It’s not the fastest car, it’s not the most economical, it’s not the roomiest, it’s not the best looking and it’s not the best priced…and yet, on paper at least, it is the best car you can buy today.

It’s similar story with pretty much every consumer product selection…house prices vary by size, location and a million other variables including intangible ones like how it ‘feels’. The cheapest laptop isn’t necessarily the best but neither is the most expensive. The list is endless.

Or is it..?

Many would have you believe that the best Savings account is the one with the highest rate.  Tables are compiled and sorted based on the interest rate and best-buy status is bestowed on accounts with the best rates. But what about the other aspects of a savings account..?

For some people, access to their savings is most important but for others it might be about convenience.  That great rate you hear about is maybe only great if you live within travelling distance of the branch and with so many people wanting monthly interest from their savings, a great rate isn’t that great if you have to wait a year for the interest.

Research tells us that rates are of course important and in isolation, the most important consideration.  But they’re not the only thing that’s important to customers. They value accessibility, a choice of channels, easy application forms, a choice of notice periods, options for interest payments, simplicity of account features, straightforward account terms, good customer service, easy to use online banking, someone to speak to 7 days a week, full FSCS protection, the list goes on.

However, all of these things can’t easily be put in a table and ranked. And as some are more important to different customers, it’s almost impossible to compile a table to suit everyone’s preferences.

So how about this..?  When I was younger, there was a very easy way of deciding which car was best.  Two words.

Top Trumps.

Engine CC, BHP, Top Speed, 0-60mph, MPG and Price.

It was a clear and fair way of showing how a Ferrari might be better than a Fiat, but a Passat could be better than a Porsche, and perhaps one day we’ll compare savings accounts in a similar manner.

Notice Period, Interest Frequency, Interest Rate, Channel of Operation, Minimum Balance.

Maybe that way savers will be able to decide if a 120 Day Notice account operated by post and paying 1.75% annually is really better, for them, than an online 90 Day Notice account paying 1.65% monthly.

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