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SBS Wealth KiwiSaver Review (2026)
SBS Wealth, the KiwiSaver arm of member-owned SBS Bank, runs nine funds including a five-option Lifestages range. Its Lifestages Aggressive Option and High Growth Fund rank #1 and #2 for 5-year returns in Morningstar's Aggressive category.
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Brent Coleman
What is SBS Wealth?
SBS Wealth Limited manages the SBS Wealth KiwiSaver Scheme. It is wholly owned by SBS Bank, which is itself owned by its members, and is a separate legal entity from the bank. In SBS Wealth's words: "we answer to locals, not offshore owners." Its investment team is based in New Zealand, and it combines active management with responsible-investment themes such as clean energy and healthcare innovation.
What can you invest in?
The scheme has nine funds in two groups.
The first is the Lifestages range, where your investment mix adjusts automatically as you get older. There are five options: Aggressive (ages 0 to 49), Growth (50 to 54), Balanced (55 to 59), Moderate (60 to 64) and Conservative (65+). Each one blends the four standalone funds in a set proportion that gets more conservative with age. The Aggressive Option is roughly 15% Focused Growth Fund and 85% High Growth Fund.
The second group is four standalone funds: High Growth, Focused Growth, Income and Cash.
Fund sizes and returns to 30 June 2026:
| Fund | Category | Assets (NZ$M) | 1yr Return | 3yr Return p.a. |
|---|---|---|---|---|
| Lifestages Aggressive Option (0 to 49) | Aggressive | n/a | 21.8% | 15.5% |
| High Growth | Aggressive | 539.6 | 21.2% | 15.3% |
| Lifestages Growth Option (50 to 54) | Growth | n/a | 17.6% | 13.2% |
| Lifestages Balanced Option (55 to 59) | Balanced | n/a | 13.6% | 10.8% |
| Lifestages Moderate Option (60 to 64) | Moderate | n/a | 9.9% | 8.6% |
| Lifestages Conservative Option (65+) | Moderate | n/a | 8.1% | 7.4% |
| Income | Miscellaneous | 269.7 | 2.7% | 4.0% |
| Focused Growth | International Share | 27.7 | 24.2% | n/a |
| Cash | Cash | 6.3 | 2.7% | n/a |
Performance
SBS Wealth's Lifestages Aggressive Option and High Growth Fund rank #1 and #2 for 5-year returns in Morningstar's Aggressive category, at 9.7% p.a. and 9.5% p.a. to 30 June 2026.
Fees
Total annual charges for the four standalone funds are below. None of them charge a performance fee.
| Fund | Manager's Basic Fee | Other Mgmt/Admin Charges | Total Fee |
|---|---|---|---|
| Cash Fund | 0.15% | 0.31% | 0.46% |
| Income Fund | 0.50% | 0.40% | 0.90% |
| Focused Growth Fund | 0.98% | 0.23% | 1.21% |
| High Growth Fund | 0.80% | 0.44% | 1.24% |
The Lifestages options are blends of these four funds, so their cost sits within the same range.
Other products
Alongside KiwiSaver, SBS Wealth offers non-KiwiSaver Investment Funds for long-term savings, and a Portfolio Service for larger lump sums with more flexibility than the standard KiwiSaver fund menu.
The bottom line
SBS Wealth's High Growth Fund and Lifestages Aggressive Option have a standout long-term track record, holding the top two spots for 5-year returns in the Aggressive category. As the KiwiSaver arm of a member-owned bank, it pitches itself on local ownership, and its fund range is smaller than the biggest providers'.