When it comes to KiwiSaver, New Zealanders split broadly into two camps: those with a bank provider (ANZ, ASB, BNZ, Westpac, Kiwibank) and those with an independent provider (Simplicity, Milford, Generate, Booster, Fisher Funds, and others). The question of which is better comes up constantly — and the answer matters because the difference in fees and performance compounds significantly over decades.
This article is the hub for our KiwiSaver comparison series. It gives you the framework; the sibling articles go deeper on specific head-to-head matchups.
Disclosure: MoneyBalance may earn a referral fee from some providers linked on this page. This does not influence our analysis — we recommend based on fees, performance, and member outcomes.
The NZ KiwiSaver Landscape
As of 2026, there are around 30 registered KiwiSaver scheme providers in New Zealand. The market is broadly divided into:
Bank providers:
- ANZ (largest by FUM)
- ASB
- BNZ (also a default provider)
- Westpac
- Kiwibank (now operating as Summer — rebranded, owned by Simplicity and Booster)
Independent providers (selection):
- Simplicity (not-for-profit, passive index)
- Milford (active management, default provider)
- Generate (active, default provider)
- Booster (default provider, Glidepath default fund)
- Fisher Funds (active management)
- SuperLife (passive, default provider, owned by Fisher Funds)
- Pathfinder (ethical/ESG focus)
- Koura (digital-first, customisable)
- Kernel (passive index, low-cost)
- Craigs Investment Partners (investment firm)
- Juno (digital-first)
Head-to-Head: Banks vs Independents
Fees
This is where independents tend to win — often decisively.
| Provider type | Typical growth fund fee | Annual cost on $50,000 |
|---|---|---|
| Bank (ANZ, ASB, Westpac) | 1.00%–1.20% | $500–$600 |
| Bank (BNZ) | ~0.40%–0.55% | $200–$275 |
| Independent (Simplicity) | 0.31% | $155 |
| Independent (Milford) | ~0.85%–1.05% | $425–$525 |
| Independent (Generate) | ~0.90%–1.10% | $450–$550 |
| Independent (Fisher Funds) | ~1.20%–1.45% | $600–$725 |
Bank fees vary significantly: BNZ is competitive, but ANZ and ASB growth funds are among the most expensive in the market. Simplicity remains the cheapest provider overall.
For the detailed fee comparison, see our KiwiSaver fees comparison.
Performance (5-year, after fees)
| Provider type | Growth fund 5-yr return (indicative) |
|---|---|
| Milford (independent) | ~9.5%–10.2% p.a. |
| Generate (independent) | ~9.0%–9.8% p.a. |
| Simplicity (independent) | ~8.2%–8.8% p.a. |
| BNZ (bank) | ~8.0%–8.5% p.a. |
| ANZ (bank) | ~7.2%–7.8% p.a. |
| ASB (bank) | ~7.5%–8.0% p.a. |
| Westpac (bank) | ~6.8%–7.5% p.a. |
| Fisher Funds (independent) | ~7.0%–7.8% p.a. |
Independents dominate the top of the performance table. Milford and Generate have delivered the strongest 5-year returns. Notably, Fisher Funds — despite being independent — underperforms relative to its high fees.
For full ranked tables, see our best performing KiwiSaver funds guide.
Fund Range
| Provider | Growth fund | Balanced | Conservative | Ethical option | Passive index |
|---|---|---|---|---|---|
| ANZ | ✓ | ✓ | ✓ | ✓ (Responsible) | Partial |
| ASB | ✓ | ✓ | ✓ | ✗ | Partial |
| BNZ | ✓ | ✓ | ✓ | ✗ | ✓ |
| Westpac | ✓ | ✓ | ✓ | ✗ | Partial |
| Simplicity | ✓ | ✓ | ✓ | ✗ | ✓ (all funds) |
| Milford | ✓ | ✓ | ✓ | ✗ | ✗ |
| Generate | ✓ | ✓ | ✓ | ✗ | ✗ |
| Booster | ✓ | ✓ | ✓ | ✓ (SRI range) | Partial |
| Pathfinder | ✓ | ✓ | ✓ | ✓ (all funds) | ✗ |
Digital Experience and Tools
Banks have an advantage here for existing customers — you can see your KiwiSaver balance alongside your transaction accounts in the same app. This convenience is real, though not a reason to pay higher fees.
Independent providers with strong digital tools: Booster (MyBooster app), Milford (member portal), Simplicity (clean online dashboard), Koura (digital-first with personalised fund selector).
Default Provider Status
Six default providers were selected by the government in 2021: BNZ, Booster, Generate, Milford, Simplicity, and SuperLife. ANZ, ASB, and Westpac are not default providers — they lost default status in the 2021 review partly due to higher fees and below-average returns.
If you were auto-enrolled with ANZ, ASB, or Westpac (prior to 2021), you were placed there before the current default framework. You are free to switch at any time.
When Banks Make Sense
Despite the fee and performance disadvantage, some members legitimately prefer their bank:
- Simplicity of managing everything in one app (especially for less engaged members)
- BNZ specifically has competitive fees and reasonable returns — closer to independent quality
- Existing relationship and comfort with the provider
- Joint account holders who want aligned financial visibility (though KiwiSaver accounts are always individual)
When to Switch to an Independent
Strong reasons to move:
- You’re with ANZ, ASB, or Westpac and paying 1%+ fees
- Your 5-year performance is below 7.5% in a growth fund
- You want a genuine ethical/ESG fund (not just an exclusions list)
- You want pure passive index investing at the lowest possible cost
Switching is free and straightforward — see our switching KiwiSaver providers guide.
The Verdict
For most members focused on long-term outcomes, independent providers offer better value:
- Simplicity for lowest fees and passive index approach
- Milford or Generate for those willing to pay for active management with a proven track record
- Pathfinder or Booster SRI for ethical-first investors
- BNZ is the competitive exception among banks — comparable to some independents on fees and performance
ANZ, ASB, and Westpac are hard to recommend for most members, given the fee gap relative to better-performing alternatives.
Explore the Full Comparison Series
- ANZ vs ASB KiwiSaver — two of NZ’s biggest bank providers compared
- Simplicity vs Milford KiwiSaver — passive vs active debate
- Milford vs Fisher Funds KiwiSaver — both active managers, very different outcomes
- ANZ vs Simplicity KiwiSaver — bank giant vs not-for-profit low-cost
- Cheapest vs Best Performing KiwiSaver — does low cost always win?
- Ethical KiwiSaver Providers Compared — Pathfinder, Booster SRI, ANZ Responsible compared
What to Read Next
- Best KiwiSaver Providers NZ — the full provider rankings
- KiwiSaver Fees Comparison — fees by provider and fund type
- Best Performing KiwiSaver Funds — ranked performance tables
- Switching KiwiSaver Providers — how to move
- How to Choose a KiwiSaver Fund — fund type selection