How To Earn Up to $500 Annually For FREE From KiwiSaver

Date Feb 19, 2021
Blog category Kiwisaver
By Staff Writer

Here’s a money hack for all: You can actually get $500 from your KiwiSaver, free of charge! 

You’re not misreading it in any way, nor does it come with some crazy catch! It may be too good to be true, but this time, it's real!

Now, we all know that KiwiSaver is already good enough to help you save, invest, and grow your hard-earned money in preparing for your future. It's up to you on how you want to plan your savings, whether it be for retirement, purchasing your first home, consolidating debt, and moving abroad. Even with all these options, there are still a lot of ways to get free money simply by signing up for a KiwiSaver scheme!

Here are two ways you can get free money from your KiwiSaver. But before that, let's start with how KiwiSaver works.

How does KiwiSaver work?

KiwiSaver is a voluntary contribution scheme, which sets aside a portion of your monthly active income as savings. Ideally, you can only withdraw your money once you reach the retirement age of 65, but you can also withdraw a portion of it for a variety of reasons including home purchase, and emigration, among others.

Aside from your monthly contributions, the government as well as your employer can also contribute to your account. As long as you keep your account active, you don’t have to pay for a single penny to get free money from your KiwiSaver account.

How does KiwiSaver employer contributions work?

If you’re employed as an employee for an employer, you’re qualified for contribution under the law. Employers must pay a minimum of 3% to match your monthly contributions. It’s not deducted from your salary, but a separate contribution from their pockets.

It’s important to note that your contributions are calculated by gross of tax, while your employer calculates their contribution by net of tax. This may mean less contributions from your employer’s end. Of course, the higher your contribution, the higher the contribution of your employer too, as it’s always relative to your payments.

How do you want to save your money? Find the right KiwiSaver scheme for you here at CompareBear!

How does KiwiSaver government contributions work?

The government is keen on convincing all New Zealanders to get KiwiSaver. Because of this, they’re giving out incentive for members by matching their contributions of $0.50 per $1.00, or up to a maximum of $521.43 annually. 

For example, you contributed $560.00 a year, the government will then contribute $280.00. You need to contribute at least $1,042.86 to earn the maximum government contribution. Even if you contribute, say, $2,200.00 a year, the government is only required to contribute a maximum of $521.43.

While most Kiwis are eligible to earn this free money, there are a few things you need to know:

  • You need to be at least 18 years old to take advantage of this
  • You may not be eligible to get this beyond 64 years old
  • You must reside in New Zealand for the majority of the year
  • Only personal contributions count; employer contributions aren’t counted
  • You must be a member for a full year to get full government contribution
  • Contributions for members in less than a year are pro-rated

What are some of the best KiwiSaver schemes?

Now that you know how to earn free, it’s time to get the best KiwiSaver scheme that fits your needs! Luckily, there are plenty of KiwiSaver providers in New Zealand, offering a variety of financial services like saving, investing, and getting you out of debt. 

Note that this is ranked randomly, in no particular order.


Booster has been one of the financial leaders since 1998. They offer three ethical KiwiSaver schemes, giving you the confidence that your money is invested in a good company. They manage your funds actively, which may mean higher fees. Although, they make sure to put their money into good use.

  • Socially responsible high growth investment fund is offered
  • Conservative, balanced, and growth funds are available
  • Accidental death coverage of up to $50,000 to members for free

Read: Compare: Ethical KiwiSaver Investment Options

Fisher Funds

Fisher Funds is an excellent KiwiSaver scheme with over 270,000 active customers as of 2019. They’re a specialist investment manager, promising great returns for your investment. They’ve even achieved a record-breaking ROI of 9.97% for equity funds. If you want to use KiwiSaver to grow your portfolio, then Fisher Funds may work for you. 

  • Cash-enhanced, balanced, preservation, cand equity funds are available
  • They’re a great investment platform for growing your money
  • Annual fees are based on the value of your KiwiSaver fund


Juno is a provider, aiming to offer low rates for New Zealanders. They have the largest investment teams, with the focus on delivering great performance in their three investment strategies. Although they’re relatively new to the KiwiSaver market, they have a strong presence, making them a great alternative for Kiwis.

  • They’re 100% Kiwi-owned and operated
  • Conservative, balanced, and growth funds are available
  • Growth fund is one of the aggressive in New Zealand

Amanah Ethical

Amanah Ethical — as the name suggests — is an ethical provider through and through. True to this definition, they even ensure to meet the ethical investment standards for Muslims! They only offer a growth fund, but it’s a very competitive scheme, with the main focus of helping Kiwis save for their retirement. 

  • Registered Kiwisaver schemes under the Financial Markets Conduct Act of 2013
  • Aggressive provider, investing over 90% of your contributions
  • More expensive charges but promises bigger ROI as well


SuperLife offers flexible KiwiSaver schemes with lower fees. This is good news as you can keep more of your ROI in your account. They have over 40+ investment options to choose from, so there’s always something that fits your needs. They’re an extremely popular provider, thanks to their index funds. 

  • Low annual fees, peaking at only 0.5% of your investment
  • SuperLife Age Steps is perfect to help you bounce back financially
  • Even children can join as there’s no minimum age requirement

Which KiwiSaver provider is the best for me?

Different people have different needs, so the KiwiSaver that fits each of your needs can vary greatly. Some New Zealanders may like to invest their money the high risk way, while some people may like to take the safer route.

To get the best KiwiSaver that matches your needs and financial situation, compare the best schemes for you! Use our free KiwiSaver comparison tool, right here at CompareBear!