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While this may seem strange because there are so many options to choose from, this means that banks While this may seem strange because there are so many options to choose from, this means that banks have to be more competitive to get your business. They do this by offering promotions for those looking to open a new bank account.
With so many new bank account offers out there, it’s important to take a look at all of your options before you make a decision. With each bank account offer, there are certain conditions you need to meet in order to qualify. Once you read through the different conditions, you’ll get a better sense of which bank account works best for you. It’s important to verify if the offers are chequing account offers or savings and chequing account offers.
Best 2025 Bank Promotions
When you’re considering switching bank accounts, keep in mind that there are other financial institutions besides the top 5 banks. While the top 5 do have some great promotions, so do other banks and credit unions. Let’s take a look at some of the best bank account promotions in Canada. Keep in mind that any of these can also be joint accounts.
BMO Performance Chequing Account
Right now, if you open a BMO performance plan chequing account or a BMO premium chequing account, along with the BMO savings amplifier account, account holders could earn some great bonuses, including up to a $700 cash bonus and a $50 Walmart Canada egift card. Here are the details:
- Get 4.70% interest on your savings amplifier account
- Keep a minimum daily closing balance of $4000 and skip the monthly fees ($17.95 per month)
- Get up to $40 in card annual fee rebates on eligible credit cards
- Save up to $155 with on-guard identity protection
- Get accounts for family members with no additional fee
- Unlimited transactions and e-transfers
In order to qualify for this offer, you have to open your new bank account and make a deposit of any amount by September 30, 2025. Then, by November 28, 2025, you have to complete two qualifying actions. The options are to:
- Set up a recurring deposit of at least $500
- Make two online bill payments of at least $50
- Set up two preauthorized payments of at least $50
Completing this step will get you $500. You can then get the $50 Walmart egift card when you open a Savings Amplifier Account by September 30, 2025 and deposit any amount by October 31, 2025. You can then get another $150 when you deposit $10,000 or more into the Savings Amplifier Account within 30 days of opening. This balance will have to be maintained for 90 days.
You can then get the last $50 when you invite a family member to be part of your BMO Family Bundle. Their account has to be open by September 30, 2025.
EQ Bank’s Personal Account
While EQ Bank doesn’t offer any perks for signing up, its accounts speak for themselves. Currently, with their eligible chequing account, you can earn 3.50% interest on everyday balances.
The account has no minimum balance requirements or monthly fees, and it offers free, unlimited Interac e-transfers, bill payments, and electronic fund transfers. You also get free withdrawals from any ATM within Canada.
RBC Signature No Limit Banking
When you sign up for an RBC Signature No Limit Banking account, you can get the new iPad. This offer is available until November 3, 2025. You also have to complete two qualifying actions within 90 days of opening the account. This includes setting up your pay as direct deposit, setting up two preauthorized payments, and two bill payments. If you $50,000 in new funds across new investments, then you could get an iPad Pro M4 or a MacBook Pro instead.
With RBC, the signature account includes a wide variety of banking for only $16.95 per month. However, the fee can be reduced to $5.00 if you’re part of the value program. This means that you hold at least two of the following banking products:
- Personal Credit Card
- Residential Mortgage
- Small Business Account
- Personal Investment
Now, let’s take a look at what the RBC Signature No Limit Banking option includes.
- Free Interac e-transfers
- Unlimited everyday banking transactions in Canada
- No Fees for US and International bank transfers
- 5 cross-border debits per month, $1.00 each after
- 3 ATM withdrawals from non-RBC ATMs per month, $2.00 after
- Savings of up to $48 on eligible credit card fees
- Avion points
With RBC, there’s also the Right Account Guarantee. If you aren’t happy with your new RBC account, they’ll refund up to 3 months of account fees.
However, if this RBC bank account isn’t the right fit for you, there are other options you can choose from, including the RBC Advantage banking account. While these accounts might not offer the same account bonuses and waived fees, they do have their own unique features and premium banking perks that could better align with your financial goals.
RBC Value Program
Another option for banking with RBC is the RBC value program. It allows you to save on fees and no monthly minimum balance is required. You don’t even need to have a RBC VIP banking account in order to qualify. You just need to enroll and the more banking services you have, the more points you can earn. This includes new registered accounts like Tax-Free Savings Accounts and RRSPs, US dollar accounts, accounts in Canadian dollars, and more. You can also get a small safety deposit box for a low or reduced cost.
CIBC Smart Account
With a CIBC Smart account, there’s also an awesome incentive right now when you open a chequing account. You can get up to $450. In order to qualify for this promotion, within the first 2 months of having your account, you also must set up recurring direct deposits of at least $500 or more. You also complete one of the 3 transactions within a calendar month. These include:
- 5 online Visa debit purchases
- 2 recurring pre-authorized debits
- 2 eligible online bill payments that are at least $50 each
The monthly account fee for this account is based on how many transactions you make per month and whether you meet the minimum daily balance/minimum dollar value. That said, the cost can be as much as $16.95 per month or as low as $0 per month.
With CIBC, you could also earn an extra $200 if you open a CIBC eAdvantage savings account after you complete all of the requirements for the CIBC Smart Account. However, the requirements include that it has to be opened in the same month as the smart account, hold a minimum balance of $10,000 by the end of the second calendar month and maintain that balance every day for a minimum of 3 months.
While CIBC Smart Start accounts don’t have the same offer as the Smart account, you can get up to $500 by referring your friends. You can also get some great bonuses by linking your debit card with your SKIP the Dishes account.
Tangerine Chequing Account
When it comes to banking with Tangerine, there are some bonuses for opening a bank account. That said, the Tangerine No-Fee Daily Chequing Account and other accounts include some amazing features and no fees, which is an awesome perk all on its own. If you open an account with Tangerine right now, you can earn up to $250 just by switching your payroll deposits.
Just for being a Tangerine customer, your account also includes:
- Interest on all deposits
- No fees on daily transactions
- Free access to over 500 ABMs from Scotiabank
- Automatic transfers
- Online and in-app purchases
- Visa Debit capability
- Personalized cheques free (the first book of 50)
- Free replacement cards
- 1 free stop payment per year
Keep in mind that Tangerine is just one of many online banks that now operate in Canada and offer digital bank accounts.
Scotiabank Preferred Package
If you’re looking for a cash offer, then Scotiabank has a good one available right now. If you open an ultimate or preferred package account before October 30, 2025, you can earn up to $500. In order to qualify for this, you have 60 days to complete two out of the three following transactions.
- Set up one direct deposit that is recurring for at least 6 months.
- Set up two different preauthorized payments that are a minimum of $50 each and go for 6 months.
- Make an online eligible bill payment of at least $50.
If you want to earn another $100 to make your total $600, then you can open a new Money Master Savings Account within 60 days of opening your chequing account. Then, you must set up Pay Yourself First or the Savings Finder Tool. For another $100 (total of $700), you can open an eligible registered account within 60 days but before October 30, 2025. You must also deposit $5,000 within 60 days of opening and leave it in the account for 90 days.
If you do choose to open a Scotiabank account, this is what’s included:
- Monthly fees ranging from $0 -$16.95
- Unlimited debit transactions
- Global money transfers for $1.99 each
- Unlimited e-transfers
- Eligibility for overdraft protection plans
- GIC preferred rates
- No monthly account fees on US Daily banking accounts
- First-year annual credit card fee waived up to $150
- Scene rewards
- Scotia iTrade, trade 1 get 1 free
- Free credit score access
- Visa debit
- Google Pay, Apple Pay and Samsung Pay
- Mobile cheque deposit

TD Unlimited Chequing Account
Another great offer to earn money when opening a bank account is with TD Bank. Until November 5, 2025, when you open a TD Unlimited Chequing Account or a TD All-Inclusive Banking Account. You can earn up to $450. In order to do this, you have to complete 2 qualifying transactions by November 5, 2025. The qualifying transactions include:
- Setting up a direct deposit
- Setting up a recurring preauthorized payment of at least $50
- Making an online payment of at least $50 using online or mobile banking
You can also earn an extra $50 by opening a new eligible savings account, such as the TD savings account, and completed an automated activity within 30 days. You can then get an additional $200 when you open an eligible savings account and deposit or transfer $10,000 or more within 30 days of opening.
If you do choose to go with this offer, here’s what’s included in the TD Unlimited Chequing Account.
- No TD ATM fees
- First-year fee rebate up to $139 on TD credit cards
- Unlimited transactions
- Monthly fee of $16.95
- Monthly fee waived for daily balances of $4,000 and more
- 50% more stars at Starbucks
- Visa debit
- Mobile deposits
- Fraud alerts
- Monthly overdraft protection plans
The PC Money Account
If you’re considering going with a bank account online, then PC Money is offering a great deal right now when you open a new account with them. You can earn up to 100,000 PC points, which is equal to $100.00. You can earn 100,000 points by setting up $ 1,500 in ongoing monthly payroll or pension direct deposits for at least 3 months.
These aren’t the only points that you can earn, though. You can also earn up to a $700 annual value. Let’s take a look at how.
- Up to 60,000 points when you set up direct deposit.
- Up to 60,000 points when you pay bills.
- Up to $200 in savings when switching from an account with monthly fees.
- Around 80,000 in points, depending on how you spend and earn. You can earn up to 1% in points depending on where you shop.
- An estimate of $300 in interest earned per year on savings
Those are just the perks when you open a new account. Let’s take a look at what the account includes.
- No monthly fees
- No minimum balances required
- Free e-transfers
- Free unlimited transactions
- 24/7 support
- Options for card security
- Fraud detection
Simplii Financial
Simplii Financial is another online bank account option that currently has some great promotions. Until October 31, 2025, you can earn up to $300 when you open a new chequing account. All you have to do is add an eligible direct deposit of at least $100 and have it recurring for at least 3 months. However, this isn’t the only offer available right now.
You can get up to 8% cashback for the first 3 months if you have the cashback Visa card. It’s available for spending up to $500. When you open a new savings account, you can earn up to 4.25% for 4 months, and there will be no monthly fees. This offer is only available until September 30, 2025, though.
While these incentives are amazing, we haven't even gone over what’s included in the accounts, which is essentially an all-inclusive banking plan.
No Fee Chequing Account
Simplii Financial's No Fee Chequing Account was actually voted the Best Chequing Account in 2023 by Ratehub.ca. The account includes:
- No monthly fees
- No minimum balance requirements
- Free access to all CIBC ATMs
- Unlimited debit transactions
- Unlimited e-transfers
High-Interest Savings Account
High-interest savings accounts are quite popular for those looking to save their funds while having access at any time. Simplii Financials High-Interest Savings Account includes:
- Automatic deposits
- No monthly fees
- No transaction fees
- No minimum balance requirements
- Interest earned on every dollar
Cash Back Visa Card
The Cash Back Visa Card is another great option for Simplii Financial customers. It includes;
- Use anywhere Visa is accepted
- No fees
- 21-day grace period
- Unlimited cashback
Just like other Simplii Financial accounts, the Cash Back Visa Card has only earned some awards. They’re ranked the Best Credit Card for Young Adults by Hardbacon and Best Credit Card for Newcomers by Savvy. Both of these rankings are from 2024.
KOHO
While KOHO doesn’t actually have any exclusive account features, its account is a little different than your traditional bank account. With this account, there are three different account options that include different perks, and you can purchase credit building on top of this. These three plans are Essential, Extra, and Everything. On top of having the power to build your credit with this account, you can also earn interest. Here’s how each plan works.
- Essential: The essential plan costs $4 per month ($48 annually), with 1.0% interest on select purchases.
- Extra: The extra plan earns 1% on select categories and 0.5% on everything else. You also earn 2.5% interest and can get credit building for only $7. It costs $12 per month ($144 annually).
- Everything: The Everything plan costs $14.75 per month ($177 annually). You get 4% interest, 2% cashback on certain purchases and 0.5% cashback on everything else. You can also get credit building for only $5.
New Accounts Offers For Credit Unions
Just like online banks and traditional banks, credit unions also offer promotions for opening new bank accounts. In Canada, there are many different credit unions to choose from, and each comes with its own perks as well.
Meridian Credit Union
One option for a credit union in Canada is Meridian Credit Union. Right now, you can sign up and receive a $300 cash bonus. All you need to do is open a new chequing account and complete a deposit of $50. You then need to set up a monthly recurring deposit that must stay active for at least 3 consecutive months.
When it comes to chequing accounts with Meridian, you have a few different options. There’s the:
- Essential Chequing Package
- Digital Chequing Package
- Everyday Chequing Package
- Unlimited Chequing Package
There are also select packages for seniors and students. That said, the standard packages range from $3 to $19 per month.
Prospera Credit Union
Another well known credit union in Canada is Prospera. Currently Prospera has a bunch of new account offers based on the type of financial product you’re looking for. That said, if you’re looking to open a new chequing account, then you could earn the Welcome to the Community bonus of $200, however you can only get this by opening an account using their community referral.
Other current offers include:
- $50 with a new Prospera credit card for ages 19-24
- 0% interest for 9 months with a credit card transfer
- Up to $220 in value with a Premium Visa Infinite Card
- $0 investment transfer fees
- A chance to win $20,000 when you meet with an investment advisor
Affinity Credit Union
Another credit union that is currently offering a variety of welcome offers is Affinity. Before we get into the many different offers, though, we should look at the $400 bonus you could earn by opening a new chequing account. In order to qualify for this offer, you must:
- Open a qualifying chequing account between
- Set up one recurring payroll or pension direct deposit within 90 days of opening the account and keep it for 6 months.
- Set up one recurring preauthorized debit within 90 days of opening the account and keep it for 6 month.s
Once you’ve completed these steps and kept the account in good standing, then you’ll receive the $400 in your chequing account. However, it’s important to note that this offer isn’t valid if you open an account online; it has to be done in person.
Other current offers you could qualify for include:
- A twelve-month package fee waiver
- 0.25% on term deposits for the first year
- Between 60,000 and 2000,000 welcome points with an Affinity Mastercard
- No consumer loan or line of credit application fees
Alterna Savings Credit Union
With Alterna Savings Credit Union, you can earn up to $600 in rewards when you open an eligible account. All you need is an eligible email address to sign up for this account online. However, how much you earn in rewards is based on which account you choose. You have two options:
- Unlimited Package -$400
- Basic Package - $100
Once you’ve opened one of these accounts, you have 90 days to set up and complete one recurring government, pension or payroll direct deposit. You also have to complete two of the three options with a minimum of $50 each:
- Bill payments through the app or online banking
- Interac e-transfers
- Point of sale debit transactions
If you’re signing up for the chequing account offers, you can also earn extra rewards by signing by and getting approved for any eligible Alterna Visa Card. This could earn you points equalling up to $120.
If you’re looking to invest, you can also earn up to another $80 in cash rewards. You can do this by opening a TFSA or RRSP and making a minimum deposit of $1,000 in a two-year term deposit.
Coast Capital Savings
Another option for a credit union that offers a good promotion is Coast Capital Savings. If you become a member now, you can get up to $500 plus 5.0% bonus interest. With a new chequing account, you can get up to $400 by opening an Elevate Chequing Account. You then have to set up an eligible payroll or direct deposit within 60 days and keep it active for at least 90 consecutive days.
You can earn a $200 statement credit by opening a Coast Capital Credit Card issued by Collabria. Once you’ve been approved, you need to spend at least $1,000 within 90 days. Depending on the credit card, you will then be issued a $100 or $200 statement credit. You can also get 3.7% interest on a non-registered high-interest savings account as long as you register by December 1, 2025. You will then start earning that rate on all new deposits until January 31, 2026. Keep in mind that the bonus rate is on top of the standard rate so it’s technically 4.1%.
Choosing Between A Bank And A Credit Union
When you’re looking for account opening and different bank account bonuses, it’s important to consider the type of financial institution that you’d like to bank with, not just the bank bonuses and bonus points that you can earn. While these and large cash bonuses are nice, you also have to look at the account features as well as the financial products the financial institution offers.
First, the main difference between credit unions and banks is that banks are for-profit, and credit unions are membership-owned. This means that you have more say in what happens with your money at a credit union, and their fees are much lower and often include unlimited free transactions. They also offer more competitive rates, higher dividends and lower interest rates. You’ll also find that credit unions take a more hands-on approach with their clients, going above and beyond to help you meet your financial goals.
In Canada, while there are plenty of credit unions to choose from, many are private and only have branches in certain areas of the country. This is where banks tend to excel because they’re either digital and can be accessed from anywhere, or they have branches all over the country and even in other countries. This is ideal for those who travel or are looking to move and don’t want to have to look for a new financial institution.
With all this in mind, though, each of these financial institutions has its advantages and disadvantages. Before you decide, you should look at the different best bank account offers and compare them with the overall options that the institutions offer. Don’t forget, you can also have more than one bank account, so you don’t have to choose just one.
Best High-Interest Savings Account Offers
Even though there are some great chequing account offers to choose from, there’s also some great high-interest savings account offers. The best part is that you don’t have to have the bank as your primary bank to take advantage of these offers.
Tangerine
With Tangerine, the standard rate of their High Interest Savings Account is 0.30% However, they do have a promotional interest rate for those who are just joining their bank. You can get a rate of 4.50% for your first 5 months. Plus, there’s no monthly fee and no minimum required for your daily account closing balance.
Scotiabank
With the Scoitabank Momentum Plus account you can get a great promotional interest rate without taking advantage of a new eligible chequing account offer. You can get 4.90% for a limited time with a 90 day premium period. However, you can earn 4.95% if you have a preferred package and 5.00% if you have an ultimate package.
CIBC
With a CIBC eAdvantage Savings Account, you can get up to 4.90% interest for the first 3 months on balances up to $1,000,000. Once the promotional period is over, the higher your balance is the higher interest rate you earn. You can even set up automatic transfers to continue growing your savings.
BMO
The BMO High Interest Savings Account, also known as the Savings Amplifier Account, is known for it’s competitive interest rates and no fee plans. Right now, you can get a promotional interest rate of 4.70%, however you do have to open an eligible chequing account to qualify. Otherwise, you’ll earn a rate of 0.80%.
Even though there are no monthly fees with this account, it is possible to incur some charges because it isn’t a chequing account. You could get charged $5 for withdrawls, fund transfers between branches and pre-authorized debit transactions.
RBC
With the RBC High Interest e-savings Account, you can earn a rate of 4.70% for your first 3 months. This offer is valid until October 29, 2025. It’s valid for balances up to $1,000,000. After that, your rate will drop down to the standard rate.
TD
When you’re looking to open a High Interest Savings Account, a good option with TD is the TD ePremium Savings Account. While there’s no promotional rate, you do earn a rate of 0.010% on all balances.
Bank Credit Card Offers
When you’re in the market for a new bank account and taking advantage of these offers, it’s important to also consider credit card offers. Many will offer promotional balance transfer rates and even extra points. That said, whether or not you qualify is based on credit approval, as is the balance limit. As the primary cardholder, you also need to meet all other eligibility criteria.
Let’s take a look at a few that are available for you to take advantage of right now. Even if you already have a credit card, you can have more than one cash back card, or any other type of credit card.
Tangerine
With Tangerine, you can get a promotional offer for the Tangerine World Mastercard. You can apply online or using their mobile app. Once you’re approved, you can get 10% cash back up to $100. After that, you can get 2% back on a select categories of your choosing. If you set up your cash back to be direct deposited into you Tangerine Savings Account, you can unlock a 3rd cash back category of 2%.
These cash back categories include:
- Grocery
- Restaurants
- Gas
- Entertainment
- Furniture
- Hotel-Motel
- Drug Store
- Recurring bill payments
- Home Improvement
- Public Transportation and Parking
Other perks included with this card are:
- $1,000 Mobile Device Insurance
- Rental Car Collision/Loss Damage Insurnace
- Mastercard Travel Pass by Dragon Pass
- Mastercard Travel Rewards
- On-Demand and Subscription Services
Another perk is that you can get a promotional rate of 1.95% for the first 6 months on any balance transfers. After that, your rate is 22.95%.
BMO
While BMO has many different credit card offers, their most popular one right now is the BMO Cash Back Mastercard. With this card, you can get a rate of 0.99% for the first 9 months on balance transfers, with a 2% transfer fee. You can also get 5% cash back on purchases for your first 3 months.
You can earn 3% cash back on grocery purchases, 1% back on recurring bill payments, and 0.5% on all other purchases. In fact, this card offers the most cash back on groceries without having to pay an annual fee. Plus, there’s no income requirement for approval.
The purchase interest rate for this card is 21.99% and the cash advance rate is 23.99%. Other benefits included with this card are:
- Extended Warranty and Purchase Protection
- Rental Car Discounts
- Cirque du Soleil Discounts
- Booking.com Discounts
- BMO PaySmart
CIBC
With many different credit card offers to choose from, one of the great offers that they have right now is the CIBC Aventura Visa Infinite Card. By signing up right now you could get an extra 60,000 points. You earn 15,000 points when you make your first purchase. You can then get another 30,000 points when you spend $3,000 or more in your first 4 monthly statement periods.You can then earn the final 15,000 points when you have at least $5,000 in net purchases in your first 4 monthly statements.
You can also get an annual fee rebate for your first year, of $139, a Nexus application fee rebate, and up to $277 in value with Visa Airport Companion. You can then earn 2 points for every dollar spend on travel through the CIBC Rewards Centre. You get 1.5 points for purchases on gas, groceries, and electric vehicle charging. You can then get 1 point per dollar on all other purchases.
Other benefits included with this card are:
- 12 month Skip+ subscription
- Save 3 cents per litre with Journie Rewards
- Free global money transfers
- Purchase Interest Rate of 21.99%
- Cash Interest Rate of 22.99%
- Mobile Device Insurance
- Hotel Burglary Insurance
- Trip Cancellation and Trip Interruption Insurance
- Out of Province Emergency Travel Medical Insurnace
- Flight Delay and Baggage Insurance
- $500,000 Common Carrier Accident Insurance
- Purchase Security and Extended Protection Insurance
Scotiabank
A good option to go with from Scotiabank is the Scotia Momentum Visa Infinite Card. Right now you can earn 10% cash back in your first 3 months up to $2,000 in purchases and no annual fee for the first year. After that, the annual fee is $120. There’s a minimum credit limit of $5,000, a purchase interest rate of 20.99% and a cash advance rate of 22.99%.
With this card, you can get 4% back on groceries and recurring payments, 2% back on gas and daily transit, and 1% back on everything else. Other benefits included with this card are:
- Visa Concierge Services
- Visa Infinite Hotel Collection
- Visa Infinite Dining and Wine Country Program
- Rental Car Discounts
- New Mobile Device Insurance
- Trip Cancellation and Trip Inturruption Insurance
- Travel Emergency Medical Insurance
- Flight Delay Insurance
- Delayed and Lost Baggage Insurance
- Travel Accident Insurance
- Rental Car Collision Loss/Damage Insurance
- Purchase Security and Extended Warranty Protection
Best Time of Year to Find Bank Account Offers
Throughout the year, different banks offer plenty of different bank account offers in order to gain your business. While you can find these offers year-round, at some points in the year, you have more options than others. This is usually the summer. These offers aren’t just on bank accounts either, and this is usually when you’re most likely to find large offers for registering for multiple accounts and financial products.
Things To Consider With Bank Account Offers
If you do take advantage of bank account offers, it’s important that you pay attention to the minimum balance requirements as well as the different conditions of the bank account offers. There are usually time periods you need to keep the account for, and closing the account too early can risk you losing the offer altogether.
You should also pay attention to the promotional rates and how they compare to the regular rates. If the regular rates aren’t reasonable, then there might not be any point in opening the account for the promotional rates. You should also consider what the competing offers are, if they’re better all around it might be worth shopping around rather than going with your first choice.
Do You Need To Close Your Account To Take Advantage of an Offer?
In Canada, you’re able to have more than one bank account in your name. This means that if you wish to take advantage of a new bank account offer, you don’t have to cancel your current bank account. That said, you can’t just open a new account and expect to receive the promotional offer. You do need to meet the requirements, which is known to take a few months. It also often includes setting up a recurring deposit, which could be pre-authorized payments if you’re paid monthly. For most, these occur more than once per month, though.
Final Thoughts
Choosing a bank account can be very difficult. Not only do you need to consider the type of bank account you’re looking for, but you also need to consider the monthly fees. As you can see, not all bank accounts charge monthly fees. That said, even some of those do have different requirements that you can meet in order to avoid those fees. These types of things will play into which bank account works best for you.
When you’re considering different bank accounts and financial institutions, it’s also a good idea to check out any welcome offers that they may be offering for all account types, including chequing accounts and student chequing accounts. Depending on the financial institution offering the bonus, you may earn points, cash bonuses, or a special interest rate. However, you should also consider the different benefits offered by the institution, not just the accounts.
No matter what you choose, though, there are some great ones out there. It’s important not to focus solely on the welcome bonus, though. Ultimately, you want to be sure that the bank account will meet your needs and offer you exactly what you’re looking for.