Get up to $260 from the Government in your KiwiSaver account

If you contribute just over $1,000 to your KiwiSaver account, you could be eligible for an extra $260.72 from the Government. Here’s how it works.

4 minute read

Are you missing out on potential Government contributions to your KiwiSaver account? This is essentially free money and could make a big difference to your KiwiSaver account balance.

If you're eligible, the Government will contribute 25 cents for every dollar you contribute to your KiwiSaver account – up to a maximum of $260.72 each year - to boost your savings. To get the maximum credit, you need to contribute at least $1,042.86 during the year (1 July to 30 June) and be eligible for the full year. The KiwiSaver website has more information about the eligibility criteria.

Are you contributing enough?

It’s a good idea to make sure you are contributing enough to make the most of the Government contribution. It can be a little tricky to know exactly how much you’ve contributed over the year, especially if you contribute directly through your salary or wages as there could be a delay while your contributions are processed by Inland Revenue.

As a general rule, if you’re on an annual salary or wages of at least $35,000 but not more than $180,000 and are contributing at a minimum rate of 3.5%* from your pay, and are otherwise eligible, then you’re likely to receive the full Government contribution. Or, if you’re self-employed, a stay-at-home parent, or not currently working, you need to make voluntary contributions of at least $21 a week or more (for the whole KiwiSaver year), to make sure you don’t miss out.

To see how much you have contributed during the year you can use Inland Revenue’s MyIR service (note that voluntary contributions are not included here - for those you’ll need to contact your provider). It’s worth doing this well in advance of the 30 June deadline so that you can make a plan for any shortfall.

It's not all or nothing

If you do fall short of contributing $1,042.86 before 30 June each year, you won’t get the maximum Government contribution, but you’ll still get 25 cents for every dollar that you do contribute. For example, if you can only afford to contribute $500, you’ll still get a $125 contribution from the Government. It’s better than nothing and could make a big difference in the long run.

Topping up is easy

Increase your BNZ KiwiSaver Scheme savings with a lump sum payment at any time by transferring funds in BNZ Internet Banking or from another bank.

If you're employed and want to increase your balance more slowly over time, you can increase your contribution rate by notifying your employer, your scheme provider, or Inland Revenue.  

And if you’re self-employed or working as a contractor, you can still make contributions to your KiwiSaver account. Many self-employed people choose to set up a direct debit or automatic payment to keep their savings on track. You can choose your own level and frequency of contributions. For example, you could put in $1,043 as a lump sum or set up a regular contribution of $21 per week which will make sure you receive the maximum Government contribution.

Anything else you need to know?

If you joined KiwiSaver for the first-time part way through the year (1 July to 30 June), or you were eligible for only part of the year, then your maximum entitlement will be worked out based on how many days in the year you were eligible.

If you’re a BNZ KiwiSaver Scheme member, log in to Internet Banking to see your recent transactions. Remember, more recent contributions take time to arrive in your KiwiSaver account so visit the Inland Revenue website for your latest balance. You can also check your pay slips to see how much you’ve contributed.

*The default minimum contribution rate for employees and employers has increased from 3%. This change is happening in two stages. The first increase from 3% to 3.5% took effect from 1 April 2026. The second increase from 3.5% to 4% will be effective from 1 April 2028. KiwiSaver members will be able to apply to IRD for a temporary rate reduction to keep their contributions at the current rate of 3%. Temporary rate reductions will be for a maximum period of 12 months, but members will be able to re-apply to IRD for further rate reductions. During a temporary rate reduction, employers may also contribute at the reduced rate of 3%.

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BNZ Investment Services Limited, a wholly owned subsidiary of Harbour Asset Management Limited, is the Issuer and Manager of the BNZ KiwiSaver Scheme. Download a copy of the BNZ KiwiSaver Scheme Product Disclosure Statement PDF 1.1MB, or pick up a copy from a BNZ branch.

Investments in the BNZ KiwiSaver Scheme are not bank deposits or other liabilities of Bank of New Zealand (BNZ) or any other member of the National Australia Bank Limited group. They are subject to investment risk, including possible delays in repayment. You could get back less than the total contributed. No person (including the New Zealand Government) guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or the repayment of amounts contributed. National Australia Bank Limited, the ultimate owner of BNZ, is not a registered bank in New Zealand but a licensed bank in Australia and is not authorised to offer the products and services mentioned on this webpage to customers in New Zealand.

BNZ Investment Services Limited (BNZISL) uses the BNZ brand under licence from Bank of New Zealand, whose ultimate parent company is National Australia Bank Limited. No member of the FirstCape group (including BNZISL) is a member of the NAB group of companies (NAB Group). No member of the NAB Group (including Bank of New Zealand) guarantees, or supports, the performance of any member of FirstCape group’s obligations to any party.

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This article is solely for information purposes. It's not financial or other professional advice. For help, please contact BNZ or your professional adviser. No party, including BNZ, is liable for direct or indirect loss or damage resulting from the content of this article.
 
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