BNZ says its 6 month old KiwiSaver scheme has $78m under management and 19,000 members

BNZ says its KiwiSaver scheme, which launched in February, now has about 19,000 members and $78 million under management, which averages out at an average account balance of about $4,105.

That's up from $43.6 million, and 12,249 members at an average of about $3,600 each in early June.

BNZ is 25% owner of Loyalty New Zealand Ltd, the company that runs Fly Buys. The bank says its KiwiSaver scheme members have notched up more than $10,000 in Fly Buys contributions over the past two months, which haven't cost them a cent. 

Since June BNZ KiwiSaver Scheme members have been able to redeem their Fly Buys points to make a contribution to their or another person’s BNZ KiwiSaver Scheme account.   

“Its money for jam," BNZ head of wealth and private bank Donna Nicolof said. "We think it’s pretty cool that people are choosing to give up their rewards now and turning the points they’ve earned into an investment that will help save for their retirements.” 

But this boost to national savings doesn’t come without sacrifice. BNZ estimates the $10,000 in points would equate to almost 300 toasters that customers have missed out on for the sake of their future financial wellbeing. 

BNZ KiwiSaver Scheme customers can add $20 to their retirement savings for every 108 Fly Buys points redeemed. BNZ is the only KiwiSaver provider to offer Fly Buys conversions.