KiwiSaver for kids

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:

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.

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.

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.

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.

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.

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.

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.

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.