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BNZ KiwiSaver Review (2026)
BNZ's KiwiSaver scheme, run by Harbour Asset Management under the BNZ brand, offers eight low-fee funds including a dedicated First Home Buyer Fund.
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Brent Coleman
What is the BNZ KiwiSaver Scheme?
The BNZ KiwiSaver Scheme is a New Zealand KiwiSaver scheme branded by BNZ but issued and managed by Harbour Asset Management Limited, part of the FirstCape group.
It offers eight funds ranging from Cash through to High Growth, including a dedicated First Home Buyer Fund. Most funds charge 0.45% a year, with no monthly member fee.
Despite the BNZ branding, money in the scheme is not a bank deposit or liability of BNZ, and returns are not guaranteed.
Who runs it?
The BNZ KiwiSaver Scheme is branded by BNZ, but it is issued and managed by Harbour Asset Management Limited, part of the FirstCape group. Harbour uses the BNZ brand under licence.
BNZ itself is owned by National Australia Bank and sits outside the FirstCape group. Money in the scheme is not a bank deposit or liability of BNZ or NAB, and neither guarantees the scheme.
What can you invest in?
The scheme has eight funds covering the full range of risk levels: Cash, First Home Buyer, Conservative, Moderate, Default, Balanced, Growth and High Growth.
The First Home Buyer Fund is designed for members approaching a first-home withdrawal. Its target allocation is 85% income assets and 15% growth assets.
The funds invest across cash, New Zealand and international fixed interest, Australasian shares and international shares.
BNZ does not currently have separate listed or unlisted property allocations in its KiwiSaver funds.
The Growth Fund had around $2.18 billion invested at 30 June 2026. Its largest holdings included Fisher & Paykel Healthcare, Infratil, NVIDIA, Apple and Auckland International Airport.
Fees
Most of the range charges a flat 0.45% p.a., with two cheaper exceptions:
| Fund | Fee |
|---|---|
| Cash | 0.30% p.a. |
| Default | 0.35% p.a. |
| Conservative | 0.45% p.a. |
| First Home Buyer | 0.45% p.a. |
| Moderate | 0.45% p.a. |
| Balanced | 0.45% p.a. |
| Growth | 0.45% p.a. |
| High Growth | 0.45% p.a. |
There is no monthly member fee.
Performance
For the year to 30 June 2026, the BNZ Growth Fund returned 16.10% after fees and before tax.
The BNZ Moderate Fund returned around 5.7% p.a. over 10 years and ranked second in its Morningstar category at 30 June 2026.
Past performance does not guarantee future returns.
Other features
- BNZ customers can redeem BNZ Points directly into their BNZ KiwiSaver account.
- The standard government contribution applies: eligible members can receive 25 cents for every $1 contributed, up to $260.72 a year.
- Significant financial hardship withdrawals are available under standard KiwiSaver rules, although government contributions generally cannot be withdrawn this way.
Good to know
Money in the BNZ KiwiSaver Scheme is not a bank deposit, and it is not a liability of BNZ or National Australia Bank.
The scheme is managed by Harbour Asset Management, part of FirstCape, and no one — including BNZ, NAB or the New Zealand Government — guarantees its returns or repayment.
The bottom line
The BNZ KiwiSaver Scheme combines a simple eight-fund range with relatively low fees. Most funds charge 0.45% a year, with no monthly member fee.
The First Home Buyer Fund is a useful point of difference, while BNZ customers can also redeem BNZ Points directly into KiwiSaver.
The main thing to understand is that despite the BNZ branding, the scheme is now issued and managed by Harbour Asset Management, part of FirstCape, rather than BNZ itself.