ANZ and ASB are two of New Zealand’s biggest KiwiSaver providers by funds under management. Both are major trading banks with large existing customer bases — and both offer broadly similar KiwiSaver products. But the differences in fees and long-term performance matter.
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ANZ vs ASB KiwiSaver: Quick Comparison
| Feature | ANZ | ASB |
|---|---|---|
| Funds under management | One of NZ’s largest | Top 3 by FUM |
| Default provider status | No (lost in 2021) | No (lost in 2021) |
| Growth fund fee | ~1.06% | ~0.95%–1.00% |
| Growth fund 5-yr return (indicative) | ~7.2%–7.8% p.a. | ~7.5%–8.0% p.a. |
| Conservative fund fee | ~0.65%–0.75% | ~0.60%–0.70% |
| Ethical/responsible fund | Yes (ANZ Responsible Growth) | No |
| Passive index option | Partial (some funds) | Partial |
| Mobile app integration | ANZ goMoney / ANZ app | ASB Mobile / FastNet Classic |
| Minimum contribution | None | None |
Fees: ANZ vs ASB
ANZ and ASB have broadly similar fee structures — both are in the higher half of the NZ KiwiSaver market.
ANZ growth fund: approximately 1.06% management fee + small underlying fund costs. On a $60,000 balance, this costs approximately $636/year.
ASB growth fund: approximately 0.95%–1.00%. On a $60,000 balance, approximately $570–$600/year.
ASB is marginally cheaper, but both are significantly more expensive than the cheapest options:
- Simplicity Growth: 0.31% → approximately $186/year on $60,000
- BNZ Growth: ~0.40%–0.55% → approximately $240–$330/year
Fee verdict: ASB edges ANZ, but both are expensive relative to the wider market. See our KiwiSaver fees comparison for the full picture.
Performance: ANZ vs ASB
On a 5-year after-fee, after-tax basis (indicative, to December 2025):
| Fund type | ANZ 5-yr return | ASB 5-yr return |
|---|---|---|
| Growth | ~7.2%–7.8% | ~7.5%–8.0% |
| Balanced | ~5.8%–6.3% | ~6.0%–6.5% |
| Conservative | ~4.0%–4.5% | ~4.3%–4.8% |
ASB has a marginal performance edge over ANZ across most fund categories, likely reflecting slightly lower fees feeding through to better net returns.
Both providers underperform the top independents (Milford at ~9.5%–10.2%, Generate at ~9.0%–9.8%) and Simplicity (~8.2%–8.8%) over 5 years. The fee gap is the primary driver of this underperformance.
Performance verdict: ASB narrowly ahead of ANZ, but both trail the best independents.
Fund Types and Options
ANZ fund range
ANZ offers a broad range: default, conservative, moderate, balanced, growth, and the ANZ Responsible Growth fund (an ethical option that applies ESG screening). ANZ is one of the few bank providers with a dedicated responsible investing fund.
ASB fund range
ASB offers default (conservative), balanced, growth, and higher-growth funds, plus a retirement fund. ASB does not offer a dedicated ethical/ESG fund. If ethical investing is a priority, ANZ or an independent provider (Pathfinder, Booster) is a better fit.
Digital Experience
Both ANZ and ASB integrate KiwiSaver into their main banking apps — a genuine convenience advantage over most independent providers.
ANZ: KiwiSaver visible in ANZ goMoney and the main ANZ app. Balance, contributions, and fund type all accessible in the banking interface.
ASB: KiwiSaver integrated into ASB Mobile and FastNet Classic. ASB’s app is consistently rated among the best NZ banking apps for usability.
For members who value seeing KiwiSaver alongside their everyday banking, both providers deliver well. Independent providers like Simplicity and Milford have their own portals but don’t integrate with your bank account.
Who Lost Default Provider Status — and Why
Neither ANZ nor ASB is a government-selected default provider as of 2021. Both lost this status in the government’s review, which prioritised lower fees and better member outcomes. New employees who don’t choose a provider are now assigned to BNZ, Booster, Generate, Milford, Simplicity, or SuperLife — not ANZ or ASB.
This is a meaningful signal: the government’s own review concluded both providers’ fee structures were too high for default assignment.
ANZ vs ASB: Which Should You Choose?
If you’re choosing between these two specifically:
- ASB has marginally lower fees and slightly better performance — a small edge
- ANZ has an ethical/responsible fund option if that matters to you
- Both integrate well with their respective banking apps
However: the more important question is whether either is the right choice compared to the wider market. For most members, both ANZ and ASB lose the fee-performance comparison to Simplicity, BNZ, or Milford.
Consider switching if:
- You’re in ANZ or ASB paying ~1% fees and have 10+ years until retirement
- You want the lowest-fee passive option (Simplicity at 0.31%)
- You want the best-performing active manager (Milford or Generate)
- You want a dedicated ethical fund (Pathfinder, Booster SRI)
Switching takes less than 10 minutes — see our switching KiwiSaver providers guide.
Frequently Asked Questions
Is ANZ or ASB KiwiSaver better? On fees and performance, ASB has a marginal edge — slightly lower fees and slightly better 5-year returns. Neither is competitive against the best non-bank options (Simplicity, Milford, BNZ).
Can I switch from ANZ to ASB KiwiSaver? Yes. Switching is free, straightforward, and takes effect within 10 working days. Apply directly through ASB (or any provider) — they manage the transfer.
Does switching from ANZ or ASB affect my banking relationship? No. KiwiSaver is separate from your everyday banking. You can hold your main bank accounts with ANZ or ASB while having KiwiSaver with a different provider.
Why did ANZ and ASB lose default provider status? The 2021 government review prioritised providers with lower fees and better member outcomes. Both ANZ and ASB charged above the threshold the review deemed acceptable for default assignment. The selected defaults — BNZ, Booster, Generate, Milford, Simplicity, SuperLife — demonstrated better value.
What to Read Next
- Bank vs Independent KiwiSaver NZ — the broader comparison framework
- ANZ KiwiSaver Review — full ANZ provider review
- ASB KiwiSaver Review — full ASB provider review
- ANZ vs Simplicity KiwiSaver — how ANZ compares to the cheapest option
- KiwiSaver Fees Comparison — all providers ranked by fee
- Best Performing KiwiSaver Funds NZ — 5-year ranked tables
- Switching KiwiSaver Providers — how to move