Educational Purpose: This article is for educational purposes only and does not constitute financial advice. All data sourced from TreasuryDirect.gov. Consult a qualified financial advisor for personalized guidance.
I Bond rates reset every 6 months based on inflation.
The composite rate combines a fixed rate (set at purchase, never changes) with an inflation rate (resets every 6 months based on CPI-U data). New rates are announced May 1 and November 1. When inflation is high, I Bond rates are high. When inflation drops, so do the rates.
Calculate your I Bond's current value →How I Bond rates are calculated
Unlike EE Bonds (which have a single fixed rate), I Bonds earn a composite rate made up of two components:
Fixed Rate
Set when you buy the bond and never changes for the life of that bond. Has been 0% for most I Bonds issued since 2008.
Inflation Rate
Resets every 6 months based on changes in the Consumer Price Index (CPI-U). This is what causes I Bond rates to fluctuate.
The formula: Composite Rate = Fixed Rate + (2 × Inflation Rate) + (Fixed Rate × Inflation Rate)
The last term is usually negligible, so most people simplify it to: Fixed Rate + (2 × Semiannual Inflation Rate)
Recent I Bond rates
| Period | Composite Rate |
|---|---|
| May 2024 - Oct 2024 | 4.28% |
| Nov 2023 - Apr 2024 | 5.27% |
| May 2023 - Oct 2023 | 4.30% |
| Nov 2022 - Apr 2023 | 6.89% |
| May 2022 - Oct 2022 | 9.62% |
Peak rate: The all-time high I Bond rate was 9.62% (May-October 2022), driven by surging inflation. As inflation cooled, rates dropped significantly. This volatility is exactly why alerts matter.
When do rates change?
New I Bond rates are announced twice per year:
- May 1: New rate applies to bonds bought May 1 - October 31
- November 1: New rate applies to bonds bought November 1 - April 30
Your existing I Bonds reset to the new rate every 6 months from your purchase date. For example, if you bought an I Bond in March, your rate resets every March and September.
Get notified when I Bond rates change
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