Disclaimer: NZ Top 5 is not a financial advisor, and this article should not be taken as financial advice. The purpose of this article is to review the benefits of Juno as a KiwiSaver provider compared to other providers.

Introduction

If you’re a Kiwi working and living in New Zealand at any time since July 2007 then you’re automatically enrolled into the KiwiSaver scheme.

Well done, you’re now an investor in a variety of things including stocks, property and bonds. Time to get a yacht and party like the Wolf of Wall Street.

Ok maybe not, unless that’s your thing.

Back to KiwiSaver, as an employee, you can choose to contribute between 3%-10% of your gross pay your employer also contributes a minimum of 3% to your fund. The purpose of Kiwisaver is to make sure New Zealanders have a nest egg of savings to be used once they’ve reached the age of 65 or put it towards the purchase of their first home.

We wrote this review because too many Kiwi’s don’t research their KiwiSaver fund providers. Most people take the default option and use their everyday bank to manage their Kiwisaver. The banks know this and have been under scrutiny since the beginning of Kiwisaver for raking in extremely high fees.

Recently some new players have come into the game, this is long overdue. The Banks have been making bank off of our Kiwisaver for too long and the lower returns we’re getting means that we are missing out on big money! Competition is what is needed to bring down the fees to a reasonable level.

Let’s see how one of the latest competitors stacks up against the big banks. We’ll be comparing Juno KiwiSaver’s fees, fund performance and features against the other long-established providers.