Sharesies and InvestNow are two of the most popular investing platforms in New Zealand. Both let you invest from $1, both are regulated by the FMA, and both have helped hundreds of thousands of New Zealanders get started with investing. But they serve somewhat different purposes.
Sharesies is better for buying individual NZX, ASX, and US shares, and for beginner-friendly stock investing. InvestNow is better for low-cost managed index funds and automatic regular investing with no brokerage or platform fees. Many NZ investors use both. For pure index fund investing, InvestNow's Foundation Series funds are among the cheapest investments available in NZ.
Side-by-Side Comparison
| Feature | Sharesies | InvestNow |
|---|---|---|
| Founded | 2017 (NZ) | 2017 (NZ) |
| Platform fee | $3/month (portfolios >$3k) | $0 |
| Transaction fee | 0.5%–1.9% per trade | $0 (for managed funds) |
| Buy individual NZX shares? | Yes | No |
| Buy ASX shares? | Yes | No |
| Buy US shares? | Yes (NZD or USD) | No |
| Managed funds? | Limited (some ETFs/funds) | 100+ funds |
| Auto-invest? | Yes | Yes |
| Fractional shares? | Yes | Not applicable (units) |
| PIE funds? | Yes (some) | Yes (most) |
| Term deposits? | No | Yes |
| KiwiSaver? | No | No (separate) |
| Min investment | $1 | $1 |
| App quality | Excellent | Good |
Sharesies — Detailed Review
What Sharesies offers
Sharesies launched in 2017 and rapidly became NZ’s most popular retail investing app. It’s designed for accessibility — a clean, intuitive app where you can buy fractional shares in NZX, ASX, and US companies from as little as $1.
Investments available:
- NZX-listed shares and ETFs (all)
- ASX-listed shares and ETFs (hundreds)
- US shares (NYSE, NASDAQ — thousands)
- Select managed funds and ETFs (e.g., Smartshares ETFs)
Tax: Sharesies handles PIE tax automatically for eligible funds. For individual NZX shares, tax on dividends (with imputation credit details) is provided via year-end tax summaries. For US shares, Sharesies is a conduit — FIF tax is your responsibility to file.
Fees in detail
| Portfolio value | Monthly fee |
|---|---|
| $0–$3,000 | Free |
| $3,001+ | $3/month ($36/year) |
Transaction fees:
- NZX orders: 0.5% (min $0.50) for market orders; limit orders have separate pricing
- ASX orders: 0.5% (min $0.50)
- US orders: 0.5% in NZD; 1.9% currency conversion if paying in NZD, 0.5% in USD
The $3/month fee: At $3,000 portfolio value, $36/year is 1.2% — higher than most index fund MERs. At $30,000, it’s 0.12% — negligible.
Who Sharesies suits
- Investors who want to buy individual NZX or ASX shares
- US share investors wanting a NZD-denominated platform
- Beginners who want a great app experience and fractional investing
- Those who want to hold a mix of shares and ETFs in one place
Who Sharesies doesn’t suit
- Investors focused entirely on low-cost managed index funds
- Those making large managed fund investments (InvestNow has no transaction fee)
- Investors who need access to 100+ managed funds
InvestNow — Detailed Review
What InvestNow offers
InvestNow was founded in 2017 and is focused on providing access to NZ’s managed fund ecosystem without platform fees. You can invest in over 100 funds from providers including Vanguard, AMP, Harbour, Pathfinder, Pie Funds, and InvestNow’s own Foundation Series.
Investments available:
- 100+ managed funds (PIE and non-PIE)
- Term deposits (from multiple providers)
- Foundation Series funds (very low cost, institutional-grade)
- Smartshares ETF series (bought as managed funds, not exchange-traded)
Tax: Most InvestNow funds are PIE-structured — tax is handled automatically at your PIR. InvestNow files the necessary tax returns. No separate FIF filing needed for PIE global funds.
Fees in detail
- Platform fee: $0
- Transaction fee: $0
- You pay only the fund’s MER (Management Expense Ratio)
Foundation Series Global Equity MER: ~0.03%
On $50,000 invested, that’s $15/year. Compare to Sharesies’ $36/year platform fee alone.
Who InvestNow suits
- Investors focused on low-cost index funds with no transaction costs
- Regular investors making monthly auto-investments into managed funds
- Those who want access to a wide range of managed funds (ethical, active, passive)
- Investors who want term deposits alongside their managed funds
- Higher-net-worth investors where transaction fees would otherwise be significant
Who InvestNow doesn’t suit
- Investors who want to buy individual NZX or ASX shares
- Those who want a polished mobile-first app experience
- Active traders
Fee Comparison — Real World Example
Scenario: $200/month invested in a global index fund for 10 years
| Platform | Fund | Fund MER | Platform fee | Total annual cost on $24k portfolio |
|---|---|---|---|---|
| InvestNow | Foundation Series Global Equity | 0.03% | $0 | ~$7/year |
| Kernel | Global 100 | 0.39% | $0 | ~$94/year |
| Sharesies | Smartshares TWF ETF | 0.20% | $36/year | ~$84/year |
| Bank KiwiSaver | Balanced fund (not investing) | ~0.80% | $0 | ~$192/year |
Over 10 years, the difference between InvestNow Foundation Series and a 0.80% managed fund on $24,000 is ~$1,850.
What About Kernel?
Kernel deserves mention alongside these two. It sits between Sharesies and InvestNow:
- No platform fee (like InvestNow)
- No brokerage (like InvestNow)
- Limited fund selection — Kernel’s own funds only (8–10 options)
- Clean, well-designed app (closer to Sharesies quality)
- 0.39% p.a. fund fee — lower than most active funds, higher than InvestNow Foundation Series
Verdict: Kernel is excellent for investors who want simplicity, a good app, and zero platform/brokerage fees, and who don’t need InvestNow’s breadth of fund selection.
Can I Use Both?
Yes — and many NZ investors do:
- InvestNow for automated monthly investments into Foundation Series index funds
- Sharesies for occasional individual share purchases (NZX, ASX, US) and dividend income
There’s no penalty for holding accounts on multiple platforms. Total assets across all platforms are your responsibility to track for tax purposes.
Frequently Asked Questions
Is Sharesies safe to use in NZ?
Yes. Sharesies is licensed by the Financial Markets Authority (FMA) and is a registered financial service provider. Your investments are held in nominee accounts separate from Sharesies’ own funds — if Sharesies folded, your investments would be protected.
What are Sharesies’ fees in NZ?
Sharesies charges a $3/month platform fee for portfolios over $3,000, and a 0.5%–1.9% transaction fee per trade depending on the currency and order type. There’s no charge on portfolios under $3,000.
Is InvestNow free to use?
Yes — InvestNow charges no platform fee and no transaction fee. You only pay the fund’s MER (Management Expense Ratio). The Foundation Series Global Equity fund has an MER of approximately 0.03%.
Which has better customer service — Sharesies or InvestNow?
Sharesies has a larger customer support team given its larger user base and has a very active community. InvestNow is smaller but responsive by email. Both have good online help centres and FAQs.
Should a beginner use Sharesies or InvestNow?
For buying shares: start with Sharesies. For managed index fund investing: start with InvestNow or Kernel. If you’re not sure, open both (free to do), use InvestNow for regular automated fund investing, and Sharesies for any individual share interest.