Smiths Insurance and KiwiSaver
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Lowest fees · ranked on the data

Lowest-fee KiwiSaver funds in NZ (2026)

Every basis point of fee compounds against you over decades. These are the cheapest KiwiSaver funds in NZ. which doesn't always mean the best, but it's a fair starting point.

General information only · Past performance is not a reliable indicator of future performance · Returns shown are historical (Morningstar Morningstar KiwiSaver 360, Q1 2026), net of fund fees at 28% PIR. For personal advice on which fund fits you, run our free Health Check or get in touch.

Smiths' top 5

The 5we'd look at first.

  1. 1
    MILFORD KIWISAVER PLAN logo

    Conservative

    Milford Kiwisaver Cash Fund

    Milford Kiwisaver Plan

    0.20% total fees · 2.47% 5y return

  2. 2
    ANZ KIWISAVER SCHEME logo

    Conservative

    Cash Fund

    Anz Kiwisaver Scheme

    0.22% total fees · 2.52% 5y return

  3. 3
    ANZ DEFAULT KIWISAVER SCHEME logo

    Conservative

    Cash Fund

    Anz Default Kiwisaver Scheme

    0.22% total fees · 2.52% 5y return

  4. 4
    KERNEL KIWISAVER PLAN logo

    Conservative

    Kernel Cash Plus Fund

    Kernel Kiwisaver Plan

    0.25% total fees · 0.00% 5y return

  5. 5
    KERNEL KIWISAVER PLAN logo

    Uncategorised

    Kernel S&P 500 (Nzd Hedged) Fund

    Kernel Kiwisaver Plan

    0.25% total fees · 0.00% 5y return

How we ranked these

Our methodology

We rank all KiwiSaver funds with reported total annual fees, lowest first. Returns are shown alongside but don't affect the rank.

Smiths is FAP-licensed (FSP712931) and gives advice on a defined panel of KiwiSaver schemes. We don't run our own scheme. We do receive an upfront fee plus a trail commission (0.25%–0.5%) from the scheme we move clients to, disclosed in full at smiths.net.nz/disclosure. The ranking on this page covers every scheme in NZ, regardless of whether it is on our panel. Past performance is not a reliable indicator of future performance. this is general information only.

The full ranking

All 210 funds we considered

Need a personal take?

We don't pick funds in the abstract.

Take the 90-second Health Check and we'll match you to the best fit for your timeframe, goals, and tax position from our advised panel, benchmarked against every fund in the directory.

Our directory covers every NZ KiwiSaver fund. Our advice panel is five schemes (ANZ, Booster, Fisher Funds, Generate, Milford); recommendations land on four funds across Milford and Booster — how we're paid →

Run free Health Check →

More curated lists

Other ways we slice the data