ANZ vs ASB KiwiSaver in NZ (2026): The Two Biggest Bank Schemes Compared

ANZ vs ASB KiwiSaver compared: fees, fund choice, long-term returns, and whether the convenience of a bank scheme is worth staying for, or worth moving on from.

TL;DR: ANZ and ASB run two of the largest bank KiwiSaver schemes in the country, sitting within a market that holds $111.8 billion across 3.3 million members. ¹² Both are convenient and well-resourced, but bank schemes often charge more than low-cost specialists and offer less adviser support. The choice is less ANZ-versus-ASB and more bank-versus-the-rest.

ANZ vs ASB KiwiSaver is a question a lot of New Zealanders never really ask. Many people were auto-enrolled into their bank's scheme, or signed up at the same desk where they opened a transaction account, and have not looked since. That is understandable, and it is also why it is worth comparing the two properly — and worth asking whether a bank scheme is still the right home for your money at all.

This guide compares ANZ and ASB KiwiSaver on the things that matter over a working lifetime: fees, fund choice, long-term performance, and the support you get. Figures are point-in-time and sourced; check current figures with each provider before acting.

How big are ANZ and ASB KiwiSaver, and why does that matter?

Scale is the first thing people notice about the bank schemes, and it is worth understanding what it does and does not tell you.

KiwiSaver as a whole is large and growing. New Zealanders hold $111.8 billion across the scheme, invested by roughly 3.3 million members. ¹² ANZ is consistently the largest single KiwiSaver provider by funds under management in FMA reporting, and ASB is also among the biggest. ³ For comparison, the Westpac KiwiSaver Scheme — another bank benchmark — held $10.91 billion across 422,998 members at 31 March 2024. ¹⁰ The bank schemes are, collectively, where a very large share of the country's retirement money sits.

Size brings genuine advantages: established systems, plenty of staff, branch access, and the stability of a large parent. What size does not guarantee is the lowest fee or the best after-fee return. A scheme can be the biggest in the country and still cost more than a smaller specialist. Treat scale as reassurance about administration and continuity, not as evidence that you are in the best fund for you.

What do ANZ vs ASB KiwiSaver fees look like in 2026?

Fees are the one cost you control with near-certainty, and over decades they compound hard.

Bank schemes have historically sat in the mid-to-upper part of the fee range rather than at the cheap end. Across the whole scheme, providers deducted $790 million in fees in the most recent reporting year, up 19% on the year before. ⁶ That growth partly reflects rising balances, but it is a reminder that fees scale with the money you hold.

The most reliable way to compare ANZ and ASB on fees is to put them side by side on a single, standardised number rather than relying on either bank's marketing. The Retirement Commission's Smart Investor tool combines each fund's membership and management fees into one figure and lets you compare every KiwiSaver fund — including both bank schemes — on the same basis. ⁹

For a fuller walkthrough of how the fees stack up, see how to compare KiwiSaver fees across providers, and our list of the low-fee KiwiSaver providers worth benchmarking the banks against. The point is not that ANZ or ASB is "expensive" in the abstract — it is that you should know their number and compare it, rather than assume it is competitive.

How do their fund ranges and risk options compare?

Both ANZ and ASB offer a familiar ladder of diversified funds: conservative, balanced and growth options, plus cash and (in ANZ's case) a wider set of choices. For most members, the relevant question is not how many funds exist but whether you are in the right one.

Two things are worth knowing about the bank ranges:

• Default status. Some bank schemes have at times been government-appointed default providers, which is how a share of members ended up in them without actively choosing. Default arrangements have changed over the years, so check the current position rather than assume.
• The fund mix across KiwiSaver tells a story. Across the whole market, growth funds now hold 46% of all KiwiSaver money ($51.4 billion) and balanced funds 29% ($32.3 billion). ³ More New Zealanders are in higher-growth settings than a decade ago — but plenty are still parked in a fund that no longer matches their timeframe.

The honest summary is that ANZ and ASB both give you enough fund choice for sensible diversification. Where bank ranges tend to be thinner is in specialist options — concentrated high-growth, ethical or socially responsible funds, and access to assets beyond listed markets. If those matter to you, the full list of KiwiSaver providers shows where the specialists differ.

How have their growth and balanced funds performed long term?

Fees only matter relative to what you keep. Performance is the other half, and it has to be read carefully.

A few rules make any return comparison meaningful:

• Match the risk category. Compare an ANZ growth fund with an ASB growth fund, not with a balanced one. A balanced fund will look "worse" in a strong sharemarket year simply because it holds fewer shares.
• Use after-fee, after-tax returns. That is what actually lands in your account. Headline gross figures flatter higher-fee funds.
• Use at least five years. One strong year tells you very little. KiwiSaver is a 30-to-40-year product, and the scheme's own returns swing widely year to year.

Rather than quote a single period here — which can mislead — the cleanest approach is to pull live, like-for-like figures from one independent source. Smart Investor lets you compare standardised returns, fees and risk for every ANZ and ASB fund on one screen. ⁹ Returns are not guaranteed; the value of investments can go down as well as up, and past performance is not a reliable indicator of future performance. Look at how each fund has done over five-plus years, against funds of the same risk type, on an after-fee, after-tax basis — and weigh any difference against the fee gap.

Is convenience with your existing bank worth staying for?

This is the real reason many people stay, so it deserves a straight answer.

The convenience is genuine. Your KiwiSaver sits in the same app as your everyday banking, you can see the balance alongside your accounts, and there is a branch to walk into. For some people that visibility is worth something, and there is nothing wrong with valuing it.

But be clear about what the convenience does and does not buy you. Seeing your balance in your banking app does not improve the return or lower the fee, and bank branch staff are generally there to help with that bank's own products, not to compare them against the rest of the market. Convenience is a fair reason to stay if everything else stacks up — and a weak one if you are paying more or sitting in the wrong fund. Weigh it as a factor, not the deciding one.

What do bank schemes typically NOT offer that boutiques do?

Bank schemes are built for scale and simplicity. That is a strength, but it comes with trade-offs that specialist providers often fill.

Things bank schemes tend to offer less of:

• Independent, ongoing advice. A bank channel generally sells its own scheme. It is not set up to tell you that a competitor's fund would suit you better, or to review your fund choice, contribution rate and PIR each year against the whole market.
• Specialist and ethical fund ranges. Concentrated high-growth funds, dedicated socially responsible options, and exposure to assets beyond listed shares and bonds are more often found among specialists.
• Low-cost index options. Some specialist providers compete hard on fees in a way bank schemes historically have not.

None of this makes bank schemes a poor choice for everyone. For a hands-off member who values simplicity and is in a sensible fund at a fair fee, a bank scheme can be perfectly reasonable. The difference is what you give up: the active comparison and the independent set of eyes. Our guide to bank vs robo vs independent adviser sets out those channels side by side.

Should you stay with a bank scheme or move to a specialist provider?

There is no single right answer, and anyone who gives you one without knowing your situation is guessing. The sensible way to decide is to test your current scheme against a few honest questions.

• Are you in the right fund type? A member in their twenties sitting in a conservative fund since auto-enrolment, or someone near retirement still in growth, is likely losing far more to the wrong risk setting than to any fee gap between providers.
• Is the fee competitive? Check your scheme's combined fee on Smart Investor against the cheaper specialists in the same fund type. ⁹ A fraction of a percent compounds into real money over decades.
• Is your PIR correct? Your PIE Prescribed Investor Rate — the tax rate on your KiwiSaver earnings — is 10.5%, 17.5% or 28% depending on your income. Get it wrong and you either overpay tax inside the fund or owe at year-end.
• Are you claiming the full government contribution? If eligible, the Government contributes up to $521.43 per KiwiSaver year, paid where you contribute at least $1,042.86. ⁴ Many members finish the year short of the full amount.

Staying may suit people who are in the right fund, on a fair fee, and value the convenience. Moving may suit people who want lower fees, specialist funds, or independent advice. Personalised advice works through which of those fits you, rather than assuming either way.

How do you switch out of a bank KiwiSaver if you decide to?

Switching is simpler than most people expect, and you stay invested the whole time.

The general process looks like this:

1. Choose your new provider and fund. Decide on the fund type that matches your timeframe and risk tolerance, then compare options on Smart Investor or with an adviser. ⁹

2. Apply to the new provider. You only ever sign up with the scheme you are moving to. They arrange the transfer.

3. Your balance is transferred across. Your existing provider transfers your money to the new one. You do not need to cash out, and you keep all the KiwiSaver tax and contribution settings.

4. Update your contribution rate and PIR. Make sure your employer contributions redirect and that your new provider has your correct PIR.

You can only be in one KiwiSaver scheme at a time, so there is no paperwork to "close" the old account separately — the transfer handles it. Check whether your current fund has any specific transfer timing, and confirm there is no period out of the market that worries you. If you would rather not do it alone, that is exactly the kind of thing a review covers.

ANZ vs ASB KiwiSaver: fees, funds and size at a glance

_Source: FMA KiwiSaver Annual Report (year ended 31 March 2024); each provider's Product Disclosure Statement; Sorted Smart Investor. ¹²³⁹ Not every provider in the market is shown — compare both bank schemes against specialist providers on a like-for-like basis._

Frequently asked questions

Is ANZ or ASB KiwiSaver better? Neither is universally better. ANZ is consistently the largest KiwiSaver provider by funds under management in FMA reporting, but size does not guarantee the lowest fee or the best after-fee return. ³ Compare both schemes on Smart Investor, fund type by fund type, on fees and after-fee, after-tax returns over at least five years before deciding. ⁹

Are bank KiwiSaver schemes more expensive than specialist providers? They often have been. Bank schemes have historically sat in the mid-to-upper part of the fee range rather than at the cheap end, while some specialist index providers compete hard on fees. The gap varies by fund type, so check your scheme's combined fee against the cheaper alternatives on Smart Investor in the same risk category. ⁹

Is my KiwiSaver safe with a bank scheme? Your money is held by an independent supervisor and custodian, separate from the manager, whichever provider you use. That is true for bank schemes and specialists alike. KiwiSaver is still an investment, though — the value can go down as well as up, and returns are not guaranteed. A bank scheme is not a savings account.

How do I switch from ANZ or ASB to another KiwiSaver provider? You apply only with the provider you are moving to, and they arrange the transfer. Your balance moves across without you cashing out, and your KiwiSaver settings carry over. You can only be in one scheme at a time, so the transfer closes the old one automatically. Update your contribution rate and PIR with the new provider. ⁹

Will switching providers affect my government contribution or contributions? No. Switching schemes does not change your eligibility for the government contribution or your employer contributions. If eligible, you can receive up to $521.43 a year by contributing at least $1,042.86, and the minimum employee and employer rates are each 3% of gross pay — these settings are set by the Government and apply regardless of provider. ⁴⁵

Should I stay with my bank's KiwiSaver out of convenience? Convenience is a fair factor but a weak deciding one. Seeing your balance in your banking app does not improve the return or lower the fee. If you are in the right fund at a competitive fee, staying can be sensible; if you are paying more or sitting in the wrong fund, the convenience rarely makes up for it. An independent review can weigh it for your situation.

This article is general information only and is not personalised financial advice. It does not take into account your particular financial situation, goals or needs. Before acting, consider whether it's right for you and seek advice tailored to your circumstances. KiwiSaver is a long-term savings scheme; government contributions, contribution rates, withdrawal rules and tax (PIR) settings are set by the Government and can change, and figures here are correct as at 12 March 2025 — check current rules at ird.govt.nz, kiwisaver.govt.nz and sorted.org.nz. Returns are not guaranteed; the value of investments can go down as well as up and past performance is not a reliable indicator of future performance. Craig Smith Business Services Ltd (FSP712931), trading as Smiths Financial, holds a Class 2 licence issued by the Financial Markets Authority and is a member of the Financial Dispute Resolution Service (FDRS). Smiths Financial does not provide advice on mortgages, tax or legal structuring. Written by Henry Smith, Financial Adviser; reviewed by Craig Smith, Principal Adviser. Last reviewed 12 March 2025.