KiwiSaver in your online banking: is it worth it?


Is viewing your KiwiSaver online at the bank worth changing provider for? Sure, getting an eagle-eye view of your finances in one place seems like a no-brainer – but is it really as convenient as it sounds?

Here’s why transferring your KiwiSaver money to the bank may not be the right move for you.

Reading too much into the short-term swings

Markets can fluctuate and change rapidly, with lots of highs and lows. But KiwiSaver is a long-term investment. That’s why it’s important to aim for the horizon: you’re in it for the duration, and so whatever happens in between, if you have a good plan in place, the scales should tip in your favour over time. Then, why check your KiwiSaver balance every week?

What if your balance drops?

Your KiwiSaver balance may change from day to day – sometimes for the better, sometimes for the worse. Watching these ups and downs unfold in real-time, day in day out, can create anxiety for many people. It may even lead you to make a rushed decision about your funds. As a rule of thumb, it’s a good idea to review your KiwiSaver performance every six months, if not annually. That way, you’re more likely to see a positive return.

Your KiwiSaver may not grow as fast as you’d like

It takes time (usually, around three months) for your KiwiSaver contributions to reach your account: in fact, after your employer pays them, they go to the IRD first; then, and only then, they’re paid into your fund. Once again, this is another reason why having your KiwiSaver in your online banking may not be the best idea.


Of course, having 24/7 access to your balances and transactions is a great way to keep your finances in check. But keep in mind that growing your KiwiSaver fund takes time and patience.

If you’d like to maximise returns, the most important step is to make sure that you’re in the right fund for your age, long-term goals and attitude to risk. As KiwiSaver advisers, we can help you explore your options in detail – now and over time. So please don’t hesitate to call us on 07 834 0661 for more information on KiwiSaver providers.

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