Kiwibank’s KiwiSaver offering has gone through significant changes in recent years, making it one of the more confusing to research. The scheme formerly known as Kiwibank KiwiSaver was managed through Kiwi Wealth, which was subsequently sold and rebranded as Summer — an independent investment platform no longer affiliated with Kiwibank.
If you previously had Kiwibank KiwiSaver, your account likely moved to Summer in the transition. This review covers both the history and the current state of Summer KiwiSaver, which is the active product as of 2026.
Disclosure: MoneyBalance does not have a commercial relationship with Kiwibank or Summer. This review is based on publicly available information and general market knowledge. Always verify current fees, fund details, and performance figures directly with Summer before making any decision.
For a comparison across providers, see Best KiwiSaver providers NZ (2026).
The Kiwibank → Kiwi Wealth → Summer Timeline
| Year | Event |
|---|---|
| 2011 | Kiwibank launches Kiwi Wealth (KiwiSaver investment arm) |
| 2017 | Kiwi Wealth becomes a separate subsidiary, managing Kiwibank KiwiSaver |
| 2022 | Kiwibank sells Kiwi Wealth to Simplicity and Booster |
| 2023 | Kiwi Wealth rebrands as Summer — now independent of Kiwibank |
| 2024 | Summer operates as a standalone KiwiSaver and investment provider |
What this means for you: If you have a Kiwibank KiwiSaver account from before 2022–2023, your account has been migrated to Summer. You are now a Summer customer, not a Kiwibank customer.
Kiwibank itself no longer manages or sells KiwiSaver. If you are a Kiwibank banking customer and want to add KiwiSaver, you would open a Summer account or choose any other provider independently — there is no Kiwibank-branded KiwiSaver product as of 2026.
Summer KiwiSaver at a Glance
| Detail | Summer KiwiSaver |
|---|---|
| Type | Independent (formerly Kiwi Wealth / Kiwibank KiwiSaver) |
| Default provider status | No |
| Funds offered | 5 main KiwiSaver funds |
| Management fee (approx) | 0.34%–0.49% |
| Member fee | $30/year flat fee |
| FUM (approx) | $3+ billion |
| Supervisor | Public Trust |
| Regulated by | Financial Markets Authority (FMA) |
| Ethical/ESG option | Partially — Summer uses responsible investment principles |
Summer’s Fund Range
| Fund | Approx growth/defensive split | Est. annual fee | Suited to |
|---|---|---|---|
| Income (cash-like) | ~0% / 100% | ~0.34% | Capital preservation |
| Conservative | ~25% / 75% | ~0.39% | 1–5 years to goal |
| Balanced | ~50% / 50% | ~0.44% | 5–15 years |
| Growth | ~75% / 25% | ~0.49% | 15+ years |
| High Growth | ~100% / 0% | ~0.49% | Long horizon, maximum equity exposure |
Fees are estimates. The $30/year flat fee applies in addition. Verify current details at summer.co.nz.
The High Growth fund (100% growth assets) offers the highest equity exposure in Summer’s range — comparable to ASB’s Aggressive fund. This makes Summer one of the few providers outside ASB to offer a 100% equity KiwiSaver option.
For an explanation of growth versus defensive assets across fund types, see KiwiSaver fund types explained.
Summer KiwiSaver Fees
Summer’s fee structure combines a percentage management fee with a $30/year flat member fee — the same flat fee charged by providers like Simplicity.
Fee impact by balance — Summer Growth (~0.49% + $30/year) vs alternatives:
| Balance | Summer annual cost | Simplicity Growth (0.31% + $30) | BNZ Growth (~0.50% + $18) |
|---|---|---|---|
| $5,000 | $55 | $46 | $43 |
| $20,000 | $128 | $92 | $118 |
| $50,000 | $275 | $185 | $268 |
| $100,000 | $520 | $340 | $518 |
At higher balances, Summer’s fee structure is broadly comparable to BNZ’s, though both are more expensive than Simplicity. The $30/year flat fee makes Summer relatively more expensive for small balances.
Responsible Investment Approach
Summer (formerly Kiwi Wealth) has long incorporated responsible investment principles into its fund management. This is not an explicit ethical screen in the same way as a dedicated ESG fund, but it does mean the investment process considers environmental, social, and governance factors when selecting holdings.
What Summer excludes: Companies involved in controversial weapons, tobacco production, and significant fossil fuel extraction.
Compared to dedicated ethical funds: Summer’s approach is integrated rather than screened-first. For members who want a more explicit and comprehensive ethical stance, Pathfinder or Booster’s socially responsible funds may be worth comparing.
Who Owns Summer Now?
Summer is jointly owned by Simplicity and Booster following the 2022 sale by Kiwibank. This is an unusual ownership structure — two competing KiwiSaver providers own an operational platform together.
In practice, Summer operates independently of both Simplicity and Booster as a standalone brand and product. Members deal with Summer directly, not with Simplicity or Booster.
Pros and Cons
Pros:
- Fees (0.34%–0.49%) are competitive for active/hybrid managers
- Responsible investment principles integrated throughout
- High Growth fund (100% equity) available — rare among mid-sized providers
- Summer is independent — no bank conflict of interest
- Public Trust as supervisor (same as Simplicity)
Cons:
- $30/year flat fee hurts smaller balances
- Not a default provider
- Brand recognition is lower post-rebrand — some members may be uncertain they are still in a legitimate, regulated scheme
- No dedicated ethical fund — ESG is integrated but not explicitly screened
- Fees higher than leading passive providers (Simplicity at 0.10%–0.31%)
- Ownership structure (Simplicity + Booster) is unusual and may evolve
Who Summer KiwiSaver Suits
Summer KiwiSaver is a reasonable choice for:
- Former Kiwibank KiwiSaver members who were migrated and are happy with the service
- Members who want a High Growth (100% equity) option with responsible investment principles
- Members comfortable with an independent (non-bank) provider at mid-range fees
- Members who value ESG integration without paying a premium for a separate ethical fund
Summer KiwiSaver may not be the best choice for:
- Members with small balances where the $30/year flat fee is proportionally costly
- Members focused purely on fee minimisation — Simplicity is materially cheaper
- Members who want explicit ethical exclusion screens rather than integrated ESG
Switching from or to Summer KiwiSaver
The switching process is the same as for all providers:
- Apply to your new provider online (takes ~10–15 minutes)
- The new provider arranges the balance transfer
- Funds transfer within approximately 35 days
- Employer contributions redirect to the new provider
Your years of membership, contribution history, and first home withdrawal eligibility are all preserved. See the KiwiSaver provider switching guide for the full process.
Frequently Asked Questions
Is my Kiwibank KiwiSaver now with Summer?
Yes, if you had Kiwi Wealth KiwiSaver (which was administered for Kiwibank), your account was transferred to Summer during the 2022–2023 transition. You should have received communications about this. Log in to summer.co.nz or contact Summer to confirm.
Does Kiwibank still offer KiwiSaver?
No. Kiwibank sold its KiwiSaver investment arm (Kiwi Wealth) in 2022. As of 2026, Kiwibank does not have a branded KiwiSaver product. If you bank with Kiwibank and want KiwiSaver, you would choose any provider independently — Summer, Simplicity, BNZ, or any other.
Is Summer a trustworthy provider?
Yes. Summer is regulated by the FMA, supervised by Public Trust, and is a registered KiwiSaver scheme. Despite the rebranding, it is a fully legitimate, regulated scheme. The Simplicity and Booster ownership gives it financial backing from two established providers.
What is the difference between Summer and Simplicity?
Despite Simplicity being a part-owner of Summer, they are separate KiwiSaver products. Simplicity is a passive index fund provider at very low fees (0.10%–0.31%). Summer is a managed fund provider with integrated responsible investment at slightly higher fees (0.34%–0.49% + $30/year). They compete directly for members.
Can I switch from Summer to Simplicity?
Yes — the fact that Simplicity part-owns Summer does not prevent you from switching. You apply to Simplicity online and the balance transfer proceeds normally. Your membership history is preserved.
Was Kiwi Wealth a default KiwiSaver provider?
Yes — Kiwi Wealth was a default provider under the old system (before 2021). Under the new default panel introduced in December 2021, Summer was not selected as a default provider.
Key Takeaways
- Kiwibank no longer offers KiwiSaver — the scheme was sold and rebranded as Summer
- Summer is now an independent provider, jointly owned by Simplicity and Booster
- Fees of 0.34%–0.49% plus $30/year are competitive mid-range but not the cheapest available
- The High Growth fund (100% equity) is a notable option for long-horizon members
- Summer integrates responsible investment principles throughout, without a dedicated ethical fund
- Former Kiwibank KiwiSaver members should verify their account is active on summer.co.nz
For a full comparison across NZ’s top providers, see Best KiwiSaver providers NZ (2026) and how to choose a KiwiSaver fund.