I Bond Rates
The current Series I savings bond rate, the fixed and inflation rates TreasuryDirect has set since September 1, 1998, the composite rate each pair produced, and what bonds bought in each period earn now.
Current I bond rate
Composite rate (new issues)
4.26%
Bonds issued May 1, 2026 to October 31, 2026
Fixed rate
0.90%
Stays the same for the life of the bond
Six-month inflation rate
1.67%
Set May 1, 2026
TreasuryDirect sets new rates every May 1 and November 1. The next announcement is November 1, 2026.
What older I bonds earn now
A bond keeps the fixed rate from the period it was bought and adds the current inflation rate. This is the composite rate for the six-month earning period starting May 2026, by when the bond was bought.
| Bought from | Through | Composite rate now |
|---|---|---|
| May 2026 | Oct. 2026 | 4.26% |
| Nov. 2025 | Apr. 2026 | 4.26% |
| May 2025 | Oct. 2025 | 4.46% |
| Nov. 2024 | Apr. 2025 | 4.56% |
| May 2024 | Oct. 2024 | 4.66% |
| Nov. 2023 | Apr. 2024 | 4.66% |
| May 2023 | Oct. 2023 | 4.26% |
| Nov. 2022 | Apr. 2023 | 3.75% |
| May 2022 | Oct. 2022 | 3.34% |
| Nov. 2021 | Apr. 2022 | 3.34% |
| May 2021 | Oct. 2021 | 3.34% |
| Nov. 2020 | Apr. 2021 | 3.34% |
| May 2020 | Oct. 2020 | 3.34% |
| Nov. 2019 | Apr. 2020 | 3.54% |
| May 2019 | Oct. 2019 | 3.85% |
| Nov. 2018 | Apr. 2019 | 3.85% |
| May 2018 | Oct. 2018 | 3.65% |
| Nov. 2017 | Apr. 2018 | 3.44% |
| May 2017 | Oct. 2017 | 3.34% |
| Nov. 2016 | Apr. 2017 | 3.34% |
| May 2016 | Oct. 2016 | 3.44% |
| Nov. 2015 | Apr. 2016 | 3.44% |
| May 2015 | Oct. 2015 | 3.34% |
| Nov. 2014 | Apr. 2015 | 3.34% |
| May 2014 | Oct. 2014 | 3.44% |
| Nov. 2013 | Apr. 2014 | 3.54% |
| May 2013 | Oct. 2013 | 3.34% |
| Nov. 2012 | Apr. 2013 | 3.34% |
| May 2012 | Oct. 2012 | 3.34% |
| Nov. 2011 | Apr. 2012 | 3.34% |
| May 2011 | Oct. 2011 | 3.34% |
| Nov. 2010 | Apr. 2011 | 3.34% |
| May 2010 | Oct. 2010 | 3.54% |
| Nov. 2009 | Apr. 2010 | 3.65% |
| May 2009 | Oct. 2009 | 3.44% |
| Nov. 2008 | Apr. 2009 | 4.05% |
| May 2008 | Oct. 2008 | 3.34% |
| Nov. 2007 | Apr. 2008 | 4.56% |
| May 2007 | Oct. 2007 | 4.66% |
| Nov. 2006 | Apr. 2007 | 4.76% |
| May 2006 | Oct. 2006 | 4.76% |
| Nov. 2005 | Apr. 2006 | 4.36% |
| May 2005 | Oct. 2005 | 4.56% |
| Nov. 2004 | Apr. 2005 | 4.36% |
| May 2004 | Oct. 2004 | 4.36% |
| Nov. 2003 | Apr. 2004 | 4.46% |
| May 2003 | Oct. 2003 | 4.46% |
| Nov. 2002 | Apr. 2003 | 4.97% |
| May 2002 | Oct. 2002 | 5.37% |
| Nov. 2001 | Apr. 2002 | 5.37% |
| May 2001 | Oct. 2001 | 6.39% |
| Nov. 2000 | Apr. 2001 | 6.80% |
| May 2000 | Oct. 2000 | 7.00% |
| Nov. 1999 | Apr. 2000 | 6.80% |
| May 1999 | Oct. 1999 | 6.70% |
| Nov. 1998 | Apr. 1999 | 6.70% |
| Sept. 1998 | Oct. 1998 | 6.80% |
Source: TreasuryDirect, I bonds interest rates, "Current composite rates".
I bond rate history
TreasuryDirect sets the fixed rate and the inflation rate on each announcement date. The fixed rate applies to bonds issued in the following six months. The composite rate shown is the one a bond issued after that announcement earned for its first six months.
| Rates set | Fixed rate | Inflation rate | Composite rate at issue |
|---|---|---|---|
| May 1, 2026 | 0.90% | 1.67% | 4.26% |
| November 1, 2025 | 0.90% | 1.56% | 4.03% |
| May 1, 2025 | 1.10% | 1.43% | 3.98% |
| November 1, 2024 | 1.20% | 0.95% | 3.11% |
| May 1, 2024 | 1.30% | 1.48% | 4.28% |
| November 1, 2023 | 1.30% | 1.97% | 5.27% |
| May 1, 2023 | 0.90% | 1.69% | 4.30% |
| November 1, 2022 | 0.40% | 3.24% | 6.89% |
| May 1, 2022 | 0.00% | 4.81% | 9.62% |
| November 1, 2021 | 0.00% | 3.56% | 7.12% |
| May 1, 2021 | 0.00% | 1.77% | 3.54% |
| November 1, 2020 | 0.00% | 0.84% | 1.68% |
| May 1, 2020 | 0.00% | 0.53% | 1.06% |
| November 1, 2019 | 0.20% | 1.01% | 2.22% |
| May 1, 2019 | 0.50% | 0.70% | 1.90% |
| November 1, 2018 | 0.50% | 1.16% | 2.83% |
| May 1, 2018 | 0.30% | 1.11% | 2.52% |
| November 1, 2017 | 0.10% | 1.24% | 2.58% |
| May 1, 2017 | 0.00% | 0.98% | 1.96% |
| November 1, 2016 | 0.00% | 1.38% | 2.76% |
| May 1, 2016 | 0.10% | 0.08% | 0.26% |
| November 1, 2015 | 0.10% | 0.77% | 1.64% |
| May 1, 2015 | 0.00% | -0.80% | 0.00% |
| November 1, 2014 | 0.00% | 0.74% | 1.48% |
| May 1, 2014 | 0.10% | 0.92% | 1.94% |
| November 1, 2013 | 0.20% | 0.59% | 1.38% |
| May 1, 2013 | 0.00% | 0.59% | 1.18% |
| November 1, 2012 | 0.00% | 0.88% | 1.76% |
| May 1, 2012 | 0.00% | 1.10% | 2.20% |
| November 1, 2011 | 0.00% | 1.53% | 3.06% |
| May 1, 2011 | 0.00% | 2.30% | 4.60% |
| November 1, 2010 | 0.00% | 0.37% | 0.74% |
| May 1, 2010 | 0.20% | 0.77% | 1.74% |
| November 1, 2009 | 0.30% | 1.53% | 3.36% |
| May 1, 2009 | 0.10% | -2.78% | 0.00% |
| November 1, 2008 | 0.70% | 2.46% | 5.64% |
| May 1, 2008 | 0.00% | 2.42% | 4.84% |
| November 1, 2007 | 1.20% | 1.53% | 4.28% |
| May 1, 2007 | 1.30% | 1.21% | 3.74% |
| November 1, 2006 | 1.40% | 1.55% | 4.52% |
| May 1, 2006 | 1.40% | 0.50% | 2.41% |
| November 1, 2005 | 1.00% | 2.85% | 6.73% |
| May 1, 2005 | 1.20% | 1.79% | 4.80% |
| November 1, 2004 | 1.00% | 1.33% | 3.67% |
| May 1, 2004 | 1.00% | 1.19% | 3.39% |
| November 1, 2003 | 1.10% | 0.54% | 2.19% |
| May 1, 2003 | 1.10% | 1.77% | 4.66% |
| November 1, 2002 | 1.60% | 1.23% | 4.08% |
| May 1, 2002 | 2.00% | 0.28% | 2.57% |
| November 1, 2001 | 2.00% | 1.19% | 4.40% |
| May 1, 2001 | 3.00% | 1.44% | 5.92% |
| November 1, 2000 | 3.40% | 1.52% | 6.49% |
| May 1, 2000 | 3.60% | 1.91% | 7.49% |
| November 1, 1999 | 3.40% | 1.76% | 6.98% |
| May 1, 1999 | 3.30% | 0.86% | 5.05% |
| November 1, 1998 | 3.30% | 0.86% | 5.05% |
| September 1, 1998 | 3.40% | 0.62% | 4.66% |
Source: TreasuryDirect, I bonds interest rates (fixed and inflation rate tables). The composite column applies TreasuryDirect's formula to those two rates and matches the composite rates on its Series I rate chart.
How the composite rate is built
TreasuryDirect's formula: Fixed rate + (2 x semiannual inflation rate) + (fixed rate x semiannual inflation rate). The inflation rate is based on changes in the non-seasonally adjusted Consumer Price Index for all Urban Consumers (CPI-U), all items. With a fixed rate of 0.90% and an inflation rate of 1.67%, the composite rate is 4.26%.
When your bond's rate changes
TreasuryDirect announces rates in May and November, but your bond's rate changes every six months from its issue month.
| If the bond was issued in | Its interest rate changes every |
|---|---|
| January | July 1 and January 1 |
| February | August 1 and February 1 |
| March | September 1 and March 1 |
| April | October 1 and April 1 |
| May | November 1 and May 1 |
| June | December 1 and June 1 |
| July | January 1 and July 1 |
| August | February 1 and August 1 |
| September | March 1 and September 1 |
| October | April 1 and October 1 |
| November | May 1 and November 1 |
| December | June 1 and December 1 |
Frequently asked questions
What is the current I bond rate?
The current I bond composite rate is 4.26%, which includes a fixed rate of 0.90%, for I bonds issued May 1, 2026 to October 31, 2026. The six-month inflation rate set on May 1, 2026 is 1.67%.
When is the next I bond rate announced?
TreasuryDirect sets new rates every May 1 and November 1. The next announcement is November 1, 2026. TreasuryDirect sets the inflation rate on those dates and also sets the fixed rate that applies to the bonds it issues over the next six months.
How is the I bond composite rate calculated?
TreasuryDirect's formula is: Fixed rate + (2 x semiannual inflation rate) + (fixed rate x semiannual inflation rate). With the May 1, 2026 rates, a fixed rate of 0.90% and an inflation rate of 1.67% give 4.26%. The composite rate is also called the combined rate or earnings rate.
Does the fixed rate on my I bond ever change?
No. TreasuryDirect says you know the fixed rate when you buy the bond and it never changes. The fixed rate set on May 1, 2026 (0.90%) applies to bonds issued in the six months after that date. The inflation rate is what changes every six months.
What rate is my older I bond earning now?
Your bond keeps the fixed rate from the period it was bought and adds the current inflation rate. For example, a bond bought Nov. 2022 to Apr. 2023 earns 3.75% for the six-month earning period starting May 2026. The table above lists every purchase period.
Can the I bond rate go below zero?
No. Deflation can bring the combined rate below the fixed rate, but if the inflation rate is so negative that it would pull the combined rate below zero, TreasuryDirect stops at zero.
When does my I bond rate change?
Every six months from the month the bond was issued, not on the announcement date. For example, a bond issued in March changes on September 1 and March 1.
Sources
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