How do Simplicity and Bnz compare on fees?

Simplicity's funds carry an average annual fee of 0.25% compared with 0.42% at Bnz. Illustrative — sub-1-percentage-point fee gaps compound over multi-decade horizons. Compare net-fee return as well as fee level — see the side-by-side data above.

What are the 5-year returns for Simplicity vs Bnz?

Based on 5-year average annualised returns from FMA Disclose data, Simplicity shows 4.05% across its KiwiSaver scheme fund range, and Bnz shows 2.58%. Past performance is not a reliable indicator of future returns and returns can be negative in any given year.

Can I switch from Simplicity to Bnz?

Yes. Switching KiwiSaver providers is free, requires no permission from your current provider, and typically takes 10–15 business days. You apply with your chosen new provider — they handle the transfer with your old provider directly. There are no exit fees or tax penalties. See our switching guide for the step-by-step process.

Which provider has more fund options — Simplicity or Bnz?

Simplicity offers 6 KiwiSaver scheme funds, while Bnz offers 8. A larger fund range gives more granular control over your asset allocation; a smaller range typically reflects a focused index- or default-fund philosophy.

How is this data sourced?

All figures are extracted from the FMA Disclose register and provider PDS / Quarterly Fund Update documents. Returns are 5-year annualised averages where available. AUM and member counts are sourced from the most recent provider disclosures. Data is refreshed quarterly. See methodology below.

Simplicity vs Bnz

Side-by-side KiwiSaver data — fees, 5-year returns, fund options, members, AUM. Sourced from FMA Disclose and provider PDS.

Last updated: 2026-05-09

General Information Only: This page provides factual data for comparison purposes and does not constitute financial advice. Individual circumstances vary.Read our disclosure

Why Simplicity and Bnz differ

The most material structural difference between BNZ and Simplicity is fee level. Simplicity charges a flat 0.25% across all six funds in its KiwiSaver scheme, giving it an average fee of 0.25%. BNZ's average fee across its eight funds sits at 0.419%, with its lowest-cost option — the BNZ Cash Fund — priced at 0.30% and its Growth Fund at 0.45%. For members with larger balances, that fee gap compounds meaningfully over time.

Simplicity also records a higher average five-year return at 4.05%, compared to BNZ's 4.05% — wait, BNZ's average five-year return is 2.58%, against Simplicity's 4.05%. BNZ's strongest-performing fund in the snapshot, the Growth Fund, returned 5.62% annually over five years. Simplicity's top fund listed is its Defensive Fund, but five-year return data for that fund is not disclosed in this snapshot, so a direct fund-level return comparison is not possible.

Metric	Simplicity	Bnz	Difference
Average 5Y Return	4.05%	2.58%	1.48% diff
Average Fees	0.25%	0.42%	0.17% diff
Number of Funds	6	8	2 diff
Total Members	148,826	257,226	—
Total AUM	$6059M	$6797M	—

Simplicity vs Bnz

Why Simplicity and Bnz differ

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Simplicity

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Frequently asked questions

How do Simplicity and Bnz compare on fees?

What are the 5-year returns for Simplicity vs Bnz?

Can I switch from Simplicity to Bnz?

Which provider has more fund options — Simplicity or Bnz?

How is this data sourced?

Methodology and data sources

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