How To Earn Manifold On Your Savings

Interest rates have been cut to such an extent that you could be earning as little as 0.04 per cent after tax (0.05 per cent before tax) - or 40p interest a year on each £1,000.

But you can earn as much as 2 per cent (2.5 per cent) in some top-paying accounts used by banks to tempt in savers.

Now is the perfect time to switch, even if you are in an account that demands you give notice to get at your money. With interest rates this low, you will lose only a few pennies' interest if you move immediately without giving notice - and you can make that back in a couple of weeks.

David Black, from financial researcher Defaqto.com, says: 'If you have been in an easy access variablerate account for more than six months then check your rate. Best buy tables are full of newly launched accounts and those boosted by an introductory bonus.'

Nearly a quarter of the 460 easy access accounts on offer pay 0.08 per cent (0.1 per cent) or less on balances of £5,000, research from Defaqto shows.

But these figures only include accounts open to new savers. There are hundreds more among accounts closed to new savers where your money might have been languishing for years.

Switch and save: Banks are tempting customers to switch accounts

These appalling rates have come to light after banks and building societies adjusted the interest they pay to savers following the 0.5 percentage point cut in base rate to 0.5 per cent on March 5.

They tend to wait until the start of the following month after a base rate change to make adjustments to their savings rates.

Among larger providers, accounts where you earn a pitiful 0.04 per cent 0.05 per cent) are Barclays Savings Builder, six accounts from C& G - Cheltenham Gold, London, Direct Transfer, Instant Transfer, Young Saver and Cash Isa - First Direct Savings, HSBC Flexible Saver, Intelligent Finance Direct Access Savings and West Bromwich's Oak Account.

Branch-based accounts paying 0.08 per cent (0.1per cent) - or 80p a year on each £1,000 - include Abbey Flexible Saver, three accounts from Halifax (60 Day Gold, Instant Saver and Saver Reward) and three from Lloyds TSB (90 Day Notice, Flexible Saver and Instant Access Saver)

Notice accounts, such as Halifax 60 Day Gold, typically demand that you give 60 days' notice to take out money or pay a fine equivalent to 60 days' interest.

But with rates so low, the fine is tiny. The fine on £5,000 in a 60-day notice account earning 0.08 per cent (0.1per cent) works out at just 65p in lost interest. On a 90-day notice account it is £1.

You could also be earning appalling rates on tax-free cash Isas. Older versions of Alliance & Leicester Direct Isa pay just 0.1per cent, as does Abbey Postal Isa and Easy Isa to some savers and RBS Instant 60 Day Isa.

Both Halifax Isa Saver and Barclays Cash Isa pay 0.1per cent on balances up to £18,000.

A £10,000 sum earns you £10 interest a year against £300 in a top-paying account. And don't be fooled into thinking you earn a good rate on your internet account. Old Alliance Online Saver and Lloyds TSB Online Saver accounts, along with Abbey eSaver and Barclays e-savings, pay 0.08 per cent (0.1 per cent) once your introductory bonus has run out.

World's Biggest Credit Cards

Credit card companies love issuing premium "gold," "platinum" or "black" cards, since elite cardholders rack up big bills.

Here's a sampling of some of the hardest-to-get cards with the biggest cardholder benefits.

1. American Express Centurion

Annual Fee: $2,500 (plus an initiation fee of $5,000)

Requirements: $250,000 spending minimum

Often regarded as the ultimate in its category, benefits of the "black card" include 24-hour concierge service, room upgrades at hotels and membership to the company's "By Invitation Only" program, which offers access to sporting, culinary and cultural events, including New York Fashion Week.

2. Bank of America Accolades

Annual Fee: $295

Requirements: At least $200,000 in assets with Bank of America

Bank of America's first high-end credit card launched in 2007 and provides customers with concierge service, cash-back rewards, comprehensive identity-theft protection and recovery services, as well as access to more than 500 airport lounges worldwide.

3.Coutts World Card

Annual Fee: $500 (waived if $100,000 is charged to your account over one year)

Requirements: Only available to Coutts clients who have at least $1 million in the bank

As the private banking arm of the Royal Bank of Scotland, Coutts offers cardholders travel insurance, 24-hour concierge service, Priority Pass membership and purchase insurance.

4. HHonors Diamond VIP Surpass from Hilton/American Express

Annual Fee: $75

Requirements: $40,000 spending minimum

Ideal for frequent travelers, this card rewards members with nine points on the Hilton loyalty program for every $1 spent at Hilton hotels, and free access to more than 500 airport lounges worldwide. Room upgrades and access to private lounges within the hotels are also included.


5. Sotheby's World Elite Mastercard

Annual Fee: $395

Requirements: You must earn over $250,000 per year and have over $2million in investable assets.

Designed for art collectors and fans, benefits include 24-hour concierge service, complimentary business-class companion international air tickets on certain flights, upgrades from economy to business class for international air travel, global airport lounge access, discounted prices in Sotheby's catalogs and free admission to top museums.


6. Visa Black Card

Annual Fee: $495

Requirements: No spending minimum, but membership is limited to 1% of the U.S. population

Launched in 2008, this is Visa's answer to Amex's Centurion. It offers similar benefits--24-hour concierge service, Priority Pass membership and 1% cash back on all purchases--without a spending minimum.

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A Trillion Dollar - Face Off

All this talk about "stimulus packages" and "bailouts"...

A billion dollars...

A hundred billion dollars...

Eight hundred billion dollars...

One TRILLION dollars...

What does that look like? I mean, these various numbers are tossed around like so many doggie treats, so I thought I'd take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like.

We'll start with a $100 dollar bill. Currently the largest U.S. denomination in general circulation. Most everyone has seen them, slighty fewer have owned them. Guaranteed to make friends wherever they go.

A packet of one hundred $100 bills is less than 1/2" thick and contains $10,000. Fits in your pocket easily and is more than enough for week or two of shamefully decadent fun.

Believe it or not, this next little pile is $1 million dollars (100 packets of $10,000). You could stuff that into a grocery bag and walk around with it.

While a measly $1 million looked a little unimpressive, $100 million is a little more respectable. It fits neatly on a standard pallet...

And $1 BILLION dollars... now we're really getting somewhere...

Next we'll look at ONE TRILLION dollars. This is that number we've been hearing so much about. What is a trillion dollars? Well, it's a million million. It's a thousand billion. It's a one followed by 12 zeros.

You ready for this?

It's pretty surprising.

Go ahead...

Notice those pallets are double stacked.
...and remember those are $100 bills.

So the next time you hear someone toss around the phrase "trillion dollars"... that's what they're talking about.

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