Get $100 When Joining KiwiSaver Scheme @ ANZ

21

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BananaMeadow on 07/12/2023 - 15:57 anz.co.nz (92 clicks)
Last edited 07/12/2023 - 21:24 by 1 other user

Just found a $100 offer in the ANZ app if you join their KiwiSaver. Note this will be paid into your KiwiSaver account. I’m personally on Simplicity because of the low fees but very tempting if you want to bag a free $100. I’m not exactly sure how well their KiwiSaver does performance wise but hey free money (would probably cover the management fees 😂)

In ANZ GoMoney app, login > Services tab > Messages and the offer is there.

As some have mentioned in the comments, please do your research before considering the switch.

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1. If you are:
   (a) eligible for the Offer, and
   (b) apply to join the ANZ KiwiSaver Scheme, your application is accepted and you join the ANZ KiwiSaver Scheme by the date specified in your Offer Email or ANZ goMoney message, then you will receive a one-off $100 contribution into your new ANZ KiwiSaver Scheme account.
   The $100 will be paid within a month of your ANZ KiwiSaver Scheme account being opened, as a one off payment to your account. This will show in your ANZ KiwiSaver account transaction list as a voluntary contribution.

2. You will be eligible to take part in the Offer if you:
   (a) apply to join the ANZ KiwiSaver Scheme, your application is accepted and you join the ANZ KiwiSaver Scheme by the date specified in your Offer Email or ANZ goMoney message; and
   (b) are not already a member of the ANZ KiwiSaver Scheme on the date of your Offer Email or ANZ goMoney message.

3. The $100 will only be paid as a contribution to your ANZ KiwiSaver Scheme account. As a contribution to that account, the $100 cannot be freely withdrawn. To withdraw any funds from your KiwiSaver account, you must be eligible to withdraw and complete and submit a withdrawal application form.

4. ANZ Investments may, in its absolute discretion and for any reason whatsoever, accept, reject or postpone the processing of any application for membership of the ANZ KiwiSaver Scheme. The ANZ KiwiSaver Scheme’s terms and conditions referred to in the application form contained in the ANZ KiwiSaver Scheme product disclosure statement (PDF 804KB) apply to applications for membership of the ANZ KiwiSaver Scheme. ANZ Investments will refund any funds received in respect of rejected applications as soon as practicable, without any interest applied to those funds.

5. If ANZ Investments determines in its sole discretion that you have failed to comply with these Terms in any way, ANZ Investments may take any action it considers appropriate, including electing not to pay the $100 into your ANZ KiwiSaver Scheme account, and excluding you from further participation in this Offer or any future similar promotions ANZ Investments may run.

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ANZ Bank New Zealand

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  Bill on 07/12/2023 - 16:11

  +1

  Is ANZ a good fund provider?

  I'm currently in ANZ's high growth fund. Is there a better fund for me? I tried looking at sorted.org.nz in the past, but I didn't really feel convinced to change to any other company.
  I remember seeing ANZ is the largest fund provider in New Zealand so I guess it should be an alright option.

  It just doesn't make me pleased when they do stuff like this for new customers.

  • 

    Bill on 08/12/2023 - 15:04

    Changed to Kernal Wealth's global 100 fund. Been meaning to get around to it for a long time.

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  jackvdbuk on 07/12/2023 - 16:12

  Would it be worth it to do this then switch back?

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  bigcheese on 07/12/2023 - 16:16

  +3

  I wouldn't be changing providers just because of a $100 carrot without doing some research first.
  Depending on how far away you are from accessing your Kiwisaver, whether it be for a first home purchase or retirement, the $100 could be easily eaten up by fees or inferior fund performance.
  I would be thinking about it from a long term performance not a short term boost.

  Worth having a look at something like the Kiwisaver Fund Finder to help look at some different funds with different risk profiles to work out what is best for you.

  • 

    BananaMeadow on 07/12/2023 - 16:33

    Agreed. Thanks for the useful link!

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  SmartEntity on 07/12/2023 - 16:25

  +1

  If you have anything close to 50K or more invested and not taking it out in the immediate future this is a horrible idea.

  All else aside I'd loose way more on fees alone.

  I have all mine in global 100 which ANZ doesn't even provide.

  Can't even download their holdings profile right now. I'd guess it's prob full of NZ companies, which you'd obviously want to avoid.

  Banks at baseline offer horrible KIWIsaver now theses investment funds are around.

  • 

    BananaMeadow on 07/12/2023 - 16:48

    Fair point! Looks like a mix of International and Australasia assets for example Growth Portfolio - Bottom of page or better seen here, but yeah it is known that there are other providers that perform better than banks do

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  Slogan on 07/12/2023 - 17:11

  +3

  This data is as of the end of September:

  Provider	Fund	Fees	3m	3y
  ANZ	Growth	1.03%	-3.62	4.12%
  Simplicity	Growth	0.29%	-2.50%	9.67%

  • 

    FiveFeetUnder on 08/12/2023 - 08:48

    I wouldn't touch ANZ for the fees alone. How do they justify charging over 3x the fees of Simplicity?

    • 

      Slogan on 08/12/2023 - 12:01

      +1

      Lots of people like having all their stuff with one institution. Although providers like Simplicity and Milford are growing on their merits, the big banks offer a complete platform and some people like that more than they like low fees or high performance.

      • 

        Joe on 08/12/2023 - 14:36

        Milford are not cheap, you are better off with in Index fund Kiwsaver

    • 

      nzmax on 08/12/2023 - 15:13

      +1

      What people don't understand with fees, is that it can eat into a big chuck of your returns over a long period of time.

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  nzmax on 08/12/2023 - 15:17

  I am looked in my app and no message about this. It looks like it is targeted. The terms also say

  In these Terms “you” or “your” refers to the recipient of the email or ANZ goMoney message containing the Offer (the Offer Email or ANZ goMoney message) who takes part in the Offer by applying to join the ANZ KiwiSaver Scheme.