Sharesies vs InvestNow vs Kernel — Which NZ Investing Platform Wins in 2026?

Kia ora. If you've decided to start investing in NZ, you've probably narrowed it down to Sharesies, InvestNow, or Kernel. They're the three platforms most Kiwis end up choosing between in 2026 — all NZ-built, all FMA-licensed, all let you buy index funds for under $50 to start.

The question is which one's actually right for you. The answer depends on three things: how often you invest, what funds you want, and how much hand-holding you need. Here's the honest comparison.

TL;DR — by use case

Most serious Kiwi investors end up using two platforms — one for KiwiSaver-style index funds (Kernel or InvestNow) and one for fractional / casual investing (Sharesies). Multi-platform isn't weird; it's the norm.

What each platform actually is

Sharesies — the friendly entry point

What it is: A NZ-built investing app that lets you buy fractions of shares and ETFs. Designed to be approachable — clean app, simple charts, $5 minimum.

Who it's built for: First-time investors, regular small contributors ($50/week kind of cadence), people who want to dabble in individual companies (Air NZ, Mainfreight, Apple, Tesla) as well as index funds.

Fee model in 2026:

• Transaction fees — 1.9% on transactions up to $50, 0.5% above (capped at $25 NZD per order). So a $1,000 buy costs about $5 in fees.
• Subscription — Free plan available; paid plans ($3, $7, or $25/month) waive transaction fees on auto-invest and unlock features. Most casual users stay on the free plan.
• No FX conversion fees on NZD/AUD but currency spreads apply on US shares.

The catch: Transaction fees stack up if you're moving large sums. A $50,000 contribution is $250 in fees with the standard plan. That's why bigger investors switch to InvestNow at scale.

InvestNow — the no-frills wholesale platform

What it is: A managed-fund platform that gives retail investors access to wholesale-class versions of NZ and global index funds at institutional prices. No app — desktop-style web interface with no flashy charts, but the maths is excellent.

Who it's built for: Investors with $1,000+ at a time, set-and-forget index investors, anyone who hates per-trade fees.

Fee model in 2026:

• No transaction fees. Buying or selling a fund through InvestNow itself is free.
• No subscription. No platform fee.
• Fund management fees still apply — these go to the underlying fund manager (Vanguard, Smartshares, AMP, etc.). Typically 0.20%–0.55% per year depending on the fund.
• Min purchase: $50 first time, $50 ongoing per fund.

The catch: Limited to managed funds (no individual NZX shares, no US ETFs). The interface feels dated. No app. If you want fractions of Tesla, you're not going to get that here.

Kernel — the NZ index fund specialist

What it is: A NZ-built fund manager that runs its own family of low-cost index funds (NZ 20, S&P 500, Global ESG, etc.). Buy directly from Kernel — no broker in between.

Who it's built for: Long-term passive investors who want simple, low-cost NZ-built index exposure. Heavy crossover with the FIRE crowd.

Fee model in 2026:

• No transaction fees. No platform fee.
• Fund management fees are the headline — typically 0.25%–0.45%, very competitive.
• Min purchase: $1.

The catch: You can only buy Kernel's funds. If you want Vanguard, Smartshares, or to hold individual shares, Kernel can't help. Fund range is solid but narrower than InvestNow's wholesale catalogue.

Real fee comparison — three scenarios

Scenario 1: $50/week beginner

You're starting out, drip-feeding $50 a week into a global index fund.

Winner: Kernel or InvestNow. Sharesies' transaction fees on small frequent trades genuinely eat into your returns. If you're set on Sharesies for the app experience, the $3/mo Plus plan with auto-invest is the right move.

Scenario 2: $1,000 a month, set-and-forget

You're investing more seriously now — $1,000 monthly into a global index ETF.

Winner: InvestNow or Kernel — clearly. $60/year doesn't sound much but compounds over 30 years to roughly $4,500 of foregone returns. Real money.

Scenario 3: $20,000 lump sum into S&P 500

You've saved up a chunk and want to put it to work.

The differences look small but they compound. Across 30 years on a $20k starting balance, the gap between Sharesies free and Kernel is about $4,000. Per dollar invested, the ranking matters.

Where each platform actually wins

Sharesies wins when:

• You want to buy individual NZ or US shares (Air NZ, Mainfreight, Tesla, Apple) — InvestNow and Kernel can't do this
• You're starting with very small amounts ($5-$50 at a time) and want fractional shares
• You like a polished phone app with charts and notifications
• You want the option to dabble across hundreds of investments without fee minimums
• The educational content + community matters to you

InvestNow wins when:

• You're investing $500+ at a time on a regular basis
• You want access to wholesale-class managed funds at retail prices (this is genuinely unique to NZ)
• You don't mind a desktop-feeling website
• You want the broadest catalogue of index + active funds in one place
• You're investing for the next 20 years and per-trade fees would compound

Kernel wins when:

• You want NZ-built funds with the lowest management fees
• You want a simple, clean experience — fewer choices, less to second-guess
• You like that Kernel runs the funds themselves (no middleman)
• You want a low-friction Auto-invest setup
• You're investing for retirement / FIRE and want a quietly compounding portfolio

What about KiwiSaver?

All three have KiwiSaver products. Kernel KiwiSaver is increasingly popular among 25-40 year olds for its low fees and growth-fund focus. Sharesies KiwiSaver lets you customise your fund mix (fairly unique). InvestNow acts as a wrapper for several KiwiSaver schemes.

A common Kiwi setup in 2026:

• KiwiSaver: Kernel or Generate or Milford (whichever growth fund matches your risk profile)
• Long-term outside-KiwiSaver investing: Kernel direct or InvestNow
• Hobby investing / individual shares: Sharesies

Tax — same on all three

A small but important point: all three are PIE providers, which means the tax on your returns is capped at 28% (your PIR) regardless of your income tax bracket. So the platform doesn't change your tax outcome — your investment choices do.

The exception is direct US share investing on Sharesies — those are taxed under FIF rules above the $50,000 NZD foreign-investment threshold, which is a separate consideration.

Common mistakes when picking a platform

Mistake 1: Picking only on management fee. Kernel's 0.25% looks 0.07% cheaper than InvestNow on a comparable fund. Real saving on $10,000? About $7/year. Don't pick on that alone — pick on fund range + UX too.

Mistake 2: Using Sharesies for huge buys. The transaction-fee structure tilts hard against large trades. If you're moving $5,000+ at a time regularly, you're paying for the app polish in real fees. Switch to InvestNow or Kernel.

Mistake 3: Spreading across too many platforms. Two platforms is reasonable. Five is overkill — the admin tax alone (separate logins, separate tax statements, separate beneficiaries) becomes a part-time job.

Mistake 4: Letting fee comparison paralyse you. The biggest investing mistake is not investing because you couldn't pick a platform. Any of these three is fine. Pick one, start, change later if you outgrow it.

How to actually decide

Three quick questions:

1. Are you starting with under $1,000 and contributing weekly? → Sharesies (with Auto-invest plan if you'll exceed $20/week).
2. Are you investing larger lumps or have $5,000+ already? → InvestNow if you want broad fund range, Kernel if you want simple low-fee NZ-built funds.
3. Do you want individual shares (Air NZ, Mainfreight, Apple)? → Sharesies. The other two don't offer this.

How Steady fits in

Steady doesn't replace any of these — it sits alongside them. Connect your Sharesies / Kernel / InvestNow account via Akahu (where supported) and Steady tracks your portfolio balance against your goals, calculates your real savings rate including investments, and shows your bank-vs-investments mix over time on the net worth page. The platforms are where you invest. Steady is where you see whether it's actually working.

Frequently asked questions

Is Sharesies safer than InvestNow or Kernel?

All three are licensed by the FMA (NZ's Financial Markets Authority). Your funds are held by independent custodians (BNP Paribas for Sharesies, MMC for InvestNow, Public Trust for Kernel). The custodians are regulated separately from the platforms — if any of the three closed tomorrow, your investments would still be there. Safety is comparable across all three.

Can I transfer holdings between platforms?

For managed funds: not easily. You usually have to sell, transfer cash, and re-buy on the new platform — which can have tax + market-timing implications. For listed shares (NZX, ASX, or US shares on Sharesies): off-market transfers are possible but the platforms charge admin fees. In practice, most people just leave existing holdings where they are and direct new contributions to the new platform.

Which one is best for my KiwiSaver?

Different question than this article. The KiwiSaver decision is about fund type (growth / balanced / conservative) and provider trustworthiness more than about Sharesies vs InvestNow vs Kernel. See our KiwiSaver tips guide for the full breakdown.

What happens if Sharesies / InvestNow / Kernel go out of business?

Your assets stay yours. The platforms are essentially middlemen — your shares and fund units are held by independent custodians (regulated by NZ law) on your behalf. If a platform fails, the FMA appoints a new manager and your holdings transfer over. You don't lose your money. (You might lose access for a few weeks while it's sorted, but your investments are intact.)

Is it worth paying for Sharesies Plus?

If your monthly Sharesies transaction fees are above $3, then yes. So if you're auto-investing $300+/month or buying frequently, Plus pays for itself. Below that, the free plan is fine.

How much do these fees actually matter long-term?

A 0.5% fee difference on a $100,000 portfolio over 30 years is roughly $80,000 in foregone returns. Yes, it matters. But not as much as actually investing in the first place — getting started 12 months later costs you more than a 0.5% fee for life.

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Most NZ investors land on the same conclusion: pick one platform that matches your style, set up auto-invest, and forget about it. The "best" platform is the one you actually use consistently for 20 years.

If you're truly stuck, here's a simple rule: under $1,000? Sharesies. Above $1,000? Kernel for simplicity, InvestNow for selection. Done.