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The I Bond's New Rate Is Higher Than Expected. Here's How to Buy

By: Adam Hardy
Adam Hardy, expert in Personal finance, student loans, credit, job market, low-income finances, and Lead data journalist at Money
Adam Hardy
Lead data journalist | Joined May 2024
Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and many other outlets.
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Editor: Brad Tuttle
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Brad Tuttle
Senior Editor | Joined January 2014
Brad Tuttle is a senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.
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Published: Nov 01, 2022 6 min read

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Even if you missed out on buying I bonds when their interest rate was at an all-time high, you can still snag them with a brand new rate that remains historically elevated.

The new annualized rate for Series I Savings Bonds, aka I bonds, is 6.89%, the Department of the Treasury announced Tuesday. The previous rate was 9.62% for I bonds purchased at any point between May and Oct. 28. For I bonds bought within the six months leading up to last May, the rate was 7.12%.

Buying I bonds between now and the end of April 2023 will lock in the new 6.89% rate for six months. This brand new rate is higher than the 6.48% that most experts predicted.

Inflation and I bonds rates

The reason why I bonds have boasted such attractive rates lately is because they are pegged to inflation, hence the “I” in I bonds. When setting new rates every six months, the Treasury Department factors in the latest inflation data. Scorching inflation in recent months pushed I bond rates to a record high of 9.62%, which just sunset Friday.