The best 2-year CD rates of September 2022

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2-year CD rates at the largest US banks

As of September 2022, the national average APY on a 2-year CD is 0.64%, according to the FDIC.

Right now, the best 2-year CD rates are at least 3% APY. You can snag a higher APY with longer CD terms, but 2-year CDs have their perks. Two-year terms serve as an in-between option between long-term CDs and short-term CDs.

You also may be able to switch up for a higher rate if rates go up after two years. Interest rates on savings accounts are expected to slowly rise over the course of the year. Here are our top picks for 2-year CDs.

Compare our top picks for 2-year CDs

  • Bread Savings High-Yield CD

  • Capital One 360 Certificate of Deposit®

  • Synchrony CD

  • First National Bank of America Certificate of Deposit

  • Crescent Bank CD

  • Bethpage Federal Credit Union Certificate Account

  • Marcus by Goldman Sachs High-Yield CD

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Competitive interest rate

Editor's rating

3.75/5

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No minimum opening deposit

Editor's rating

4.5/5

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No minimum opening deposit

Editor's rating

4.5/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Editor's rating

4/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Editor's rating

4/5

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Low minimum opening deposit

Editor's rating

4.75/5

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Low minimum opening deposit

Editor's rating

4.25/5

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Learn more

On First National Bank of America's website

Learn more

On Bethpage Federal Credit Union's website

Bread Savings High-Yield CD

Bread Savings Bread Savings High-Yield CD

Bread Savings High-Yield CD

Annual Percentage Yield (APY)

3.00% to 3.65% APY

Minimum Deposit Amount

$1,500

Bread Savings Bread Savings High-Yield CD

Bread Savings High-Yield CD

Annual Percentage Yield (APY)

3.00% to 3.65% APY

Minimum Deposit Amount

$1,500

On Bread Savings's website

Bread Savings Bread Savings High-Yield CD

On Bread Savings's website

Deposit Details

Annual Percentage Yield (APY)

3.00% to 3.65% APY

Minimum Deposit Amount

$1,500

Pros Cons

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Competitive APY

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Standard early withdrawal penalties

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$1,500 minimum opening deposit

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Limited term options

Highlights

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  • CD terms range from 1 year to 5 years
  • Early withdrawal penalty: 180 days simple interest for terms between 1 year and 3 years; 365 days simple interest for terms between 4 years and 5 years
  • Interest compounded daily, paid monthly
  • FDIC Insured

Additional Reading

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Why it stands out: Bread Savings pays high rates on CDs and charges reasonable early withdrawal penalties.

APY for 2-year CD: 3.50% APY

2-year CD early withdrawal penalty: 180 days simple interest

What to look out for: Bread Savings requires at least $1,500 to open a CD. This is a bit higher than what most banks would typically require.

Capital One 360 Certificate of Deposit®

Capital One Capital One 360 Certificate of Deposit®

Capital One 360 Certificate of Deposit®

Annual Percentage Yield (APY)

2.00% to 3.50% APY

Minimum Deposit Amount

$0

Capital One Capital One 360 Certificate of Deposit®

Capital One 360 Certificate of Deposit®

Annual Percentage Yield (APY)

2.00% to 3.50% APY

Minimum Deposit Amount

$0

Capital One Capital One 360 Certificate of Deposit®

Deposit Details

Annual Percentage Yield (APY)

2.00% to 3.50% APY

Minimum Deposit Amount

$0

Pros Cons

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Competitive APY

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No minimum deposit

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Low-to-standard early withdrawal penalties

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No jumbo or no-penalty CDs

Highlights

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  • Terms ranging from 6 months to 5 years
  • No minimum deposit
  • Early withdrawal penalties ranging from 3 to 6 months interest
  • Compounding interest to maximize your earnings
  • FDIC insured

Additional Reading

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Why it stands out: Capital One is offering an especially high interest rate for 2-year CDs. There's also no minimum opening deposit required.

APY for 2-year CD: 3.30% APY

2-year CD early withdrawal penalty: 6 months of interest

What to look out for: Your banking experience may vary depending on where you live. The bank has branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. If you don't live nearby any of these areas, your banking experience will be completely online.

Synchrony CD

Synchrony Synchrony CD

Annual Percentage Yield (APY)

1.75% APY to 3.61% APY

Minimum Deposit Amount

$0

Synchrony Synchrony CD

Annual Percentage Yield (APY)

1.75% APY to 3.61% APY

Minimum Deposit Amount

$0

Synchrony Synchrony CD

Deposit Details

Annual Percentage Yield (APY)

1.75% APY to 3.61% APY

Minimum Deposit Amount

$0

Pros Cons

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Competitive APY

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Variety of term lengths

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No minimum deposit

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No terms over 5 years

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Standard-to-high early withdrawal penalties

Highlights

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  • Terms ranging from 3 months to 5 years
  • Early withdrawal penalty of 90 days simple interest for terms of 12 months or less; 180 days simple interest for terms over 12 months but under 48 months; 365 days interest for terms of 48+ months
  • When you're ready to cash out your CD, you must call Synchrony
  • Interest compounded daily, paid monthly
  • FDIC insured

Additional Reading

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Why it stands out: Synchrony is offering one of the highest rates on 2-year CD rights now. There's also a $0 minimum opening deposit.

APY for 2-year CD: 3.40% APY

2-year CD early withdrawal penalty: 180 days of simple interest

What to look out for: Synchrony is an online-only institution so you may not have easy access to your account.

First National Bank of America Certificate of Deposit

First National Bank of America First National Bank of America Certificate of Deposit

First National Bank of America Certificate of Deposit

Annual Percentage Yield (APY)

3.25% to 3.60% APY

Minimum Deposit Amount

$1,000

First National Bank of America First National Bank of America Certificate of Deposit

First National Bank of America Certificate of Deposit

Annual Percentage Yield (APY)

3.25% to 3.60% APY

Minimum Deposit Amount

$1,000

On First National Bank of America's website

First National Bank of America First National Bank of America Certificate of Deposit

On First National Bank of America's website

Deposit Details

Annual Percentage Yield (APY)

3.25% to 3.60% APY

Minimum Deposit Amount

$1,000

Pros Cons

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Competitive APY

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Term lengths up to 84 months

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$1,000 opening deposit

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High early withdrawal penalties

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No term lengths under 12 months

Highlights

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  • 3 branches in Michigan: East Lansing, Grand Rapids, and Traverse City
  • You can open CDs in a branch; if you don't live in Michigan, you can open CDs online
  • Term lengths ranging from 12 to 84 months
  • 180 days interest for terms of 12-23 months, 360 days interest for terms of 24-47 months, 540 days interest for terms of 48 to 84 months
  • Interest compounded daily, paid quarterly
  • FDIC insured

Additional Reading

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Why it stands out: First National Bank of America's main strength is its competitive interest rates. 

APY for 2-year CD: 3.30% APY

2-year CD early withdrawal penalty: 360 days interest

What to look out for: Some of our other top picks charge less to take out funds before your CD matures. If you're worried about needing to withdraw money early, consider one of the options on our list or a no-penalty CD.

Crescent Bank CD

Crescent Bank Crescent Bank CD

Annual Percentage Yield (APY)

0.50% to 3.75% APY

Minimum Deposit Amount

$1,000

Crescent Bank Crescent Bank CD

Annual Percentage Yield (APY)

0.50% to 3.75% APY

Minimum Deposit Amount

$1,000

On Crescent Bank's website

Crescent Bank Crescent Bank CD

On Crescent Bank's website

Deposit Details

Annual Percentage Yield (APY)

0.50% to 3.75% APY

Minimum Deposit Amount

$1,000

Pros Cons

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High interest rate

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Standard CD terms

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Standard early withdrawal penalties

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$1,000 minimum opening deposit

Highlights

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  • 3 branches in Louisiana
  • Terms range from 3 months to 5 years
  • Early withdrawal penalties: 90 days interest for a 1-year CD term; 180 days interest for all other CD terms
  • Interest compounded and deposited monthly
  • Member FDIC

Why it stands out: Crescent Bank has online CDs with competitive interest rates. You may open an online Crescent CD from anywhere in the US as long as you are a US citizen and over the age of 18.

APY for 2-year CD: 3.50% APY

2-year CD early withdrawal penalty: 180 days of interest

What to look out for: Crescent Bank has a $1,000 minimum opening deposit. Some of our other top picks let you open an a CD with less money upfront.

Bethpage Federal Credit Union Certificate Account

Bethpage Federal Credit Union Bethpage Federal Credit Union Certificate Account

Bethpage Federal Credit Union Certificate Account

Annual Percentage Yield (APY)

1.75% to 3.25% APY

Minimum Deposit Amount

$50

Bethpage Federal Credit Union Bethpage Federal Credit Union Certificate Account

Bethpage Federal Credit Union Certificate Account

Annual Percentage Yield (APY)

1.75% to 3.25% APY

Minimum Deposit Amount

$50

On Bethpage Federal Credit Union's website

Bethpage Federal Credit Union Bethpage Federal Credit Union Certificate Account

On Bethpage Federal Credit Union's website

Deposit Details

Annual Percentage Yield (APY)

1.75% to 3.25% APY

Minimum Deposit Amount

$50

Pros Cons

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High interest rates

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$50 minimum deposit

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39-month term lets you increase your rate once during the term (it will be to the current rate for a 3-year term)

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Must contact Bethpage FCU to ask about early withdrawal penalties

Highlights

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  • Join Bethpage by opening a savings account with $5
  • 33 branches in New York State
  • 33,000+ free ATMs, 5,000+ shared branches
  • Terms range from 3 months to 5 years
  • Interest compounded daily
  • Federally insured by the NCUA

Additional Reading

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Why it stands out: Bethpage lets you open a CD with a minimum of $50, which is much less than what most banks or credit unions require. You'll also earn a competitive interest rate.

APY for 2-year CD: 3.05% APY

2-year CD early withdrawal penalty: 180 days of interest

What to look out for: Credit unions require membership to open a CD. At Bethpage Federal Credit Union, you'll have to open a savings account with at least $5. If you're only looking to only open a CD right now, you might consider one of the other options on our list.

Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs High-Yield CD

Annual Percentage Yield (APY)

2.00% to 3.30% APY

Minimum Deposit Amount

$500

Marcus by Goldman Sachs Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs High-Yield CD

Annual Percentage Yield (APY)

2.00% to 3.30% APY

Minimum Deposit Amount

$500

On Marcus by Goldman Sachs's website

Marcus by Goldman Sachs Marcus by Goldman Sachs High-Yield CD

On Marcus by Goldman Sachs's website

Deposit Details

Annual Percentage Yield (APY)

2.00% to 3.30% APY

Minimum Deposit Amount

$500

Pros Cons

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Check mark icon A check mark. It indicates a confirmation of your intended interaction.

Competitive APY

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Variety of term lengths

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$500 initial deposit

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Easy-to-use mobile app

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Standard early withdrawal penalties

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No physical branch locations

Highlights

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  • Terms ranging from 6 months to 6 years
  • 90 days interest early withdrawal penalty for a CD term of under 12 months, 270 days interest penalty for a CD term of 12 months to 5 years, 365 days interest penalty for a CD term of more than 5 years
  • Compounding interest to maximize your earnings
  • No monthly maintenance fees
  • FDIC insured

Additional Reading

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Why it stands out: Marcus pays a high interest rate, and its mandatory $500 minimum deposit is lower than most competitors' required deposits.

APY for 2-year CD: 3.10% APY

2-year CD early withdrawal penalty: 270 days of interest

What to look out for: The early withdrawal penalty for a 2-year Marcus CD is a bit steep compared to some of our other top picks.

Other 2-year CDs we considered

We looked at the following 2-year CDs as well. These CDs ultimately weren't chosen among our top picks because they may have lower rates than our winners, higher minimum opening deposits, or more substantial early withdrawal penalties.

You might find some of these options appealing though, depending on your preferences.

  • Barclays Online Certificate of Deposit: Barclays offers high interest rates, but our top picks have even higher interest rates or stronger mobile app ratings.
  • First Internet Bank of Indiana Certificate of Deposit: First Internet Bank of Indiana pays competitive interest rates, but our top picks offer higher rates.
  • Ally Raise Your Rate CD: Ally has a $0 minimum opening deposit, but some of our top picks offer higher interest rates.
  • Connexus Credit Union Share Certificate: Connexus offers competitive interest rates, but you'll need at least $5,000 to open a CD.
  • American Express CD: American Express offers a good interest rate, but our top picks offer even higher rates.
  • TIAA Yield Pledge® Certificate of Deposit: TIAA offers solid interest rates on CDs, but our top picks have higher rates and lower minimum opening deposits.
  • Navy Federal Credit Union Standard Certificate: Navy Federal Credit Union has solid interest rates, but our top picks have higher interest rates.
  • NBKC CD: NBKC offers competitive interest rates on long-term CDs, but its short-term CDs aren't as strong. 
  • Discover CD (Member FDIC): Discover has competitive interest rates on long-term CDs, but its short-term CDs aren't as strong. You'll also need at least $2,500 to get a CD.
  • CIT Bank CD: Other institutions on our list offer higher interest rates right now.
  • BrioDirect High-Yield CD: BrioDirect has a variety of CD terms, but its 1-year CD rate isn't as strong as our top picks. 
  • Golden 1 Credit Union Certificate of Deposit: Golden 1 Credit Union offers competitive rates, but you must live in California to join.
  • Sallie Mae CD: Sallie Mae has a solid interest rate, but you'll need a minimum opening deposit of $2,500. 
  • Signature Federal Credit Union Certificate: Other institutions on our list offer higher interest rates right now.

Which bank is the most trustworthy?

We've compared each bank's Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company's score:

Capital One is the only institution that doesn't have an A+ rating from the BBB. Its profile is currently being updated so it doesn't have a rating.

A good BBB rating doesn't necessarily mean that your relationship with the bank will be perfect. Talk to current customers or read online customer reviews to get a more well-rounded perspective about whether the bank may be ideal for you.

Capital One is the only institution on our list that has been involved in recent public controversies. 

In 2020, The Office of the Comptroller of Currency required Capital One to pay $80 million in a settlement that said the bank had inefficient security practices, which comprised personal information of bank credit cardholders.

Why trust our recommendations?

Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.

Frequently asked questions

What is a 2-year CD?

With a 2-year CD, you stash away your money for 24 months and typically earn a fixed rate. You have the option to renew your CD at the end of the 2-year period, or close the account and pocket the money.

How does a 2-year CD work?

If f you open a 2-year CD at a 3.50% APY, you'll earn 3.50% for the entire period. If you renew your CD after it matures, you'll earn the new rate available in two years.

There are exceptions to the fixed-rate rule. Some institutions offer variable-rate CDs or CDs that allow your rate to change after a predetermined amount of time.

What is the best CD term length?

Most banks offer CD terms up to five years. Your choice will likely depend on how soon you plan to need the money and which term pays the highest rate. For the most part, longer terms pay higher rates — but that isn't always the case.

Also, going for a shorter term gives you the opportunity to snag a better APY if rates are up in a year. With a 3-year or 5-year CD, you could miss out on higher rates. But on the other hand, you could avoid lower rates with a 3-year or 5-year term if rates drop later.

Many experts recommend CD laddering. With this strategy, you open multiple CDs with different term lengths so you can take advantage of higher rates with longer terms, but also access some of your money earlier. For instance, you might open 1-year, 2-year, and 4-year CDs at the same time, which means you'll get some of your money back in one year, then more in two years, then more in four years.

See Insider's picks for the best CD rates »

Which is better, a 2-year CD or a high-yield savings account?

The choice between a 2-year CD and high-yield savings account will depend on several factors.

First, a bank typically pays a higher rate for a 2-year CD than for a high-yield savings account. However, that's not always the case, and the rates can be pretty close.

But a 2-year CD locks in your rate for the entire term. If rates are dropping, this could make the CD a better choice, because your savings account APY could decrease throughout the two-year period. If rates are rising, the savings account might be a better fit, because your rate could go up.

It also depends on when you'll need to access your money. You should be able to access funds from your savings account regularly — but if you need access to money from your 2-year CD before it matures, then you'll have to pay a fee.

You can also continuously add money to your savings account, whereas most CDs block you from making additional deposits after opening the account.

See Insider's picks for the best high-yield savings accounts »

Which is better, a 2-year CD or a money market account?

Like with a high-yield savings account, you may prefer a money market account over a CD if you want quick access to your money. Money market account rates also fluctuate, so you may prefer a money market account if rates are rising, but a CD if rates are dropping.

Many banks require higher deposits for money market accounts than CDs, which could affect your decision. It's also good to remember that you can add more funds to your money market account over time, while a CD typically only allows an opening deposit.

See Insider's picks for the best money market accounts »

Which is better, a 2-year CD or another investment account?

CDs aren't generally considered investments the same way something like an index fund, which puts your money into the stock market, is. Instead, a CD is typically viewed as a type of savings account, and your potential for losses and gains — your risk — is much more limited. Because the stock market is risky, experts generally don't advise investing money you'll need in the next five years. In the case of a stock market drop, you wouldn't have time to make up your losses.

If you need to access your money in a year and want a guaranteed rate of return, a 2-year CD is a better choice than a different type of investment account. 

If you're comfortable parting with your money for longer and want to take more risk with your money, then you may want to invest in the stock market. One way to do this is through tax-advantaged retirement accounts, like a 401(k) or IRA, which grows your money over decades. Another is through brokerage accounts, which are useful tools to build long-term wealth, but can't guarantee a given return like a CD can.

There is such a thing as an IRA CD, which is sort of a combo savings/investment account. It's a safe investment tool that may be a worthwhile option for people who are close to retirement age.

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. See below for some of her work. Today's 30-year mortgage rates Here are the best mortgage lenders right now The pros and cons of paying off your mortgage early The best online high-yield savings accounts Chase checking accounts: Compare all 5 options Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »

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Sophia Acevedo, CEPF

Junior Banking Reporter

Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team. Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020. You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services

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