Series I Savings Bonds Rates & Terms: Calculating Interest Rates

NEWS: The initial interest rate on new Series I savings bonds is 9.62 percent. You can buy I bonds at that rate through October 2022. Learn more.

KEY FACTS: I Bonds can be purchased through October 2022 at the current rate.  That rate is applied to the 6 months after the purchase is made.  For example, if you buy an I bond on July 1, 2022, the 9.62% would be applied through December 31, 2022.  Interest is compounded semi-annually.

REMEMBER!  You can only purchase up to $10,000 in electronic I bonds each calendar year.  If you buy I Bonds exceeding that limit, we will process a refund, which may take up to 16 weeks.

NOTE: Tax questions? We have answers!

What interest will I get if I buy an I bond now?

The composite rate for I bonds issued from May 2022 through October 2022 is 9.62 percent. This rate applies for the first six months you own the bond.

How do I bonds earn interest?

An I bond earns interest monthly from the first day of the month in the issue date. The interest accrues (is added to the bond) until the bond reaches 30 years or you cash the bond, whichever comes first.

  • The interest is compounded semiannually. Every six months from the bond's issue date, interest the bond earned in the six previous months is added to the bond's principal value, creating a new principal value. Interest is then earned on the new principal.
  • You can cash the bond after 12 months. However, if you cash the bond before it is five years old, you lose the last three months of interest. Note: If you use TreasuryDirect or the Savings Bond Calculator to find the value of a bond less than five years old, the value displayed reflects the three-month penalty; that is, the amount of the penalty has been subtracted already.

How does Treasury figure the I bond interest rate?

The interest on I bonds is a combination of

  • fixed rate
  • inflation rate

Fixed rate

You know the fixed rate of interest that you will get for your bond when you buy the bond. The fixed rate never changes.

Treasury announces the fixed rate for I bonds every six months (on the first business day in May and on the first business day in November). The fixed rate then applies to all I bonds issued during the next six months.

The fixed rate is an annual rate.

Inflation rate

The inflation rate can, and usually does, change every six months.

We set the inflation rate every six months (on the first business day of May and on the first business day of November), based on changes in the non-seasonally adjusted Consumer Price Index for all Urban Consumers (CPI-U) for all items, including food and energy.

However, the change is applied to your bond every six months from the bond's issue date.  (The dates for these changes might not be May 1 and November 1.) When does my bond change rates?

Combining the two rates

To get the actual rate of interest (sometimes referred to as the composite or earnings rate) we combine the fixed rate and the inflation rate, using the equation in the example below.

  • The combined rate will never be less than zero. However, the combined rate can be lower than the fixed rate. If the inflation rate is negative (because we have deflation, not inflation), it can offset some of the fixed rate.
  • If the inflation rate is so negative that it would pull the combined rate below zero, we don't let that happen. We stop at zero.

An example

The composite rate for I bonds issued from May 2022 through October 2022 is 9.62%

Here's how we set that composite rate:

Fixed rate

0.00%

Semiannual inflation rate

4.81%

Composite rate = [fixed rate + (2 x semiannual inflation rate) + (fixed rate x semiannual inflation rate)]

 

[0.0000 + (2 x 0.0481) + (0.0000 x 0.0481)]

Composite rate

 

[0.0000 + 0.0962 + 0.0000000]

Composite rate

 

0.0962000

Composite rate

 

0.09620

Composite rate

 

9.62%

When does my bond change rates?

Issue month of your bond New rates take effect
January January 1 and July 1
February February 1 and August 1
March March 1 and September 1
April April 1 and October 1
May May 1 and November 1
June June 1 and December 1
July July 1 and January 1
August August 1 and February 1
September September 1 and March 1
October October 1 and April 1
November November 1 and May 1
December December 1 and June 1

What have rates been in the past?

Our Series I bond rate chart shows in one table all past and current rates--fixed rates, inflation rates, and composite rates.

The two tables below show fixed rates and inflation rates, respectively.

Fixed rates

The fixed rate set each May and November applies to all bonds we issue in the six months following the date when we set the rate. The fixed rate applies for the life of the bond.

Date the fixed rate was set Fixed rate for bonds issued in the six months after that date
May 1, 2022 0.00%
November 1, 2021 0.00%
May 1, 2021 0.00%
November 1, 2020 0.00%
May 1, 2020 0.00%
November 1, 2019 0.20%
May 1, 2019 0.50%
November 1, 2018 0.50%
May 1, 2018 0.30%
November 1, 2017 0.10%
May 1, 2017 0.00%
November 1, 2016 0.00%
May 1, 2016 0.10%
November 1, 2015 0.10%
May 1, 2015 0.00%
November 1, 2014 0.00%
May 1, 2014 0.10%
November 1, 2013 0.20%
May 1, 2013 0.00%
November 1, 2012 0.00%
May 1, 2012 0.00%
November 1, 2011 0.00%
May 1, 2011 0.00%
November 1, 2010 0.00%
May 1, 2010 0.20%
November 1, 2009 0.30%
May 1, 2009 0.10%
November 1, 2008 0.70%
May 1, 2008 0.00%
November 1, 2007 1.20%
May 1, 2007 1.30%
November 1, 2006 1.40%
May 1, 2006 1.40%
November 1, 2005 1.00%
May 1, 2005 1.20%
November 1, 2004 1.00%
May 1, 2004 1.00%
November 1, 2003 1.10%
May 1, 2003 1.10%
November 1, 2002 1.60%
May 1, 2002 2.00%
November 1, 2001 2.00%
May 1, 2001 3.00%
November 1, 2000 3.40%
May 1, 2000 3.60%
November 1, 1999 3.40%
May 1, 1999 3.30%
November 1, 1998 3.30%
September 1, 1998 3.40%

Inflation rates

The inflation rate set each May and November applies for six months to all I bonds ever issued.

Date the inflation rate was set Inflation rate for six months
(See: When does my bond change rates?)
May 1, 2022 4.81%
November 1, 2021 3.56%
May 1, 2021 1.77%
November 1, 2020 0.84%
May 1, 2020 0.53%
November 1, 2019 1.01%
May 1, 2019 0.70%
November 1, 2018 1.16%
May 1, 2018 1.11%
November 1, 2017 1.24%
May 1, 2017 0.98%
November 1, 2016 1.38%
May 1, 2016 0.08%
November 1, 2015 0.77%
May 1, 2015 -0.80%
November 1, 2014 0.74%
May 1, 2014 0.92%
November 1, 2013 0.59%
May 1, 2013 0.59%
November 1, 2012 0.88%
May 1, 2012 1.10%
November 1, 2011 1.53%
May 1, 2011 2.30%
November 1, 2010 0.37%
May 1, 2010 0.77%
November 1, 2009 1.53%
May 1, 2009 -2.78%
November 1, 2008 2.46%
May 1, 2008 2.42%
November 1, 2007 1.53%
May 1, 2007 1.21%
November 1, 2006 1.55%
May 1, 2006 0.50%
November 1, 2005 2.85%
May 1, 2005 1.79%
November 1, 2004 1.33%
May 1, 2004 1.19%
November 1, 2003 0.54%
May 1, 2003 1.77%
November 1, 2002 1.23%
May 1, 2002 0.28%
November 1, 2001 1.19%
May 1, 2001 1.44%
November 1, 2000 1.52%
May 1, 2000 1.91%
November 1, 1999 1.76%
May 1, 1999 0.86%
November 1, 1998 0.86%
September 1, 1998 0.62%

What is the current composite rate for my I bond?

Composite rates--Current

The table below shows the current composite rate for all I bonds.  (See “When does my bond change rates?”) Each composite rate applies for six months.

Period when you bought
your I bond
Composite rate for your six-month earning period starting during May – October 2022
(See “When does my bond change rates?”)
From Through
May 2022 Oct. 2022 9.62%
Nov. 2021 Apr. 2022 9.62%
May 2021 Oct. 2021 9.62%
Nov. 2020 Apr. 2021 9.62%
May 2020 Oct. 2020 9.62%
Nov. 2019 Apr. 2020 9.83%
May 2019 Oct. 2019 10.14%
Nov. 2018 Apr. 2019 10.14%
May 2018 Oct. 2018 9.93%
Nov. 2017 Apr. 2018 9.72%
May 2017 Oct. 2017 9.62%
Nov. 2016 Apr. 2017 9.62%
May 2016 Oct. 2016 9.72%
Nov. 2015 Apr. 2016 9.72%
May 2015 Oct. 2015 9.62%
Nov. 2014 Apr. 2015 9.62%
May 2014 Oct. 2014 9.72%
Nov. 2013 Apr. 2014 9.83%
May 2013 Oct. 2013 9.62%
Nov. 2012 Apr. 2013 9.62%
May 2012 Oct. 2012 9.62%
Nov. 2011 Apr. 2012 9.62%
May 2011 Oct. 2011 9.62%
Nov. 2010 Apr. 2011 9.62%
May 2010 Oct. 2010 9.83%
Nov. 2009 Apr. 2010 9.93%
May 2009 Oct. 2009 9.72%
Nov. 2008 Apr. 2009 10.35%
May 2008 Oct. 2008 9.62%
Nov. 2007 Apr. 2008 10.88%
May 2007 Oct. 2007 10.98%
Nov. 2006 Apr. 2007 11.09%
May 2006 Oct. 2006 11.09%
Nov. 2005 Apr. 2006 10.67%
May 2005 Oct. 2005 10.88%
Nov. 2004 Apr. 2005 10.67%
May 2004 Oct. 2004 10.67%
Nov. 2003 Apr. 2004 10.77%
May 2003 Oct. 2003 10.77%
Nov. 2002 Apr. 2003 11.30%
May 2002 Oct. 2002 11.72%
Nov. 2001 Apr. 2002 11.72%
May 2001 Oct. 2001 12.76%
Nov. 2000 Apr. 2001 13.18%
May 2000 Oct. 2000 13.39%
Nov. 1999 Apr. 2000 13.18%
May 1999 Oct. 1999 13.08%
Nov. 1998 Apr. 1999 13.08%
Sept. 1998 Oct. 1998 13.18%

Where can I find more information on rates?

Our Series I bond rate chart shows in one table all past and current rates--fixed rates, inflation rates, and composite rates.