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Cash Plus

Made up of short-term assets such as bonds, term deposits and more.


Yield as at 30 April 2024 (subject to change).

What is this?


Management fee p.a.


What is the Cash Plus Fund?

The Kernel Cash Plus Fund can be used as an alternative to term deposits or flexible savings accounts. The fund’s underlying assets, as selected by our Portfolio Manager, include cash and cash equivalents (e.g. bonds, term deposits and more), meaning you can take comfort in knowing your savings are well diversified.

The fund may be suitable for those looking for a higher return than your average online savings account, whilst ensuring it remains easy to withdraw when needed. The investments in the fund will typically be stable in value but may have short periods of negative performance.

How it compares

See how the Kernel Cash Plus Fund compares to other available cash PIE funds and traditional savings accounts. You can read more about the differences in savings products in our blog.

It is important to understand that the Kernel Cash Plus Fund and traditional saving accounts are different types of products and will be impacted differently by factors such as interest rates, credit quality and market conditions. More information about the Kernel Cash Plus Fund and its risks can be found in our disclosure documents.

Savings productEstimated yield

Kernel Cash Plus Fund


Average Cash PIE Fund


Average On-call Savings Account


*Yield is before tax, after fees as at 30 April 2024 (subject to change).
**Average Bank On Call interest & Average Cash PIE rates according to RBNZ as at 30 April 2024.

Read about our transfer and withdrawal processes.

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Savings aren't always exciting, but there’s a lot to love about the Kernel Cash Plus Fund.

Withdraw anytime

Easy access to your funds within a couple of days if you need it. No fees or penalties.

Tax capped at 28%

This is a PIE fund, so if your RWT rate is 30% or over, you can pay a maximum of 28% in tax.

Stable returns

Whilst this fund’s potential returns aren’t fixed, they’ll typically remain stable with minor fluctuations over the short-term.


The risk indicator reflects how much the value of the Fund’s assets goes up and down (volatility). A higher risk generally means higher potential returns over time, but more ups and downs along the way. The lowest risk rating doesn’t mean “risk-free” and this risk indicator is not a guarantee of a Fund’s future performance.

Potentially Lower Returns

Potentially Higher Returns

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Lower Risk

Higher Risk

Where is my money?

Take comfort in knowing in which asset types, locations and issuers your money is invested in.

Top 5 Fund Holdings

HoldingCredit ratingWeighting

Rabobank FRN



Bank of China Call Account






SBS Bond



Public Trust IRD Tax Pool



*Fund holdings as at 30 April 2024. The credit rating is that of the instrument, unless a bank deposit where the rating of the bank is used.

Portfolio Composition

This graph shows the fund allocation according to the asset type.

  • 30.38%

    Floating Rates Notes

  • 30.14%


  • 25.86%


  • 14.08%

    Commercial Paper

  • -0.46%

    Accruals & Other


Issuer Composition

This graph shows the fund allocation according to the type of issuer.

  • 50.6%


  • 38.6%


  • 10.81%


  • 0%


Issuer and Portfolio composition as at 30 April 2024.

How safe is my money?

We understand that safety and stability are paramount when considering short-term savings products. You can read more about how safe your money is with Kernel here.

Independent supervisor & custodian

Kernel’s funds are supervised by Trustees Executors Limited. All assets are held by an independent custodian.

Lower risk assets

This fund’s underlying assets include low-risk financial products such as cash and cash equivalents (e.g. bonds, term deposits and more).

Greater diversification

Spread your savings across multiple issuers and assets within the fund, rather than relying solely on one provider (a bank) to keep your money secure.

Getting started

Like the look of the Kernel Cash Plus Fund? Getting started is easy.

1. Create a Kernel account

Start by signing up to Kernel in 5 minutes. It’s paperless, hassle-free and doesn’t cost a cent.

2. Deposit, then start savings

Once your account is set up, deposit your savings then allocate the money to the Cash Plus Fund.

3. We take care of the rest

Leave it with us. We’ll sort your expected return payments, tax, distributions and more.

Get started

Documents & Resources

Latest Fund Factsheet

Updated: 30.04.24

Kernel Funds Latest Fund Update

Updated: 31.03.24

Kernel KiwiSaver Plan Update

Updated: 31.03.24

Related articles

Start investing for a better tomorrow, today.

If you’d like to talk to a human, call us on 0800 557 635 during 9am-5pm weekdays.

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© Copyright 2024 Kernel Wealth Limited


Indices provided by: S&P Dow Jones Indices