2.78% APY is an excellent rate on a 4-year CD. It is also an excellent rate on a 5-year CD. The 2.78% number is actually much higher than we have seen on a CD of that length in years, and higher than any nationally offered rate.
Community Trust Bank is offering the 2.78% APY rate on both the 4-year and the 5-year product at 6 of its branches in the Lexington, KY market. If you are lucky enough to live in that market, you have the opportunity to get into a rate that still is very hard to get in much of the rest of the country.
In fact, the rate is so much higher than those offered nationally, if I lived there I might just choose to opt for the 5-year product over the 4-year one, and be assured of locking into an extra year of interest at the 2.78% rate.
Community Trust is offering these products only at its 6 branches in Lexington, Kentucky - its Beaumont branch, its Hamburg branch, its Leestown branch, its Pasadena branch, its Richmond branch and its Vine Street branch. The rate requires a $1,000 minimum deposit and proof of residency in Fayette County.