KiwiSaver for kids

20 May 2024

Many parents and guardians open a savings account for their child. But did you know that they can also join KiwiSaver? Find out why enrolling your tamariki in KiwiSaver could be well worth considering.

KiwiSaver versus savings: what’s the difference?

Unlike a savings account, putting money in KiwiSaver involves taking on some risk. But it also has the potential to earn higher returns than a savings account, which can help achieve long-term financial goals. 

Here are some other reasons why you might want to consider opening a KiwiSaver account for the child in your life:


Compounding returns

KiwiSaver returns are reinvested – which means kids earn returns on both the money invested, and the investment returns. This adds up over time and can potentially make a big difference to their financial future.


Buying a first home

One of the most challenging parts of buying a first home happens before the house hunting even begins: pulling together enough money for a deposit. KiwiSaver will give your child a huge head start in saving for their first home. A First Home Withdrawal allows your child to use the bulk of their KiwiSaver balance to put down a deposit, while the First Home Grant provides up to $10,000 for eligible KiwiSaver members.


Growing good money habits

A KiwiSaver account is a great tool for teaching your tamariki about managing their money, how investing works, and establishing good savings habits from the get-go.


Simple and straightforward

KiwiSaver is free to join, and there’s no minimum amount you need to put into your child’s KiwiSaver account – you choose how much and how often to contribute. It’s important to know that KiwiSaver savings are ‘locked in’.

They also have ongoing management fees and some KiwiSaver providers have membership fees which are deducted from your child’s KiwiSaver savings. ANZ Investments’ managed KiwiSaver schemes don't have annual membership fees.

How to join under 18s to the OneAnswer KiwiSaver Scheme

Kids can’t join KiwiSaver on their own or through an employer, so you’ll need to take a few simple steps to get them enrolled.


Step 1. Fill in the application form

Read the OneAnswer KiwiSaver Scheme product disclosure statement (PDF 817KB), then complete the application form for under 18s (Form B) at the end of the document.


Step 2. Choose their fund

Growth funds carry more risk but have the potential to deliver higher returns in the long run – so they can be a good choice for kids who won't be withdrawing their savings in the short term. 

The OneAnswer KiwiSaver Scheme has 14 funds to choose from, including the new High Growth Fund. To help decide what fund to invest in, check out our Fund Chooser Tool. Note the Fund Chooser Tool only recommends from the multi-asset-class funds and the Cash Fund.


Step 3. Get the supporting information and email or post the application

You’ll need the child’s IRD number, plus verified/certified copies of: 

  • the child’s birth certificate, 
  • evidence of residential address,
  • certified evidence of the parent/guardian’s ID, and
  • evidence of the child’s ID if they’re aged 16 or 17.

An ANZ staff member or an ANZ Investments approved financial adviser can verify these documents. Alternatively a Notary Public, Justice of the Peace, NZ lawyer, or other person who has legal authority can certify these documents before sending them to us.

Important information

ANZ New Zealand Investments Limited (‘ANZ Investments’) is the issuer and manager of the OneAnswer KiwiSaver Scheme (the 'scheme'). Important information is available under terms and conditions. Download the guide and product disclosure statement from our documents and forms page.

ANZ Investments is not an authorised deposit taking institution (ADI) under Australian law and investments in the scheme aren’t deposits in or liabilities of ANZ Bank New Zealand Limited, Australia and New Zealand Banking Group Limited, or their subsidiaries (together ‘ANZ Group’). ANZ Group doesn’t stand behind or guarantee ANZ Investments. Investments in the schemes are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group won’t be liable to you for the capital value or performance of your investment.

Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things, is not guaranteed and may be negative as well as positive.

This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 736 034, or for more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see Investor information.