How to Get the Most from Kernel, at Every Life Stage

Life rarely follows a set plan.

One year you're focused on building an emergency fund. The next you're saving for a home deposit. A few years later you might be investing for your children's future, planning for retirement, or simply trying to make smarter decisions with money you've worked hard to earn.

The challenge isn't just finding the right investment. It's finding a platform that can support you through all of those moments, without needing to start over each time your goals change.

That's what we're building at Kernel.

Whether you're taking your first investing steps, growing long-term wealth, or thinking about how to turn your investments into income later in life, Kernel brings together the tools, platform, and flexibility to help you stay connected to your money and make progress toward the goals that matter to you.

This guide walks through Kernel's growing range of savings and investment options, transparent fee plans, how to choose the right membership, and how to structure your investing to get the most value, now and across the decades ahead.

No two investors look the same.

Some want a simple KiwiSaver fund they can contribute to and forget about. Others want to build a globally diversified portfolio, invest directly in US shares, or keep cash working harder while they save for short-term goals.

Kernel brings all of these together in one place. Here is how they can work together:

For many New Zealanders, KiwiSaver is the foundation of long-term wealth.

The Kernel KiwiSaver Plan allows you to choose a diversified solution like the High Growth Fund or build a custom KiwiSaver portfolio using a range of Kernel Funds, that reflects your own goals, risk tolerance, and investment timeframe.

Fund management fees start at 0.25% p.a. - some of the lowest KiwiSaver fees in New Zealand*. All funds are PIE structured, so tax is calculated at your Prescribed Investor Rate (PIR) and capped at a maximum of 28%.

. You might be focused on growth while retirement is decades away but as a first home or retirement approaches, you may begin shifting part of your portfolio into more conservative investments. The Kernel KiwiSaver Plan doesn’t charge additional switching fees, giving you the flexibility to adjust your strategy when needed. As life changes, your KiwiSaver plan can change with you too.

*Based on Morningstar 360 Report for June 2026 Quarter

Not every financial goal is decades away. Whether you're building an emergency fund, saving for a home deposit, or simply keeping cash accessible for shorter term goals, Kernel offers access to flexible ways to hold cash alongside your investments.

Kernel Save provides access to an on-call savings account with a selected NZ registered bank earning a transparent, competitive rate (currently 2.50% p.a.). There is no lock-in period and no minimum balance. It is also covered by the RBNZ Depositor Compensation Scheme (DCS) up to $100,000 per depositor.

Kernel PIE Save is Kernel's new PIE-structured fund on-call savings account. Like Kernel Save, there is no lock-in and no minimum, however unlike a standard bank account, your returns are taxed at your PIR (capped at 28%), not your marginal income tax rate.

For New Zealanders on 33% or 39% marginal tax rates, PIE Save can meaningfully increase the after-tax return on savings you are already holding. It is worth noting that PIE Save is not covered by the Deposit Compensation Scheme (DCS) and is also only available on Kernel Plus and Premium memberships.

To illustrate the difference, here is what the tax treatment looks like on $15,000 in savings earning 2.50% p.a., compared across tax rates:

For an investor on a 33% or 39% tax rate, the tax savings alone could cover a lot of the cost of a Plus membership. The higher your savings balance, the greater the benefit.

Kernel Cash Plus is a managed fund that invests in a diversified mix of term deposits and bonds targeting a higher yield than standard savings products. This product is built for investors comfortable with a small amount of movement in exchange for the higher potential return on their cash. While it’s not covered by the RBNZ DCS, Cash Plus is taxed at your PIR (capped at 28%).

Long-term investing works best when it stays simple.

Kernel's 29 funds in the Kernel Funds range gives you access to New Zealand equities, global equities, bonds, property, infrastructure, and income-focused investments through low-cost PIE funds.

Global diversification is covered at Kernel too, especially with the recent launch of the Kernel Total World Fund providing our broadest global exposure yet. Access thousands of companies across developed and emerging markets through a single investment, with a management fee of just 0.12% p.a. for Plus and Premium members.

Because our funds are structured as a New Zealand PIE, all offshore tax obligations are handled within the fund. Investors get broad global exposure without needing to navigate Foreign Investment Fund (FIF) reporting yourself. Other popular Kernel funds include:

• Kernel Global 100,100 of the world's largest companies
• Kernel S&P 500 (hedged and unhedged versions)
• Kernel High Growth, a one-fund diversified option for long-term investors
• Kernel NZ 20, Kernel NZ Bond, Kernel NZ Commercial Property, local exposure across asset classes
• Kernel Emerging Markets, Kernel Australia 100, Kernel World ex-US, geographic diversification building blocks

For investors who want even more control through direct investments rather than funds, Kernel's Shares and ETFs range gives you access to over 3,000 US-listed companies, all priced in New Zealand dollars. You can buy Apple, Nvidia, Vanguard's VTI, or US market ETFs directly, with no brokerage fee. Instead of a transaction fee, you pay a currency conversion fee when buying or selling, with lower rates available through Plus and Premium memberships.

For investors thinking about tax efficiency, direct overseas investments and PIE funds can often complement one another:

• Holding direct US shares and ETFs up to the FIF threshold to take advantage of dividend-only taxation, and;
• Kernel PIE funds for additional diversification and simplified tax treatment.

This creates a complementary structure for investors who want broad global exposure, tracked in one place, making it easier to monitor your total cost base and avoid crossing the threshold unexpectedly across multiple platforms.

Shares and ETFs currency conversion comparison: Many platforms charge both brokerage fees and currency conversion fees. Kernel's model bundles everything into one currency conversion rate with no separate brokerage charge, which can result in a lower total cost than minimum brokerage fees and currency conversion fees for Shares and ETFs. For larger or more frequent trades, comparing the all-in cost across platforms is worth doing.

Fees are deducted before you see any return, and they compound in reverse, silently, every year. Lower fees do not guarantee better returns, but they do mean more of what the market delivers stays with you.

Kernel's fee model is built on this principle. Management fees start at 0.25% p.a. on core funds, with the Kernel Total World Fund at 0.12% p.a. You can buy, sell, switch, or rebalance across Kernel's fund range and KiwiSaver without incurring an additional switching fee.

For regular investors making monthly contributions or occasional rebalances, this structure avoids the transaction cost drag that compounds against you over time on platforms that charge per trade.

Just as your goals evolve, the value you get from Kernel evolves too.

For many investors, Core is the perfect place to start.

You can access KiwiSaver, Kernel Save, Auto-Invest, and the majority of Kernel's fund range without paying a membership fee.

As portfolios grow, many investors find value in upgrading to Plus, to unlock:

• The Kernel Total World Fund
• PIE Save
• Lower FX fees on Shares and ETFs

Premium offers all the benefits of Plus, designed for investors with more complex needs.

The goal isn't to upgrade immediately. It's to choose the level that matches where you are today, knowing there’s a fixed plan fee you can budget for with certainty, and move as your needs change.

From cash savings and KiwiSaver through to global investing, tax-efficient structures, and retirement planning, our aim at Kernel is simple: give you the tools to make confident decisions and stay connected to your money whatever stage of life you find yourself in.

Looking for more to get started?

• Index Funds in new Zealand
• Is the Kernel KiwiSaver Plan Right for You?
• More Ways to Save with Kernel
• Kernel Shares & ETFs: A new way to invest in the US share market

Kernel Wealth Limited is the manager and issuer of the Kernel KiwiSaver Plan and Kernel Funds Scheme. Product Disclosure Statements for the Kernel KiwiSaver Plan and Kernel Funds Scheme are available at Kernel Wealth | Resources & Documents. Investing involves risk including the possible loss of principal and there is no assurance that the investment will provide positive performance over any period of time. The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.