Northern Rock Good afternoon, how can I help?
Mktg I want to take out an ISA but I'm a bit worried with all that's going on. If I invest my savings, will they be covered by the government?
Northern Rock It's just existing deposits that the government is guaranteeing. If you put money in now, it won't be covered - no more than it would at any other building society or bank.
Mktg Are you recommending people take out ISAs now or should they wait until everything is sorted?
Northern Rock I can't recommend it. It's entirely up to you. It's business as normal for Northern Rock. The government wouldn't cover us if there were major problems.
Mktg Is the bank going to go bust?
Northern Rock No. The government wouldn't cover us if there was a chance of that happening. The only possibility would be a takeover, in which case any accounts would still be covered. But we don't see that happening in the near future.
Mktg Do you have details on your savings accounts and ISAs?
Northern Rock I don't but I can transfer you to a sales assistant. Do you have an account with us?
Mktg No.
Northern Rock Can you hold?
Mktg Yes (Mktg holds).
Northern Rock Hi, I understand you're interested in opening a Northern Rock account.
Mktg I'm interested in an ISA.
Northern Rock Have you got any ISAs with any other banks?
Mktg No.
Northern Rock The maximum you can deposit is 拢3000. The best are the fixed-rate ISAs as they have the best rates. You can tie your money up for one, three or five years. The tax-free interest rate is 6.2%.
Mktg What's the minimum you can invest?
Northern Rock 拢500 for fixed rate. We do have other ISAs - instant-access and 30-day ones (provides details).
Mktg Is it safe to take out an ISA at the moment?
Northern Rock Definitely, and if you change your mind, you can move it to another provider.
VERDICT
Northern Rock's customer service was faultless. Both call-handlers were friendly and restored my confidence in the brand. The first representative was honest about Northern Rock's economic position and reassuring about the services it offers. The second was extremely knowledgeable about the bank's products. As a result, I would feel happy to invest my money in a Northern Rock product, despite its current problems.
SCORE 10/10.