Balance on internet banking not a good reason to switch

Posted by in Kiwisaver, Savings on

Last year 149,407 New Zealanders changed providers, including more than 30,000 in November and December in the final two months of the year.

Given the level of competition, and pledges being made to would-be clients, David Boyle, general manager of investor education at the Commission for Financial Capability, which runs the Sorted website, said he expected that number to increase over the next five years.

"My concern is around people switching and not understanding why," he said. Some were changing schemes simply because providers offered the chance to see their fund's balance online.

Read the full article here