Sharesies vs Hatch vs InvestNow: Fees, Features, Differences
Contents (11 sections)
- Quick verdict: which platform for which investor
- Fee comparison
- Available investments and markets
- Tax handling: PIE, FIF, and tax reports
- Currency conversion
- Fractional shares and minimum investments
- Auto-invest and recurring investment features
- User experience and app quality
- Who fits each platform best
- Common questions
- What to do next
Sharesies is best for beginners who want to buy NZ, Australian, and US shares from $1 with fractional shares. Hatch is cheapest for US share trades above $600, with flat $3 brokerage. InvestNow is the lowest-cost option for managed funds and index funds, with zero platform fees and access to over 200 NZ funds. Many NZ investors use two or even all three.
Here's the full comparison, including what each platform costs at real portfolio sizes.
Forge Money's recommendations are based on fees, features, and suitability — not commercial relationships. See our editorial methodology for how we evaluate products.
Quick verdict: which platform for which investor
| If you want to... | Best platform |
|---|---|
| Start investing from $1 with a simple app | Sharesies |
| Buy NZ, AU, and US shares in one place | Sharesies |
| Buy US shares at the lowest per-trade cost | Hatch (over $600 per trade) |
| Invest in managed funds with zero platform fees | InvestNow |
| Access PIE funds for tax-efficient investing | InvestNow or Sharesies (select funds) |
| Set up automatic recurring investments in funds | InvestNow |
| Buy fractional shares | Sharesies |
| Get a detailed FIF tax report for US holdings | Hatch or Sharesies |
No single platform is objectively the best. The right choice depends on what you're investing in and how much.
Fee comparison
Fees are the biggest practical difference between these three platforms. The cheapest option changes depending on what you're buying, how much, and how often.
Transaction fees
All fee data from Sharesies, Hatch, and InvestNow websites as at March 2026.
Key points: Sharesies charges a percentage-based fee capped at $25. That makes it cheapest for small trades (under $600 for US shares, where the 0.5% is less than Hatch's flat $3). Hatch's flat $3 wins for larger US trades. InvestNow charges nothing on top of the underlying fund fees, making it the cheapest way to access managed funds in NZ.
Total cost comparison at different portfolio sizes
Here's what each platform costs annually, assuming a buy-and-hold investor making 12 purchases per year (one per month). US investments assume the FX fee applies on each purchase.
$5,000 portfolio (12 monthly buys of ~$417):
| Cost type | Sharesies (US shares) | Hatch (US shares) | InvestNow (index fund, 0.25% fee) |
|---|---|---|---|
| Brokerage | $25 (12 x $2.08) | $36 (12 x $3) | $0 |
| FX fees | $25 (12 x $2.08) | $25 (12 x $2.08) | $0 |
| Fund management fee | N/A | N/A | $12.50 |
| Total annual cost | ~$50 | ~$61 | ~$12.50 |
$25,000 portfolio (12 monthly buys of ~$2,083):
| Cost type | Sharesies (US shares) | Hatch (US shares) | InvestNow (index fund, 0.25% fee) |
|---|---|---|---|
| Brokerage | $125 (12 x $10.42) | $36 (12 x $3) | $0 |
| FX fees | $125 (12 x $10.42) | $125 (12 x $10.42) | $0 |
| Fund management fee | N/A | N/A | $62.50 |
| Total annual cost | ~$250 | ~$161 | ~$62.50 |
$50,000 portfolio (12 monthly buys of ~$4,167):
| Cost type | Sharesies (US shares) | Hatch (US shares) | InvestNow (index fund, 0.25% fee) |
|---|---|---|---|
| Brokerage | $250 (12 x $20.83) | $36 (12 x $3) | $0 |
| FX fees | $250 (12 x $20.83) | $250 (12 x $20.83) | $0 |
| Fund management fee | N/A | N/A | $125 |
| Total annual cost | ~$500 | ~$286 | ~$125 |
$100,000 portfolio (12 monthly buys of ~$8,333):
| Cost type | Sharesies (US shares) | Hatch (US shares) | InvestNow (index fund, 0.25% fee) |
|---|---|---|---|
| Brokerage | $300 (12 x $25 cap) | $36 (12 x $3) | $0 |
| FX fees | $500 (12 x $41.67) | $500 (12 x $41.67) | $0 |
| Fund management fee | N/A | N/A | $250 |
| Total annual cost | ~$800 | ~$536 | ~$250 |
These are illustrative. Actual costs depend on trade frequency, trade size, and specific fund fees (platform websites).
The pattern is clear: InvestNow is cheapest for managed fund investors at any portfolio size. For US shares, Sharesies is competitive at very small trade sizes (under $600), but Hatch's flat $3 brokerage wins as trade sizes grow. At $100,000, Hatch's brokerage advantage over Sharesies is roughly $264 per year, but InvestNow's fund approach is cheaper than both for holding costs.
Your PIR determines whether PIE funds save you tax. On $80,000, the PIE advantage is roughly $150/year on a $50,000 balance. Check your marginal rate and PIR →
Available investments and markets
Sharesies offers the broadest range across three markets plus some managed funds. Hatch is focused purely on US and Australian shares and ETFs. InvestNow is purely a fund and term deposit platform, but with the widest managed fund selection in NZ (Sharesies, Hatch, InvestNow).
If you want to buy individual shares, you need Sharesies or Hatch. InvestNow doesn't offer share trading.
If you want NZ managed funds or index funds, InvestNow has the most options at the lowest cost (zero platform fees). Sharesies offers some managed funds too, but the selection is smaller.
If you want US ETFs specifically, both Sharesies and Hatch give you access to the full NYSE and NASDAQ. Hatch is cheaper per trade for larger orders.
Tax handling: PIE, FIF, and tax reports
Tax treatment is one of the most important differences between these platforms, and it's often overlooked.
| Tax feature | Sharesies | Hatch | InvestNow |
|---|---|---|---|
| PIE funds available | Yes (some funds) | No | Yes (many funds) |
| Maximum PIR | 28% | N/A | 28% |
| FIF reporting provided | Yes | Yes | N/A (NZ funds) |
| US dividend WHT | 15% (W-8BEN) | 15% (W-8BEN) | N/A |
| NZ dividend RWT | Yes | N/A | Handled by fund |
| Tax return needed | Yes (for non-PIE) | Yes | No (for PIE funds) |
Tax rules from IRD as at March 2026.
PIE advantage
If you invest through InvestNow in PIE funds, your returns are taxed at your PIR (capped at 28%). The fund handles the tax, and you don't need to include it in your tax return. For anyone earning above $53,500, this is a genuine tax advantage over investing directly in shares, where dividends and FIF income are taxed at your marginal rate of 30%, 33%, or 39% (IRD).
Sharesies also offers some PIE funds. Hatch does not offer any PIE options because it only provides direct share and ETF access.
FIF tax
If you hold US shares or ETFs through Sharesies or Hatch and your total overseas holdings (excluding ASX shares) exceed $50,000 in cost at any point during the tax year, FIF tax applies. The most common method is the Fair Dividend Rate (FDR), which taxes you on 5% of the opening market value of your overseas holdings, at your marginal tax rate (IRD).
Both Sharesies and Hatch provide annual FIF tax reports, which makes compliance easier. InvestNow investors generally don't face FIF because the platform offers NZ-domiciled funds that handle overseas tax internally.
For a full FIF breakdown: FIF tax explained.
Tax comparison: $80,000 earning 8% returns
Assuming a 33% marginal tax rate and 28% PIR:
| Scenario | Annual tax | Net return |
|---|---|---|
| InvestNow PIE fund (0.25% fee) | $1,792 (28% of $6,400) | $4,408 |
| Sharesies US shares (FIF, 0.03% ETF fee) | ~$1,320 (33% of $4,000 deemed) | ~$5,056 |
| Hatch US shares (FIF, 0.03% ETF fee) | ~$1,320 (33% of $4,000 deemed) | ~$5,056 |
The US share route delivers a higher net return in this high-return year because FIF taxes a deemed 5% return rather than the actual 8%. In a year where actual returns are below 5%, the PIE route would be more favourable. The Comparative Value method can cap FIF at actual gains, but it requires more calculation (IRD).
Currency conversion
Both Sharesies and Hatch charge 0.5% on foreign exchange conversions when you buy or sell US or Australian investments. On a $10,000 purchase, that's $50 each way, or $100 round trip.
InvestNow avoids FX fees entirely because its funds are NZ-domiciled and priced in NZD. Even when the underlying fund holds overseas assets, the FX conversion happens within the fund and is reflected in the unit price rather than charged as a separate fee.
For investors making frequent international trades, FX fees add up. For buy-and-hold investors making occasional large purchases, the FX fee is a one-time cost that diminishes in importance over time.
Fractional shares and minimum investments
| Feature | Sharesies | Hatch | InvestNow |
|---|---|---|---|
| Minimum investment | $1 | Price of one share | $50 per fund |
| Fractional shares | Yes (NZ, AU, US) | No | N/A (fund units) |
| Dollar-based investing | Yes ($X worth) | No (whole shares) | Yes ($X per fund) |
Fractional shares matter if you want to invest small, regular amounts. On Sharesies, you can put $20 into Apple even though one Apple share costs hundreds of dollars. On Hatch, you'd need enough for at least one whole share. InvestNow works on dollar amounts into funds, so the concept is similar to fractional investing.
For beginners investing small amounts (under $100 per trade), Sharesies' fractional shares and $1 minimum make it the most accessible option.
Auto-invest and recurring investment features
| Feature | Sharesies | Hatch | InvestNow |
|---|---|---|---|
| Automatic recurring investments | Yes | No | Yes |
| Choose frequency | Weekly, fortnightly, monthly | N/A | Monthly |
| Choose amount | Any amount from $1 | N/A | From $50 per fund |
| Choose investments | Yes | N/A | Yes |
Sharesies and InvestNow both offer automatic investing, which is valuable for dollar-cost averaging. You set an amount, a frequency, and a target investment, and the platform handles the rest. Hatch does not currently offer automatic recurring investments, so you need to manually place orders each time (Sharesies, Hatch, InvestNow).
If hands-off, regular investing is your priority, InvestNow (for funds) or Sharesies (for shares) are the better choices.
User experience and app quality
Sharesies has the most polished mobile app of the three. It's designed for beginners, with clean visuals, a simple portfolio view, and an intuitive buy/sell process. It's the platform that feels most like a consumer fintech product. Available on iOS, Android, and web (Sharesies).
Hatch has a functional app and website. It's more utilitarian than Sharesies, focused on giving you the information you need to trade US and Australian shares without unnecessary complexity. The interface is clear but not flashy. Available on iOS, Android, and web (Hatch).
InvestNow is primarily a web-based platform. It has a simpler interface focused on fund selection and regular investment setup. It's less visually engaging than Sharesies or Hatch, but it does the job. For a buy-and-hold fund investor, you'll interact with the platform infrequently anyway. Available on web, with a mobile-responsive site (InvestNow).
Who fits each platform best
Choose Sharesies if:
- You're starting with small amounts (under $1,000)
- You want NZ, Australian, and US shares in one account
- You value fractional shares and a $1 minimum
- You want a polished mobile app experience
- You want access to some NZ managed funds alongside shares
Choose Hatch if:
- You want to invest specifically in US or Australian shares
- Your typical trade size is above $600 (where Hatch's $3 beats Sharesies' 0.5%)
- You value straightforward, flat-fee pricing
- You want strong FIF tax reporting for US holdings
- You don't need NZX shares or managed funds
Choose InvestNow if:
- You want to invest in NZ managed funds or index funds
- You want zero platform fees (pay only fund management fees)
- You want PIE tax treatment for tax-efficient investing
- You prefer a set-and-forget, automatic investment approach
- You want access to the broadest range of NZ fund providers
Use multiple platforms if:
- You want PIE funds for NZ/international exposure (InvestNow) and direct US shares for specific holdings (Hatch)
- You want the ease of Sharesies for small, regular investments and InvestNow for larger fund allocations
- You want to keep your NZ managed funds separate from your direct share trading
Many experienced NZ investors use two platforms. A common combination is InvestNow for managed fund and index fund investing (PIE, no platform fees) plus Hatch for direct US share and ETF access (flat $3 brokerage).
Common questions
Which platform is cheapest overall?
It depends on what you're investing in. For managed funds, InvestNow is cheapest (zero platform fees). For US shares under $600 per trade, Sharesies is cheapest. For US shares over $600 per trade, Hatch is cheapest at $3 flat. There's no single cheapest platform across all investment types and sizes (platform websites).
Can I use more than one platform at the same time?
Yes, and many NZ investors do. There's no rule preventing you from having accounts on Sharesies, Hatch, and InvestNow simultaneously. The main thing to manage is your tax obligations across platforms, particularly the $50,000 FIF threshold, which is calculated across all your overseas holdings regardless of which platform they're on (IRD).
Which platform is best for beginners?
Sharesies and InvestNow are both strong starting points. Sharesies is best if you want to buy shares from $1 with a polished app. InvestNow is best if you want to invest in managed funds or index funds with no platform fees. If you're genuinely starting from zero, Sharesies' $1 minimum and fractional shares make the first step easier. If you know you want index funds, InvestNow or Kernel are more cost-effective (platform websites).
How does the $50,000 FIF threshold work across platforms?
The $50,000 FIF threshold applies to your total cost of overseas investments across all platforms and accounts, not per platform. If you hold $30,000 in US shares on Hatch and $25,000 in US shares on Sharesies, your total is $55,000 and FIF applies to all of it. NZ-domiciled PIE funds (on InvestNow or Kernel) don't count toward this threshold because they handle overseas tax internally. ASX-listed shares are also generally exempt from FIF (IRD).
Is my money safe on these platforms?
All three platforms are registered on the NZ Financial Service Providers Register (FSPR). Your investments are held in custody, separate from the platform's own assets. If any platform went bankrupt, your shares or fund units would still exist with the custodian and could be transferred. However, none of these platforms offer deposit insurance like the US FDIC system. Your investment value still fluctuates with market performance (FMA, FSPR).
Can I transfer investments between these platforms?
It depends on the investment type. NZX shares held with a CSN can typically be transferred between NZ brokers. US shares between Hatch and Sharesies would likely need to be sold on one platform and rebought on the other, as they use different US custodians. Fund units on InvestNow are held with the fund provider, so moving to a different platform (if the same fund is available) involves a switch process. Check specific transfer procedures and fees with both platforms before moving.
Do any of these platforms offer KiwiSaver?
No. None of Sharesies, Hatch, or InvestNow offer KiwiSaver accounts. If you want index-based KiwiSaver, look at Simplicity or Kernel, which offer their own KiwiSaver schemes. These platforms are for investing outside of KiwiSaver.
Which platform has the best tax reporting?
Hatch provides the most detailed FIF tax reporting, which makes it popular among NZ investors with significant US holdings. Sharesies also provides FIF reports and dividend summaries. InvestNow's PIE funds handle tax within the fund, so there's less for you to report. If you're investing in US shares and want the easiest tax time, Hatch's tax reports are highly regarded (Hatch, Sharesies, InvestNow).
How do I choose between Sharesies and Hatch for US shares?
If your typical trade is under $600, Sharesies is cheaper (0.5% of $600 = $3, matching Hatch). Above $600, Hatch's flat $3 brokerage is cheaper. If you want fractional shares (investing exact dollar amounts), Sharesies is the only option. If you also want NZX and ASX access from the same platform, Sharesies offers all three markets. If you only want US shares and value simplicity, Hatch's focused approach and strong tax reporting make it a solid choice.
What are the risks of using newer platforms like these?
The main risk isn't platform failure (investments are custodied separately) but rather operational issues: platform outages during volatile markets, delays in processing withdrawals, or changes to fee structures. All three platforms have been operating for several years (Sharesies since 2017, Hatch since 2018, InvestNow since 2017) and are regulated by the FMA. Check each platform's current fee schedule before committing, as fees can change (FMA, FSPR, platform websites).
What to do next
- NZ investing platforms compared: Full comparison including ASB Securities, Jarden Direct, Kernel, and Tiger Brokers
- Index funds NZ: How index funds work, NZ options, and fee comparisons
- ETF investing NZ: How ETFs work, NZX vs US-listed options, and tax implications
- FIF tax explained: How overseas investments are taxed in NZ
Last updated: 28 March 2026. Sources: Sharesies (sharesies.co.nz), Hatch (hatchinvest.nz), InvestNow (investnow.co.nz), IRD (ird.govt.nz), FMA (fma.govt.nz), FSPR (fsp-register.companiesoffice.govt.nz). Fees, features, and tax rules are current as at March 2026 and can change. Forge Money receives no commissions or referral fees from any platform. This is educational content, not financial advice.
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This is educational content, not financial advice.