With most 12-month CD rates dropping like a stone, who'd have thought the best returns would be higher this month?

But they are.

Two banks offering 2.25% APY as of Oct. 16 lead our latest rankings of the top-paying, nationally available, one-year certificates of deposit.

That's up from 2.05% in our September rankings.

The increase comes despite the fact that the average return on 12-month CDs fell from 0.96% to 0.92% over the past four weeks.

Just one year ago, the national average was 2.47% APY, or more than the best rates available right now:

2.25% APY with no minimum deposit from ING Direct, the online bank of the Dutch financial giant ING. That's for an "added value" CD funded with money not currently on deposit with ING.

2.25% APY with a $25,000 minimum deposit from MetLife Bank, the online bank owned by the big insurance company.

2.10% APY with a $10,000 minimum deposit from Amboy Direct, the online division of Amboy Bank, which has 24 offices in central New Jersey.

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

By Carolyn Siegel

Interest.com Associate Editor