CIBC promotes 0.001% savings account interest rate for financially illiterate millennials

TORONTO, ON – In a press release this week, CIBC announced a new savings account with an interest rate of 0.001%. The Canadian banking giant is promoting this rate as an exclusive offer to financially illiterate millennials.

“We think this is a fantastic way for the bank to make money off of our loyal customers whose parents opened an account for them when they were 5 years old,” said Christina Kramer, CIBC's Senior Executive Vice-President and Group Head, Personal and Small Business Banking.

“The best part is, these kids didn’t even choose the bank, plus most of them have never opened a statement in their life.”

“We think this is a fantastic way for the bank to make money off of our loyal customers whose parents opened an account for them when they were 5 years old.”

When asked whether it’s appropriate to call an account with a 0.001% rate a “Savings Account” Ms. Kramer said she out was of time and needed to run.