Although August’s doldrums have given us a respite from the credit crunch, it couldn’t last. Up stepped Kenneth Rogoff, Harvard University economics professor and former chief economist at the International Monetary Fund, to say we’re only halfway through – the worst is still to come and expect a big bank to collapse.

It’s hard to tell when that might happen. Human nature being what it is, bank chiefs are doing their best to play for time in the hope something might turn up to save them.

The good news for savers is that many banks are turning to their individual customers for deposits to shore up their shaky balance sheets.

Stock markets, gold and oil are nervously treading water and the pound has stopped falling – for the time being, at least.

So, use the pause over the bank holiday weekend to put yourself in the right shape to weather the rest of this rocky year. The rollercoaster will be back up to speed when the movers and shakers are back from the beaches.

Much depends on how active a saver or borrower you are. Review your mortgage and other loans to see what scope you have to switch to better deals.

Keep lobbing money into long-term savings such as pensions and tax-free Isas. And this year’s payments into monthly investment plans will be well rewarded eventually. The uncertain climate is pushing down your average buying price, as long as you commit only money you can afford to leave alone for several years.

If you are a short-term investor, good luck. As holders of sterling currency funds have found lately, any market can suddenly turn and wipe you out. That is going to happen frequently in the next couple of years. Big profits await the brave, but be realistic: ditch any dogs. Remember, the professionals run profits and cut losses.

Beyond compare

COMPARISON websites can save you thousands of pounds, but Which? magazine has examined the three biggest – confused.com, gocompare.com and moneysupermarket.com – and says they don’t always do what they are supposed to: identify the best deals.

A fourth and newest rival, Tesco’s tescocompare.com, promptly complained that it had been omitted and insisted it was the best. However, it offers only car and home-insurance quotes, while the others cover credit cards, savings, loans, travel insurance and much else.

The big three don’t always tell users they are paid by some providers, and it can be hard to compare like with like.

I agree with Which? that you should compare the comparers, and use their quotes as only a starting point for your research. Then you could be in a strong position to haggle a better deal out of your chosen provider.

Film noir

SOUNDS like Pru Health – whose slogan is “it pays to be healthy” – is worried that its policyholders might be taking this fitness lark too seriously.

The insurer, which launched last year with the come-on that it cuts premiums if you exercise, eat better and stop smoking, now wants to cajole policyholders into sitting in a darkened room for hours on end.

For as little as £25 members can buy an unlimited annual voucher, normally £131.88, to the Cineworld chain (motto “see as many films as you can handle”).

Shaun Matisonn, chief executive of Pru Health, reckons the deal will “broaden our current health and wellbeing offering into a more lifestyle-based approach”.

It’s not immediately obvious how a day spent watching Hellboy II or Angus, Thongs and Perfect Snogging will aid health and wellbeing, but it’s could well broaden your lifestyle.