Current I bond rate
The current I bond rate is 5.51% for new bonds, announced by the Treasury on November 2, 2026 for bonds issued from November 1, 2026 through April 30, 2027.[2][1] It combines two parts:
- Fixed rate: 1.40%, set for the life of every bond bought in these six months. It is up from 0.90% in the previous period.
- Semiannual inflation rate: 2.04% (4.08% annualized), the change in the CPI-U from March to September 2026.
A new bond earns 5.51% for its first six months. After that its fixed 1.40% stays, and the inflation part changes to whatever the Treasury announces next.
What older I bonds earn now
Every I bond picks up the new 2.04% inflation rate at the start of its next six-month period, added to its own fixed rate.[4] So the rate an existing bond earns from its next reset depends only on its fixed rate:
| Your fixed rate | Bonds issued (examples) | Composite from next reset |
|---|---|---|
| 1.40% | Nov 2026 | 5.51% |
| 1.30% | Nov 2023, May 2024 | 5.41% |
| 1.20% | Nov 2024 | 5.30% |
| 1.10% | May 2025 | 5.20% |
| 0.90% | May 2023, Nov 2025, May 2026 | 5.00% |
| 0.50% | Nov 2018, May 2019 | 4.59% |
| 0.40% | Nov 2022 | 4.49% |
| 0.30% | May 2018 | 4.39% |
| 0.20% | Nov 2019 | 4.28% |
| 0.10% | May 2016, Nov 2017 | 4.18% |
| 0.00% | May 2021, Nov 2021, May 2022 and earlier | 4.08% |
Your bond's reset months are its issue month and six months later: a bond bought in March resets every March and September. TreasuryDirect's rate chart lists the rate for every issue period.[3] For the dollar value of your own bond, use the I bond calculator.
I bond rate history since 2016
Rates are announced each May 1 and November 1.[1] The highest composite in this period was 9.62% in May 2022, when inflation peaked; fixed rates were 0% for most of 2020–2022.
| Announced | Fixed | Inflation (6 months) | Inflation (annualized) | Composite |
|---|---|---|---|---|
| November 2026 | 1.40% | 2.04% | 4.08% | 5.51% |
| May 2026 | 0.90% | 1.67% | 3.34% | 4.26% |
| November 2025 | 0.90% | 1.56% | 3.12% | 4.03% |
| May 2025 | 1.10% | 1.43% | 2.86% | 3.98% |
| November 2024 | 1.20% | 0.95% | 1.90% | 3.11% |
| May 2024 | 1.30% | 1.48% | 2.96% | 4.28% |
| November 2023 | 1.30% | 1.97% | 3.94% | 5.27% |
| May 2023 | 0.90% | 1.69% | 3.38% | 4.30% |
| November 2022 | 0.40% | 3.24% | 6.48% | 6.89% |
| May 2022 | 0.00% | 4.81% | 9.62% | 9.62% |
| November 2021 | 0.00% | 3.56% | 7.12% | 7.12% |
| May 2021 | 0.00% | 1.77% | 3.54% | 3.54% |
| November 2020 | 0.00% | 0.84% | 1.68% | 1.68% |
| May 2020 | 0.00% | 0.53% | 1.06% | 1.06% |
| November 2019 | 0.20% | 1.01% | 2.02% | 2.22% |
| May 2019 | 0.50% | 0.70% | 1.40% | 1.90% |
| November 2018 | 0.50% | 1.16% | 2.32% | 2.83% |
| May 2018 | 0.30% | 1.11% | 2.22% | 2.52% |
| November 2017 | 0.10% | 1.24% | 2.48% | 2.58% |
| May 2017 | 0.00% | 0.98% | 1.96% | 1.96% |
| November 2016 | 0.00% | 1.38% | 2.76% | 2.76% |
| May 2016 | 0.10% | 0.08% | 0.16% | 0.26% |
How the inflation rate is set
The semiannual inflation rate is the percentage change in the non-seasonally adjusted consumer price index for all urban consumers (CPI-U) over six months: September to March for the May rate, March to September for the November rate. The CPI-U went from 330.213 in March 2026 to 336.94 in September 2026, a 2.04% rise.[2] Over the 12 months to September 2026, consumer prices rose 3.7%.[6] The composite rate can never fall below zero, even if prices fall.
I bonds vs other safe savings today
At 5.51% for the first six months, new I bonds pay more than the latest 52-week Treasury bill (4.496% investment rate, auctioned October 27, 2026)[7] and far more than the FDIC's 0.38% national average savings rate. But the comparison only holds while inflation stays near its recent pace, and I bonds come with limits:[5]
- No cashing for 12 months; the last three months of interest are lost if cashed before five years.
- A $10,000 limit on electronic purchases per person each calendar year.
- Federal tax applies but state and local tax does not; tax can be deferred until you cash the bond.
Next rate changeThe Treasury announces the next fixed and inflation rates on May 1, 2027. Rates for bonds you already own change on each bond's own six-month schedule.
To compare with a fixed-term alternative, see the T-bill calculator or the CD calculator.
Related calculators
- I bond calculatorValue of your I bond month by month with the TreasuryDirect rates
- T-bill calculatorPrice, investment rate and the state-tax edge over a CD
- Treasury bill ratesLatest auction rates for 4- to 52-week bills
Frequently asked questions
What is the current I bond rate?
5.51% for I bonds issued November 1, 2026 through April 30, 2027: 1.40% fixed plus 2.04% semiannual inflation.
When do I bond rates change?
New rates are announced every May 1 and November 1. Each bond switches to the new inflation rate at the start of its own next six-month period, counted from its issue month.
What is the I bond fixed rate?
1.40% for bonds bought November 2026 through April 2027. The fixed rate never changes for the life of the bond.
Can the I bond rate go to zero?
The composite rate can fall to zero during deflation but never below it, and a bond's value never goes down.
What will my I bond earn now?
Its own fixed rate plus the new inflation rate: for example, a 0% fixed-rate bond earns 4.08% and a 1.30% fixed-rate bond 5.41% from its next reset.
Sources
- I bonds interest rates
- Fiscal Service Announces New Savings Bonds Rates, Series I to Earn 5.51%
- Series I Savings Bond Interest Rates Effective November 1, 2026 (rate chart)
- 31 CFR part 359, Offering of United States Savings Bonds, Series I (§§ 359.15, 359.19, 359.39)
- I bonds (I bonds at a glance)
- Consumer Price Index, September 2026 (news release)
- Auctioned securities: Treasury bills, last 40 days (auction results)