It's shocking to see what's happened to the best-paying 12-month certificates of deposit over just the past two months.

Since late April, the national average for 12-month CDs has fallen 14 basis points, from 1.29% to 1.15% APY -- the lowest since April 2004.

But in the spring, the top three CDs were paying 2.80%, 2.76% and 2.65% APY. Today they're a whopping 45 to 55 basis points lower.

Here are the best 12-month CD rates available nationwide, according to Bankaholic.com:

2.26% APY with a $3,000 minimum deposit from NewdominionDirect, an online bank based in Charlotte, N.C.

2.25% APY with no minimum deposit from Ally Bank, formerly GMAC Bank, which is run by the auto financing company.

2.25% APY with a $5,000 minimum deposit from OneWest Bank in Pasadena, Calif.

Colonial Bank is still offering 2.50% for a 12-month CD, but that rate is not available everywhere. New accounts must be opened at one of its 340 offices across Alabama, Florida, Georgia, Nevada or Texas.

Here's where to compare these returns with the best CD rates from dozens of other banks in our extensive database.

By Carolyn Siegel

Interest.com Associate Editor