InvestNow vs Sharesies for KiwiSaver in NZ (2026): Two Platforms Compared

InvestNow vs Sharesies KiwiSaver compared independently: fund choice, platform and underlying fees, control versus simplicity, and who each platform suits.

TL;DR: InvestNow and Sharesies both run "build-your-own" KiwiSaver schemes where you choose from a menu of funds. InvestNow positions itself as charging no platform or membership fee, so you pay only the underlying fund charges. ⁸ Sharesies adds a 0.15% p.a. admin fee on self-select picks plus a small transaction fee, on top of base fund charges of roughly 0.47% to 1.52% p.a. ⁶⁷ Both suit confident, hands-on members; neither replaces advice.

InvestNow vs Sharesies KiwiSaver is a comparison between two platforms that work the same way at heart: instead of putting you in one provider's diversified fund, they hand you a menu and let you build your own KiwiSaver from individual funds. That flexibility is the appeal, and it is also where the responsibility shifts onto you.

This guide compares the two on how they work, the fund choice each gives you, the fees (platform plus underlying fund), how much control versus simplicity you get, and who each genuinely suits. Figures are point-in-time and dated where they matter; always confirm current charges on each provider's own fees page before acting.

How do InvestNow and Sharesies KiwiSaver actually work?

Both are KiwiSaver schemes built around a platform model rather than a single in-house fund.

With a traditional provider, you pick a risk profile (say, Growth) and your money goes into that one diversified fund. With a platform scheme, you instead choose from a list of underlying funds run by various managers, and you can split your contributions across more than one. You are effectively assembling your own portfolio inside the KiwiSaver wrapper.

• InvestNow runs the InvestNow KiwiSaver Scheme as a menu of funds from a range of managers, with the platform itself sitting underneath as administrator. ⁸
• Sharesies runs the Sharesies KiwiSaver Scheme, which offers a set of base funds plus a "self-select" option that lets you choose and weight individual funds yourself. ⁶

The same KiwiSaver rules apply to both as to any other scheme: the same government contribution, the same contribution rates, the same withdrawal rules. The platform changes how you choose funds, not the underlying scheme mechanics. You can also switch providers or schemes at any time, with no government-imposed exit or transfer fee. ¹⁰

What fund choice does each platform give you?

This is the main reason people look at these schemes: range.

Sharesies offers a smaller set of base funds (covering the usual conservative-to-growth spread) alongside a self-select list of individual funds you can mix yourself. The base funds are the simple path; self-select is where the build-your-own flexibility lives. ⁶⁷

InvestNow is built around breadth. Its KiwiSaver menu draws on funds from a range of managers, so members who want to combine, say, a global index fund with a specialist or income fund have the components to do so. ⁸

A few honest points about wide fund menus:

• More choice is not automatically better. A tighter menu makes it harder to build something unbalanced. A wide menu gives flexibility but also more ways to end up with an unintended risk profile.
• You are doing the diversifying. A single diversified Growth fund spreads risk for you. When you assemble your own, the spread across shares, bonds and regions is your job to get right and to keep right.
• Compare like with like. Use Sorted's Smart Investor to see standardised, comparable fees and returns for any fund on either menu rather than relying on a platform's own framing. ⁹

If you are still working out which risk profile fits you in the first place, that comes before the platform decision. Our guide on how to choose a KiwiSaver fund covers it.

What are the fees on each (platform plus underlying fund)?

With platform schemes there are two layers of cost: what the platform charges to administer your account, and what each underlying fund charges. You pay both.

Sharesies charges a 0.15% p.a. administration fee on the balance of each self-select pick, on top of the underlying fund's own charge. There is also a self-select transaction fee of 1% on amounts up to $1,000 and 0.1% above $1,000. Sharesies does not charge a membership, switching, performance or withdrawal fee. ⁶ On top of that platform layer, the Sharesies KiwiSaver base funds each carry their own annual fund charge, ranging from about 0.47% p.a. (Superlife Conservative) up to about 1.52% p.a. (Pie Global Growth 2), so your total cost depends heavily on which funds you pick. ⁷

InvestNow positions its KiwiSaver Scheme as charging no platform administration or membership fee, so members pay only the annual fund charges of the underlying funds they select from its menu. ⁸ As always, confirm the exact current charges on InvestNow's own fees page before relying on this, as platform fee structures can change.

_Source: Sharesies KiwiSaver Scheme fees page and InvestNow KiwiSaver pages, as at mid-2025; underlying fund charges vary by fund and date. Confirm current figures on each provider's fees page and on Sorted Smart Investor._ ⁶⁷⁸⁹

The takeaway is that the platform fee is only part of the story. On a self-select Sharesies portfolio you are layering 0.15% on top of fund charges that themselves range widely, so two members on the same platform can pay very different totals depending purely on fund choice. For a broader view of the cheaper end of the market, see our low-fee KiwiSaver providers guide.

How much control versus simplicity does each offer?

This is the real trade-off, and it cuts both ways.

Control. Both platforms let you decide exactly what you hold and in what proportion, and change it when you want. For someone who follows markets, has a clear view, and wants to express it inside KiwiSaver, that is genuine flexibility a single-fund provider cannot match.

Simplicity. A traditional Growth fund is one decision, made once, then left alone. A self-built portfolio is an ongoing job: you chose the mix, so you own the rebalancing, the reviewing, and the discipline not to tinker at the wrong moment. More control means more decisions, and every decision is a chance to help or hurt your balance.

Neither setting is better in the abstract. The question is whether you actually want that control, and whether you will use it well over decades, including the years when markets fall and doing nothing is the hardest thing to do.

Who suits a build-your-own KiwiSaver, and who doesn't?

Platform schemes tend to suit a particular kind of member.

A build-your-own approach may suit people who are confident choosing and combining funds, comfortable carrying the diversification and rebalancing themselves, fee-aware enough to compare total cost properly, and disciplined enough to leave a sensible portfolio alone through a downturn.

It tends to suit less well people who want a single, set-and-forget decision; who are not sure what risk profile fits them; who would find a wide fund menu more confusing than freeing; or who know they are tempted to chase last year's best performer. For many New Zealanders, a single well-chosen diversified fund from a mainstream provider does the job with far less to manage. Our KiwiSaver providers list sets out the main options if a single-fund scheme is the better fit.

There is no prize for complexity. A simpler scheme you will actually stick with often beats a sophisticated one you second-guess.

What are the risks of picking your own funds without advice?

Choosing your own funds is allowed and, done carefully, can work. But the risks are real and worth naming.

• Wrong overall risk profile. It is easy to assemble something either too aggressive for your timeframe or too conservative, then not notice for years. The fund you build matters less than whether it suits how long until you need the money.
• Poor diversification. Concentrating in one region, sector or manager raises risk without raising expected return. A single diversified fund handles this for you; a self-built portfolio does not.
• Performance chasing. Picking funds on last year's returns is one of the more common and costly KiwiSaver mistakes. Past performance is not a reliable indicator of future performance.
• Behaviour in a downturn. The most expensive mistake is switching to cash or conservative after a fall, locking in the loss and missing the recovery. Having built the portfolio yourself, you also carry the temptation to dismantle it at the worst time.
• Getting your PIR wrong. Your Prescribed Investor Rate (the tax rate on your KiwiSaver earnings) should be 10.5%, 17.5% or 28% depending on income. Too high and you overpay tax inside the fund; too low and you owe at year-end. This applies on any platform.

None of this means DIY is wrong. It means the responsibility that a traditional provider partly carries shifts to you. If you would like a second opinion on whether your build is sensible, our guide on adviser KiwiSaver vs DIY weighs up when advice is worth it.

How do their apps and reporting compare?

Both platforms are built for self-service, so the experience matters more than with a hands-off provider.

Sharesies is known for a polished mobile app and web experience, with a clear portfolio view and straightforward ordering, which is part of its appeal to newer investors. InvestNow is more web-oriented and functional, designed around its broad fund menu and ordering rather than a slick app-first interface.

For KiwiSaver specifically, the things worth checking on either platform are the same: can you see your true total cost (platform plus underlying fund charges) clearly, can you see standardised returns rather than just headline numbers, and is your PIR shown and correct. For genuinely standardised, like-for-like fee and return data, cross-check any fund on Sorted's Smart Investor rather than relying on the platform's own presentation. ⁹

When should you use a managed scheme instead of a platform?

A platform is not the default best answer for everyone, and a traditional managed scheme is often the simpler, sound choice.

A single managed diversified fund tends to make sense when you want one decision rather than ongoing ones, when you are not confident building and rebalancing a portfolio, when a wide menu would be more burden than benefit, or when you know you are likely to tinker at the wrong moments. The diversification and rebalancing are done for you, which for many members is the point of KiwiSaver in the first place.

The honest summary: platforms reward members who genuinely want control and will exercise it well; managed schemes serve everyone else more reliably. Neither is universally better. What matters is matching the structure to how you will actually behave over a 30-to-40-year product.

A quick consideration that applies whichever route you take: make sure you are banking the full government contribution. If you qualify, the Government contributes 25 cents for every $1 you contribute, up to a maximum of $260.72 per year, which requires you to contribute at least $1,042.86 of your own money between 1 July and 30 June. ¹ Members earning more than $180,000 of taxable income a year no longer qualify for any government contribution. ² These figures are set by the Government and can change; check current rules at ird.govt.nz.

Frequently asked questions

Is InvestNow or Sharesies cheaper for KiwiSaver? It depends entirely on the funds you choose. InvestNow positions itself as charging no platform or membership fee, so you pay only the underlying fund charges. ⁸ Sharesies adds a 0.15% p.a. admin fee on self-select picks plus a small transaction fee, on top of base fund charges that range from about 0.47% to 1.52% p.a. ⁶⁷ Compare total cost on Sorted Smart Investor before deciding. ⁹

What is the difference between a platform KiwiSaver and a normal one? A normal scheme puts you in one diversified fund for your risk profile and handles diversification and rebalancing for you. A platform scheme like InvestNow or Sharesies gives you a menu of funds to choose and combine yourself, so you carry more of the decisions. The underlying KiwiSaver rules are the same either way.

Do I still get the government contribution on these platforms? Yes. The government contribution is not tied to any particular scheme. If you qualify, contribute at least $1,042.86 of your own money between 1 July and 30 June to receive the full $260.72 (25c per $1). Members earning over $180,000 of taxable income a year no longer qualify. ¹²

Can I switch to or from one of these schemes later? Yes. KiwiSaver members can switch providers or schemes at any time, and there is no government-imposed exit or transfer fee for doing so. ¹⁰ Check whether your chosen funds are the right ones before and after any switch, as switching scheme does not by itself fix a poor fund mix.

Are contribution rates changing? Yes. As at 21 July 2025 the default minimum employee and compulsory employer rate are both 3%. ⁴ The default minimum rate is scheduled to rise to 3.5% from 1 April 2026 and 4% from 1 April 2028. ⁵ Employees can otherwise choose 3%, 4%, 6%, 8% or 10%. ⁴ From 1 July 2025, 16- and 17-year-olds who contribute also became eligible for the government contribution. ³

Should I build my own KiwiSaver or stay in a single fund? It comes down to whether you want and will use the control. A build-your-own approach suits confident, disciplined, fee-aware members who will diversify and rebalance properly. A single diversified fund suits everyone who prefers one sound decision left to run. Many people are better served by the simpler option.

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. Figures are correct as at 21 July 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 you may get back less than you invested; 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). Written by Henry Smith, Financial Adviser; reviewed by Craig Smith, Principal Adviser. Last reviewed 21 July 2025.