processing. BNZ is also heavily involved in community activities, such as sponsoring the Crusaders and Blues Super Rugby teams, partnering with child wellbeing charity Plunket, and providing low-cost Community Finance loans to low-income families.

BNZ KiwiSaver Scheme - Cash Fund

Canstar Research
Rating:
Award: 4 Star (Indicative) Rating KiwiSaver Fund

Written by: Sam Bloom | Last updated: July 5, 2018