Best CD Rates for September 2023—Up to 6.00%

Our Guide to the Highest CD Rates Available to Anyone in the U.S.

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The annual percentage yields (APYs) listed below are up to date as of the date of publication on this article. Our methodology consists of reviewing CD rates every weekday morning and updating the information below accordingly.

When you have cash you want to save for a while and you want to earn more than you would with a standard savings account, certificates of deposit (CDs) can be a good option. CDs offer fixed interest rates that guarantee you earnings, which can help you reach your financial goals. To help you earn as much as possible, here are the top CD rates available from our partners, followed by our rankings on the best-paying CDs that are available to U.S. customers everywhere. Right now, the best CD rates are over 5.00% APY, with the best CD rate across all terms sitting at 6.00% APY for a 12-month CD from American 1 Credit Union.

In the News

Today’s CD rates are higher than we’ve seen in 16 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame inflation. With another increase announced on July 26, the Fed has hiked the federal funds rate a cumulative 5.25%. CD rates closely follow the fed funds rate, so rates may continue to trend slightly higher. It’s currently unknown if the Fed will implement any further increases this year, but if it does, that could nudge CD rates higher still.

Drawn from our continuous research on the approximately 200 banks and credit unions that offer CDs nationwide, these certificates typically pay three to five times as much as the national average—or even more. To be eligible for our rankings, each CD's minimum deposit requirement cannot exceed $25,000 and must be offered by an FDIC-insured bank or NCUA-insured credit union (which covers up to $250,000 per depositor).

In cases where more than one institution offers the same top rate, we've prioritized CDs by the shortest term, then the CD requiring a smaller minimum opening deposit, and if there's still a tie, we sort alphabetically by institution name.

Ranked by highest APY, then shortest term, then lowest minimum
Best 3-Month CDs Rate Term Minimum
Dow Credit Union 5.65% APY 3 months $500
Signature Federal Credit Union 5.55% APY 3 months $500
TotalDirectBank 5.36% APY 3 months $25,000
For more options, see our in-depth 3-month CD rankings
Best 6-Month CDs Rate Term Minimum
BluPeak Credit Union 5.75% APY 9 months $1,000
TotalDirectBank 5.56% APY 6 months $25,000
NASA Federal Credit Union 5.55% APY 9 months $10,000
For more options, see our in-depth 6-month CD rankings
Best 1-Year CDs Rate Term Minimum
American 1 Credit Union 6.00% APY 12 months $1,000
Abound Credit Union 5.75% APY 10 months $500
MapleMark Bank 5.75% APY 12 months $25,000
For more options, see our in-depth 1-year CD rankings
Best 18-Month CDs Rate Term Minimum
Alabama Credit Union 5.66% APY 18 months $500
MapleMark Bank 5.55% APY 18 months $25,000
All In Credit Union 5.54% APY 18 months $1,000
For more options, see our in-depth 18-month CD rankings
Best 2-Year CDs Rate Term Minimum
MapleMark Bank 5.55% APY 24 months $25,000
Department of Commerce Federal Credit Union 5.34% APY 12–23 months $25,000
Chartway Credit Union 5.30% APY 23 months $500
For more options, see our in-depth 2-year CD rankings
Best 3-Year CDs Rate Term Minimum
U.S. Senate Federal Credit Union 5.13% APY 36 months $1,000
Luana Savings Bank 5.06% APY 30 months $2,000
Prime Alliance Bank 5.00% APY 36 months $500
For more options, see our in-depth 3-year CD rankings
Best 4-Year CDs Rate Term Minimum
GTE Financial 4.85% APY 48 months $500
iGObanking 4.75% APY 48 months $1,000
NASA Federal Credit Union 4.75% APY 49 months $10,000
For more options, see our in-depth 4-year CD rankings
Best 5-Year CDs Rate Term Minimum
Department of Commerce Federal Credit Union 4.77% APY 60–84 months $25,000
MYSB Direct 4.66% APY 60 months $500
Latino Community Credit Union 4.65% APY 60 months $500
For more options, see our in-depth 5-year CD rankings
Best 6- to 9-Year CDs Rate Term Minimum
Department of Commerce Federal Credit Union 4.77% APY 5–7 years $25,000
First National Bank of America 4.60% APY 6 years $1,000
Luana Savings Bank 4.09% APY 6–7 years $2,000
KS State Bank 4.06% APY 7 years $500
INOVA Federal Credit Union 4.00% APY 6 years $200
Apple Federal Credit Union 4.00% APY 7 years $500
Credit Human 4.00% APY 7 years $500
Best 10-Year CDs Rate Term Minimum
Apple Federal Credit Union 4.00% APY 10 years $500
Credit Human 4.00% APY 10 years $500
Discover Bank 3.80% APY 10 years $2,500
For more options, see our in-depth 10-year CD rankings

Details on the early withdrawal fees and penalties for the top CD in each term are provided below, along with information on how to join the credit union, where applicable.

Best 3-Month CD Rate: Dow Credit Union – 5.65% APY

  • Early-withdrawal penalty: 3 months of interest
  • Minimum opening deposit: $500
  • Membership: Based out of Midland, Michigan, anyone can join Dow Credit Union by making a $10 donation to the Midland Area Community Foundation scholarship fund during the membership application process.

Best 6-Month CD Rate: BluPeak Credit Union – 5.75% APY

  • Early withdrawal penalty: 3 months of interest
  • Minimum opening deposit: $1,000
  • Membership: Based out of San Diego, anyone nationwide can join BluPeak by making a $25 donation to KPBS.

Best 1-Year CD Rate: American 1 Credit Union – 6.00% APY

  • Early-withdrawal penalty: Complex formula; exercise caution
  • Minimum opening deposit: $1,000
  • Membership: Anyone nationwide can join American 1 by keeping $5 in a savings account and becoming a member of Community 1 Cooperative for a one-time $3 fee.

Best 18-Month CD Rate: Alabama Credit Union – 5.66% APY

  • Early withdrawal penalty: 6 months of interest
  • Minimum deposit: $500
  • Membership: Anyone can join Alabama Credit Union by donating $10 to the Secret Meals Association and keeping $5 or more in a member savings account.

Best 2-Year CD Rate: MapleMark Bank – 5.55% APY

  • Early-withdrawal penalty: 6 months of interest
  • Minimum opening deposit: $25,000
  • About: Established in 1909, MapleMark Bank operates two Dallas branches and one in Tulsa, while serving customers online nationwide.

Best 3-Year CD Rate: U.S. Senate Federal Credit Union – 5.13% APY

  • Early withdrawal penalty: 6 months of interest
  • Minimum deposit: $1,000
  • Membership: Anyone can join USSFCU by agreeing to a free one-year membership in the nonprofit American Consumer Council and keeping at least $5 in a savings account.

Best 4-Year CD Rate: GTE Financial – 4.85% APY

  • Early withdrawal penalty: 6 months of interest
  • Minimum opening deposit: $500
  • Membership: Anyone can join GTE Financial by agreeing to a $10 one-time membership in CU Savers and keeping $5 or more in a savings account.

Best 5-Year CD Rate: Department of Commerce Federal Credit Union – 4.77% APY

  • Early withdrawal penalty: 6 months of interest
  • Minimum opening deposit: $25,000
  • Membership: Anyone can join the DCFCU by agreeing to a free membership in the nonprofit American Consumer Council.

*Rates listed in DCFCU's rate charts are 0.10% lower than what's listed here, for a minimum deposit amount of $500. But the fine print indicates that for deposits of $25,000, a 0.10% premium applies.

Best 6- to 9-Year CD Rate: Department of Commerce Federal Credit Union – 4.77% APY*

  • Early withdrawal penalty: 6 months of interest
  • Minimum opening deposit: $25,000
  • Membership: Anyone can join the DCFCU by agreeing to a free membership in the nonprofit American Consumer Council.

*Rates listed in DCFCU's rate charts are 0.10% lower than what's listed here, for a minimum deposit amount of $500. But the fine print indicates that for deposits of $25,000, a 0.10% premium applies.

Best 10-Year CD Rate: Apple Federal Credit Union – 4.00% APY

  • Early withdrawal penalty: All interested earned, up to max of 36 months' worth
  • Minimum opening deposit: $500
  • Membership: Anyone can join Apple Federal by signing up for a $20 membership in the Northern Virginia Athletic Directors, Administrators, and Coaches Association, as well as keeping at least $5 in a savings account.


Many of the banks and credit unions in our best CD rates rankings above also offer high-yield savings accounts and/or money market accounts with competitive rates. These accounts are more liquid, so if you feel you may need access to your money sooner, consider a savings or money market account rather than a CD.

What Is a CD Rate?

A CD rate is an interest rate that shows what a bank or credit union will pay you for depositing your money with them for a certain period of time. For example, if the rate is 5.50% for a 1-year CD, the bank or credit union will pay you 5.50% in interest on your money for keeping it in the account, untouched, for 12 months.

How Does a CD Work?

Opening a certificate of deposit (CD) is very similar to opening any bank deposit account. The difference is what you're agreeing to when you sign on the dotted line (even if that signature is now digital).

After you've shopped around and identified which CD(s) you'll open, completing the process will lock you into four things:

  1. The interest rate: Locked rates are positive in that they provide a clear and predictable return on your deposit over a specific time period. The bank cannot later change the rate and therefore reduce your earnings. On the flip side, a fixed return may hurt you if rates later rise substantially and you've lost your opportunity to take advantage of higher-paying CDs.
  2. The term: This is the length of time you agree to leave your funds deposited to avoid any penalty (such as 6 months or 1 year, etc.) The term ends on the "maturity date," when you can withdraw your funds penalty-free.
  3. The principal: With the exception of some specialty CDs that allow add-on deposits, this is the amount you agree to deposit into the CD, at the time of opening.
  4. The institution: The bank or credit union where you open your CD will determine aspects of the agreement, such as early withdrawal penalties and whether your CD will be automatically reinvested if you don’t provide other instructions at the time of maturity. Credit unions may also require you to have open a high-yield savings account or money market account before you open a CD.

Once your CD is established and funded, the bank or credit union will administer it like most other deposit accounts, with either monthly or quarterly statement periods, paper or electronic statements, and usually monthly or quarterly interest payments deposited to your CD balance, where the interest will compound.

How Much Does $10,000 Earn in a CD in One Year?

If you invest $10,000 in a CD for one year, you could earn $600—that's based on the best 1-year CD rate offered right now (6.00% APY). CD rates fluctuate and can change, so locking in a high interest rate today could guarantee you the maximum earnings, especially if CD rates drop by next year.

Types of CDs

There are several types of CDs in which you can deposit your money. Some have variable rates, while others have fixed rates (like those listed above). Others are connected to a brokerage, and some have large minimum opening requirements.

  • Regular CD: A regular CD is a CD with a fixed interest rate for a set period of time. Brick-and-mortar traditional banks, as well as online institutions and credit unions, offer these kinds of CDs. They may also be called traditional CDs.
  • Variable-rate CD: This kind of CD is one where the interest rate can change based on the prime rate, the Consumer Price Index (CPI)Treasury bills, or a market index. The entire term for the CD is still fixed, though, and does not change. These are sometimes called "flex" CDs.
  • Jumbo CD: A jumbo CD is a CD that requires a larger opening deposit, such as $50,000 or $100,000.
  • No-penalty CD: A no-penalty CD is exactly what it sounds like—you do not pay a fee for withdrawing your money early.
  • Brokered CD: A brokered CD is one that an investor can buy through a brokerage firm or from a sales representative other than a bank or credit union.
  • Step-up CD: A step-up CD is one that allows you to increase your interest rate when you can. Your rate is not fixed for the entire term; you can capitalize on higher interest rates with a step-up CD. A step-up CD may also be called a bump-up CD.
  • Promotional-rate CD: This CD offers a promotional rate that may be higher than a regular CD rate and is only offered for a certain time period. You may be able to lock in a high rate by opening this kind of CD within a promotional period, like 30 days or before the end of the month.


There are several kinds of CDs you can open. Do your research and ask questions to be sure you understand how the CD works for your savings goals before you buy it.

Pros and Cons of CDs

  • Guaranteed yield for the CD's full term

  • Higher interest rates than liquid accounts

  • Fully predictable earnings and withdrawal date

  • Extremely safe, with virtually no bank or market risk

  • Can deter spending temptations

  • Early withdrawal of the funds incurs a penalty

  • You can’t add to your deposit

  • If rates rise, you may miss out on a higher yield

  • If rates drop, you may wish you’d chosen a longer CD

  • Typically return less than stocks over long periods

What Are the Benefits of a CD?

  • Guaranteed yield for the CD's full term: CDs are a fixed-rate product, so you're guaranteed to earn the rate you lock in until the CD's maturity date, no matter what the Federal Reserve does with the fed funds rate in the future.
  • Higher interest rates than liquid accounts: Banks generally offer higher rates on CDs than on liquid accounts such as savings and money market accounts, in exchange for you keeping the funds reliably on deposit and not being allowed any transactions until the final withdrawal.
  • Fully predictable earnings and withdrawal date: Because you know the CD's rate and term, you can calculate exactly how much you'll earn and when you can withdraw the funds without penalty.
  • Extremely safe, with almost no bank or market risk: When you open a CD at an FDIC bank or an NCUA credit union, up to $250,000 in deposits are federally protected against the institution's failure. You're also safe from the market volatility—and potential loss in value—that can occur with stock and bond investments.
  • Can deter spending temptations: Withdrawing funds before your CD matures cause you to pay an early withdrawal penalty, which can help keep you from giving into temptations to dip into your savings for an unplanned purchase.

What Are the Downsides of a CD?

  • Early withdrawal of the funds incurs a penalty: If you do need to withdraw your CD funds before maturity, the bank or credit union will impose an early withdrawal penalty. Typically, it's calculated as a certain number of months of forfeited interest earnings.
  • You can’t add to your deposit: With the rare exception of add-on CDs, you can only deposit funds into the certificate at the time of initial deposit.
  • If CD rates rise, you may miss out on a higher yield: If you lock in your CD rate and rates then go higher, you may wish you'd waited to score a higher return.
  • If CD rates drop, you may wish you’d chosen a longer CD: Though you'll still be well-served by any CD yield you have locked in before interest rates drop, you may wish you'd locked in a longer-term CD to extend that competitive yield for a longer period.
  • Typically return less than stocks over long periods: Though stock investments involve more risk and less predictability, they may offer greater returns over long periods.

How To Choose a CD

When choosing a CD, consider your financial goals—both short-term goals and long-term goals. First, how much money do you have to deposit into a CD? From there, find a CD that meets your minimum balance requirements. Next, ask yourself how long you can leave that money in the CD, without touching it. That will help you determine the right term. After that, look for the highest interest rate offered for your term and minimum deposit. You'll also want to look at the type of CD, whether it's a bump-up CD or a regular CD, to ensure you're choosing one that meets your needs and goals. Once you choose a CD, open the account, and deposit your money to start earning interest.


Some of the best CD rates are offered by online banks and credit unions. So don't just settle for opening a CD with the bank you use every day for your checking account. Big banks like Bank of America, Chase, Capital One, Wells Fargo, American Express, and more offer CDs too, but they may not pay the highest CD rates. It's important to shop around and consider all financial institutions before choosing a CD.

How To Build a CD Ladder

Smart CD investors have a specific tactic for hedging against rate changes over time and maximizing their return. It's called a CD ladder and it enables you to access the higher rates typically offered on 5-year CDs, but with the twist that a portion of your money becomes available every year, rather than every five years. Here's how to do it.

At the outset, you take the amount of money you want to invest in CDs and divide it by five. You then put one-fifth of the funds into a top-earning 1-year CD, another fifth into a top 2-year CD, another into a 3-year CD, and so forth through a 5-year CD. Let’s say you have $25,000 available. That would give you five CDs of varying lengths, each with a value of $5,000.

Then, when the first CD matures in a year, you take the resulting funds and open a top-rate 5-year CD. A year later, your initial 2-year CD will mature, and you'll invest those funds into another 5-year CD. You continue doing this every year with whichever CD is maturing until you end up with a portfolio of five CDs all earning 5-year APYs, but with one of them maturing every 12 months, keeping your money a bit more accessible than if all of it were locked up for a full five years.

CDs and Taxes

Just like how the interest you earn on any money you have in savings, money market, and checking accounts is taxable as interest income at both the state and federal levels, the interest you earn on your money in a CD is too.

Your CD earnings will be reported to the IRS in the year they were earned and posted to your account, so that's when they're taxable—even though you may not withdraw the funds for one or more years into the future.

For example, if you have $1,000 in a 1-year CD with a 5.00% interest rate, you'll earn $50 in interest. You owe taxes on that $50, but not on the $1,000 principal you deposited at the start of the term.

Alternatives to CDs

CDs vs. High-Yield Savings Accounts

If you just aren't sold on committing your funds for a certain amount of time, or simply can't afford to because you may need the money in the near term, a high-yield savings account. You'll be free to withdraw and deposit funds as you like, though some institutions will limit how many withdrawals you can make each month. Some savings accounts may also require a minimum balance.

CDs vs. Money Market Accounts

If you're looking for other high-yield accounts, a money market account may serve your needs. Money market accounts offer the feature of allowing you to write checks on the account. They may also come with minimum deposit or balance requirements like savings accounts, and money market account rates can easily compete with savings account rates.

You can always find the top nationally available rates in our daily rankings of the best high-yield savings accounts and best money market account rates. Both accounts have deposit insurance through the FDIC or NCUA.


Some money market accounts come with debit cards, but money market accounts tend to act more like savings accounts.

CDs vs. Bond Options

If you're interested in venturing out of the bank and into the world of bonds, you have numerous options. You could put cash savings into U.S. government I bonds, which are designed to track or beat the inflation rate. Or you could invest in U.S. Treasuries, in which you lend money to the U.S. government for a fixed amount of time. The Treasury notes with durations of four weeks to one year are called T-Bills.

Another option is corporate and municipal bonds. Though it's difficult to research individual bonds on your own, you can easily invest in a bond mutual fund or bond exchange-traded fund which is diversified across a bundle of different bond issues. You can also enter and exit these funds at any time.

CDs vs. Brokerage Options

If you have a brokerage account, you can also hold savings in the brokerage’s cash reserve account or their money market fund (not to be confused with the money market accounts offered by banks). Just be sure to research what rate you’ll earn because in many cases, these brokerage cash accounts pay far less than what you can earn by keeping your money in an outside CD, savings account, or money market account.


Some brokerages may also offer brokered CDs, another option if you're already investing with a broker and want to open a CD.

CDs vs. Annuities

An annuity is a type of fixed-income investment provided by financial institutions. You can buy an annuity and pay into it with monthly payments or a lump sum. Then, in the future, you receive fixed monthly payments. Annuities are insurance contracts that can guarantee income. While they are similar to a CD in that the income is guaranteed as long as you follow the rules of the contract, they are not as short-term as CDs may be. Annuities are most often used in retirement planning. CDs can also be used for retirement planning, but they are usually bought and held for terms of 6 months to 5 years, rather than an annuity which could be owned for 20 years, or something similar. There may also be different withdrawal rules and limits, as well as tax consequences with annuities.

CDs vs. Treasury Bills

Treasury bills are debt obligations backed by the U.S. government. They usually have maturities of one year or less. That timing is similar to CDs with shorter terms, but Treasury Bills may not offer the same level of return on the investment. Rates are comparable, around the 5.00% mark as of the beginning of July, but they can fluctuate daily. CD rates can also change daily. The thing with T-bills is that you buy them at a discount and when they mature, you receive the full amount back, plus a little more. For example, you might buy a $1,000 T-bill for $950. When the bill matures, you would get $1,000, or $50 more than what you paid for it. This increase of $50 is the interest you earn. CDs are a little less complicated, where you put in a set amount, and then receive a fixed interest rate when it matures.

CD Rates vs. Inflation

CD rates reached historic highs in 2023, while inflation cooled from its recent high of 9.1% in June 2022. In June 2023, inflation slowed to 3%, while the top rate offered across all CDs was 5.65%, almost double what inflation was. CDs can help you combat inflation by paying you interest on your money, even though you may be paying more for goods and services. This will not always be the case, though. Interest rates are often increased to help combat high inflation. When inflation drops back to the standard 2% mark the Federal Reserve aims for each year, then interest rates may also drop back from their highs.

Frequently Asked Questions

  • What Is the Highest Paying CD Today?

    The highest-paying CD right now is a 12-month CD with a rate of 6.00% APY. That could change, though, as interest rates fluctuate daily and institutions can offer CDs with high interest rates for as long or as short of a time as they want.

  • Who Is Offering High CD Rates?

    Banks and credit unions are both offering high CD rates right now. The best bank CD rates are over 4.00% and 5.00% APY right now. The best credit union CD rates are over 5.50% and close to 6.00% APY. There are also brokered CDs, such as Vanguard CDs, Charles Schwab CDs, and Fidelity CDs. The rates on these brokered CDs are around 5.00% APY.

  • Are Higher CD Rates Coming?

    The Fed raised interest rates again in July 2023, and while CD rates already rose higher leading up to the announcement, there may still be some banks or credit unions that will bump up their CD rates in the coming weeks, or even months. What happens to rates further down the road, however, is a guessing game, as it's too early to predict whether the Fed will raise rates again in 2023, or if the July increase is the last one of its historic kind.

  • How Can I Earn as Much as Possible With a CD?

    The No. 1 strategy for earning as much as you can from a CD investment is to diligently shop for the top rates. After that, the next most important thing is to keep the funds invested for the CD's full term, to avoid incurring an early withdrawal penalty that will reduce your earnings.

    But unexpected things happen in life, and you may find yourself having no choice but to cash in a CD early. Because of that possibility, it's best to pay attention to the early withdrawal penalties of different CDs you're considering before you buy one.

    Another strategy is not to put all of your CD investment into a single certificate. Instead of opening, say, one $25,000 certificate, you could open five for $5,000 each. That way if you do need to access some cash prematurely, you may only have to break one CD and can keep the other four intact. Additionally, you could open the five CDs at different places at different times, to try to capture rates that may be rising or from institutions that are offering limited-time promotional CDs.

  • Are High Interest CDs Worth It?

    High interest CDs may be worth it if you want to a fixed interest rate and guaranteed returns on your money. In order to get the highest interest offered, you will need to lock up your money for a set period of time. You may also need to deposit a required minimum amount. High interest CDs can be a good part of an investment, saving, or retirement planning strategy.

  • Why Don't I Recognize the Bank Names in Your Rankings?

    You typically won't see big names like Chase, American Express, or Bank of America in our rankings of the best-paying CDs. We do research their rates, but they don't make our list simply because they don't pay enough. Extremely large banks typically don't need to attract customers and deposits in the way that smaller institutions do, so they don't need to use rates as a way to win business. In fact, some of the biggest banks pay interest rates very close to zero.

    Our rankings instead bring readers a carefully researched list, updated every day, of the very best rates that are available to anyone nationwide, most of which are provided by small to medium-sized banks, online banks, and credit unions.

  • What Is Considered a Jumbo CD?

    A CD with a minimum deposit requirement of $100,000 or more is usually considered a jumbo CD. While the required minimum deposit is higher than traditional CDs, the interest rates on jumbos are not always higher. That means you could earn a higher interest rate by depositing $100,000 in a traditional CD instead of a jumbo CD. Just shop around to learn which CD is best for your money and situation.

Rate Collection Methodology Disclosure

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide, and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the CD's minimum initial deposit must not exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.

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Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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  4. IRS. "Topic No. 403, Interest Received."

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  7. Bureau of Labor Statistics. "Consumer Prices up 9.1 Percent Over the Year Ended June 2022, Largest Increase in 40 Years."

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