We offer both KiwiSaver and Investment Fund accounts for children. Diversified funds in both schemes currently have the same management fee.
You can view the KiwiSaver performance table here and the Investment Fund performance table here.
KiwiSaver: Savings are generally locked in until first home purchase or retirement (and other circumstances under strict criteria). Under 16s don’t receive government or employer contributions. After turning 16, young people contributing to KiwiSaver may qualify for government and employer contributions.
Investment Funds: Investment Funds offer more flexibility than KiwiSaver. You can invest across multiple funds (for example, the Unhedged Global Share Fund and Cash Fund), and withdrawals can be made at any time. Once we receive a withdrawal request through your online account, the money is usually paid into your nominated bank account within 3 - 4 working days.
For a more in-depth discussion about investing for children, check out episode #22 of our Money Made Simple podcast.
You can open a child account here.