Westpac KiwiSaver

Westpac is a bank which operates in New Zealand and provides bank accounts, credit cards, savings accounts and other financial products.

Compare Westpac KiwiSaver

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

Compare KiwiSaver funds

Types of Westpac KiwiSaver funds

At the time of writing, Westpac KiwiSaver members can choose to have their balance invested in one of six funds:

Fund Target investment mix
Cash Fund Invested entirely in cash/cash equivalents
Default Fund 33% cash/cash equivalents, 23% New Zealand fixed interest, 24% international fixed interest, 8% Australasian equities, 9% international equities, 3% listed property
Conservative Fund 20% cash/cash equivalents, 24% New Zealand fixed interest, 31% international fixed interest, 9% Australasian equities, 10% international equities, 4% listed property, 2% other
Moderate Fund 10% cash/cash equivalents, 22% New Zealand fixed interest, 28% international fixed interest, 13% Australasian equities, 17% international equities, 5% listed property, 5% other
Balanced Fund 5% cash/cash equivalents, 15% New Zealand fixed interest, 20% international fixed interest, 20% Australasian equities, 29% international equities, 5% listed property, 6% other
Growth Fund 4% cash/cash equivalents, 7% New Zealand fixed interest, 9% international fixed interest, 25% Australasian equities, 37% international equities, 10% listed property, 8% other

Eligibility to open a Westpac 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 a Westpac KiwiSaver account

If you’d like to open a new Westpac KiwiSaver account, there are several ways to apply. You can apply online on the Westpac website, or call Westpac on 0508 972 254. When applying online, you will need:

  • A valid NZ Drivers licence
  • IRD number

Westpac KiwiSaver FAQs

Yes, you can log in to your Westpac account using the link on the Westpac website, where you can manage your investment portfolio, monitor your balance, invest money or apply for a withdrawal.

Your money is invested using the investment portfolios outlined above – you can choose to invest in one of six different funds, each of which has a different investment goal and mix of investments.

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. Westpac 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 Westpac account. Once you open a Westpac KiwiSaver account, Westpac 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 when 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

Westpac’s origins in New Zealand date back to 1861, when the Bank of New South Wales opened seven branches in New Zealand on the back of the Otago gold rush. The company was the first to introduce mainstream credit cards to NZ customers in 1979, before changing its name to Westpac in 1982. It employs more than 5,000 employees in New Zealand, collectively serving around 1.34 million customers.

Westpac was named the world’s most sustainable bank in 2016 by the Dow Jones Sustainability Index, demonstrating the bank’s commitment to sustainability and community. In 2015, Westpac invested more than $5.6 million into local community initiatives such as Westpac Rescue Helicopters, NZ Arts, SeniorNet and Dementia Friendly Banking. The bank has a key strategic focus to increase lending to the CleanTech sector, including renewable energy, green buildings and forestry.

Westpac KiwiSaver Scheme ‐ Growth Fund

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Award: 5 Star Rating Kiwisaver Fund

Written by: James Hurwood | Last updated: November 15, 2018