BNZ, which became the last of the major banks to launch its own KiwiSaver scheme in late February some five and a half years after the savings scheme launched, says it has reached $100 million in funds under management.
In a statement Donna Nicolof, BNZ's head of wealth and private bank, said the scheme had grown faster than expected.
Nicolof attributed this to the accessibility and convenience of BNZ’s nationwide store, or branch, network.
BNZ hasn't publicly disclosed any growth targets for its KiwiSaver scheme.
“While some customers enjoy the ability to setup their funds online, 70% of our customers have signed up to KiwiSaver by coming into a BNZ store. This shows that New Zealanders generally prefer a face-to-face approach when it comes to discussing their retirement savings," Nicolof said.
As of the end of last week BNZ says the scheme had 24,766 members, which gives an average account balance of about $4,038.
Today's announcement comes after BNZ said in mid-August its KiwiSaver scheme had about 19,000 members and $78 million under management, which meant an average account balance of about $4,105.
4 Comments
"BNZ, which became the last of the major banks to launch its own KiwiSaver scheme in late February some five and a half years after the savings scheme launched .."
BNZ's management were really asleep at the wheel with Kiwisaver - it took them 5 years to come up with a scheme when all the other major Bank's were in it from day one! Why would you want to trust your money to them to manage when they were so inept at getting the scheme up and running in the first place!
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