Direct answer: I bonds issued May 1, 2026 to October 31, 2026 earn 4.26% a year, including a 0.90% fixed rate kept for the bond's life. Each person can buy up to $10,000 a year online. You must hold them 12 months, and cashing before 5 years costs the last 3 months of interest.
By the numbers: Series I Savings Bonds 4.26% This includes a fixed rate of 0.90% For I bonds issued May 1, 2026 to October 31, 2026. Source: TreasuryDirect, I bonds interest rates
“If you cash in the bond in less than 5 years, you lose the last 3 months of interest.” — TreasuryDirect, Cash EE or I savings bonds
Updated 2026-10-23
4.26% for I bonds issued May 1, 2026 to October 31, 2026. That composite rate includes a 0.90% fixed rate that stays with the bond for 30 years; the inflation part resets every 6 months. Treasury announces new rates each May 1 and November 1.
Up to $10,000 in electronic I bonds per Social Security number (or EIN) per calendar year, from $25 to the penny. Bonds you buy as gifts count toward the recipient's limit in the year they're delivered, and a child's bonds count toward the child's limit. Since January 1, 2025 I bonds are only sold electronically.
After 12 months. If you cash it before 5 years, you lose the last 3 months of interest; for example, cash at 18 months and you get 15 months of interest. Online you can cash any amount of $25 or more as long as at least $25 stays in the bond.
Interest is subject to federal income tax but not state or local income tax (31 U.S.C. 3124). You can report it each year or wait until you cash the bond or it stops earning at 30 years. Federal estate, gift and excise taxes and state estate or inheritance taxes can still apply.
No. The composite rate can't go below zero, and the bond's value can't drop from one month to the next (31 CFR 359.12). The fixed rate never changes; only the inflation part does.
You may exclude the interest if you pay qualified higher-education costs in the same year you cash the bond, were at least 24 when it was issued, don't file married filing separately, and your income is under the limit (2026 phase-out: $101,800 to $116,800, or $152,650 to $182,650 joint). Use IRS Form 8815.
As of Oct. 23, 2026
Sources: TreasuryDirect: I bond rates · TreasuryDirect: buying · TreasuryDirect: cashing · TreasuryDirect: taxes · 31 CFR 359
Pick when the bond was issued (the month you bought it) and when you'd cash it. Nothing you type leaves your phone.
Right now a new I bond's 4.26% for its first 6 months (about 4.31% a year with 6-month compounding) is higher than the best standard savings APY we track, 4.27% (Peak Bank, read 2026-10-23). The bigger differences are access and how the rate changes:
| Item | I bond | High-yield savings | Source |
|---|---|---|---|
| Getting your money | Not for 12 months; before 5 years you lose the last 3 months of interest | Any day | TreasuryDirect: cashing |
| How the rate changes | Fixed part for 30 years; inflation part resets every 6 months from your issue month | The bank can change it at any time | TreasuryDirect: I bond rates |
| Can it lose value? | No; the rate can't go below 0% and the value can't fall month to month | No; the balance stays | 31 CFR 359 |
| How much you can put in | $10,000 per person per calendar year (online), plus gifts | Set by the bank; FDIC insurance covers $250,000 per depositor, per bank, per ownership category | TreasuryDirect: limits · FDIC |
| Backing | Full faith and credit of the U.S. government | FDIC insurance up to the limit | TreasuryDirect: I bonds · FDIC |
| State and local income tax | No | Yes | 31 U.S.C. 3124 |
| Federal income tax | Yes, when you cash it (or yearly if you choose) | Yes, every year | IRS Pub. 550 |
Facts only, not advice on where to keep your money. See T-bills vs savings and CDs vs savings for the other options.
Each bond has two parts. The fixed rate in effect the month you buy it stays with that bond for 30 years. The semiannual inflation rate changes every May 1 and November 1, and your bond picks up the new one at the start of each 6-month period counted from your issue month (a bond bought in March changes rate every March and September).
Composite rate = fixed rate + (2 × semiannual inflation rate) + (fixed rate × semiannual inflation rate), rounded to two decimals. Today: 0.90% + 2 × 1.67% + 0.90% × 1.67% = 4.26%.
If inflation is negative enough to push the composite below zero, it's set to 0%, and the bond's value never goes down. Sources: TreasuryDirect: I bond rates · 31 CFR 359.
Every rate Treasury has announced since I bonds began in September 1998 (57 announcements). The last column is the rate a new bond got in the 6 months after each announcement; older bonds combine their own fixed rate with the new inflation rate.
| Announced | Fixed rate | Semiannual inflation | Rate for new bonds |
|---|---|---|---|
| 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 bond interest rates, history read 2026-10-23.
Related: Save hub · Treasury rates today · T-bills vs high-yield savings · CD vs high-yield savings · CD & Treasury ladder builder · Inflation calculator · 529 plans
Not investment advice. We republish TreasuryDirect, eCFR and IRS facts with dates and do the arithmetic. We don't sell I bonds and don't earn anything from this page. Your TreasuryDirect account shows the official value.
4.26% for I bonds issued May 1, 2026 to October 31, 2026. That composite rate includes a 0.90% fixed rate that stays with the bond for 30 years; the inflation part resets every 6 months. Treasury announces new rates each May 1 and November 1.
Up to $10,000 in electronic I bonds per Social Security number (or EIN) per calendar year, from $25 to the penny. Bonds you buy as gifts count toward the recipient's limit in the year they're delivered, and a child's bonds count toward the child's limit. Since January 1, 2025 I bonds are only sold electronically.
After 12 months. If you cash it before 5 years, you lose the last 3 months of interest; for example, cash at 18 months and you get 15 months of interest. Online you can cash any amount of $25 or more as long as at least $25 stays in the bond.
Interest is subject to federal income tax but not state or local income tax (31 U.S.C. 3124). You can report it each year or wait until you cash the bond or it stops earning at 30 years. Federal estate, gift and excise taxes and state estate or inheritance taxes can still apply.
No. The composite rate can't go below zero, and the bond's value can't drop from one month to the next (31 CFR 359.12). The fixed rate never changes; only the inflation part does.
You may exclude the interest if you pay qualified higher-education costs in the same year you cash the bond, were at least 24 when it was issued, don't file married filing separately, and your income is under the limit (2026 phase-out: $101,800 to $116,800, or $152,650 to $182,650 joint). Use IRS Form 8815.
Estimates, not financial advice. Taxes, insurance, PMI and fees vary by lender, county and city; confirm with your lender, dealer and state agency before acting.