Updated 2026-09-05Reviewed monthly

Kernel vs InvestNow

Kernel

Kernel funds · NZX

Three tiers · NZ$0–150/yr account fee · NZ$0 brokerage · FX 0.40–1.50%

InvestNow

Smartshares ETFs · InvestNow funds (managed)

NZ$0 platform fee on most funds · Foundation Series 0.5% buy + 0.5% sell

Side-by-side comparison for NZ investors — fees, FX, markets, custody, tax structure.

Side-by-side

Fees, markets, and structure

Feature	Kernel	InvestNow
Markets supported	Kernel funds · NZX	Smartshares ETFs · InvestNow funds (managed)
Per-trade fee summary	Three tiers · NZ$0–150/yr account fee · NZ$0 brokerage · FX 0.40–1.50%	NZ$0 platform fee on most funds · Foundation Series 0.5% buy + 0.5% sell
FX margin	0.40–1.50% (by tier)	N/A (NZD-denominated funds)
Minimum deposit	NZ$1	NZ$50 (regular) / NZ$250 (lump)
Custody model	NZ Trust	NZ Trust
NZ tax structure	PIE	PIE (most funds)
Regulator	FMA	FMA
Fees verified	2026-09-04	2026-05-25

Fee detail

Kernel

Tiered since 2026. Core: no account fee, fund management 0.25–0.50% p.a., FX 1.50% on US investments. Plus: NZ$5/month or NZ$50/year, management from 0.12%, FX 0.60%, adds the Total World Fund and PIE Save. Premium: NZ$15/month or NZ$150/year, management from 0.12%, FX 0.40%. Every tier has NZ$0 transaction fees on funds, NZ$0 brokerage on US shares and ETFs with a NZ$1 minimum, and KiwiSaver with no member fee. The FX margin is the figure that moves most between tiers — on the free Core tier it is the highest of any platform listed here.

Source: Kernel pricing page

InvestNow

No platform fee, no account fee, no transaction fee on Smartshares ETFs or most third-party managed funds. Each fund has its own TER (Smartshares lowest 0.34%, range 0.34–0.75%). Caveat: InvestNow's own Foundation Series funds charge 0.50% buy + 0.50% sell transaction fees. Minimum NZ$50/fund on a Regular Investment Plan, NZ$250 for one-off lump-sum investments.

Source: InvestNow pricing page

Suited for

Kernel

PIE-tax simplicity, low-cost passive NZ + global index funds

+ Cheapest TER on Kernel funds
+ PIE = no FIF
+ NZ-based support

− Kernel-funds focused (limited share range)
− Not for active traders
− Free Core tier carries a 1.50% FX margin on US investments

InvestNow

Buy-and-hold investors stacking Smartshares + multi-manager funds

+ Zero platform fee on most funds
+ Wide fund choice
+ PIE tax simplicity

− No direct shares
− Per-fund minimums
− Foundation Series transaction fee
− No live pricing

Reviewed against each platform's published rate card on the verification date. Verify with the platform before opening an account or transacting.

FAQ

Common questions: Kernel vs InvestNow

Kernel vs InvestNow — what is the difference?⌄

Both are NZ-domiciled fund supermarkets offering PIE-taxed access to NZ retail investors, but they have different product universes. Kernel is a vertically-integrated fund manager — you buy Kernel's own range of low-cost passive index funds (NZ 20, S&P 500, Global 100, High Growth) with no platform fee. InvestNow is a multi-manager fund supermarket — you can buy Smartshares ETFs, AMP, Fisher Funds, Booster, Pathfinder, and 50+ other fund managers, also with no platform fee.

Is Kernel cheaper than InvestNow?⌄

On per-fund TER, Kernel's own funds are among the lowest-TER NZ-domiciled options (Three tiers · NZ$0–150/yr account fee · NZ$0 brokerage · FX 0.40–1.50%). InvestNow charges no platform fee but funds bought through it carry the underlying fund manager's TER — Smartshares range approximately 0.34–0.75%; active managers are typically higher. For pure passive index exposure, Kernel-direct is usually the cheaper route.

Can I buy Kernel funds through InvestNow?⌄

Yes — InvestNow offers some Kernel funds in its fund universe. The TER is the same; the choice is mostly about consolidation (one platform for all your funds vs Kernel-direct for Kernel funds specifically). Kernel-direct gives access to the full Kernel range with the cleanest user experience.

Kernel vs InvestNow for KiwiSaver?⌄

Kernel offers a KiwiSaver scheme using its own funds. InvestNow does not currently offer a KiwiSaver scheme. If KiwiSaver is a priority, Kernel is the platform of the two with KS coverage.

Minimum investment — Kernel vs InvestNow?⌄

Kernel-direct has a NZ$1 minimum, making it accessible for any starting balance. InvestNow has NZ$50 minimum for regular investment plans and NZ$250 minimum for one-off lump-sum investments. For very small starting amounts or fractional dollar-cost-averaging, Kernel is more accessible.

Tax treatment — Kernel vs InvestNow?⌄

Both are PIE-fund focused. PIE tax is capped at your Prescribed Investor Rate (max 28%), calculated by the fund manager, with no FIF disclosure required. Both platforms handle the PIR mechanics automatically.

Kernel vs InvestNow

Fees, markets, and structure

Kernel

InvestNow

Kernel

InvestNow

Common questions: Kernel vs InvestNow

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