I bond rate: 4.26% (May–October 2026)
What a Series I savings bond bought today earns, what the rate is made of, when it changes next — and why the bond you already own is almost certainly earning something else.
Figures verified · next scheduled change (new fixed and inflation rates)
Today’s rate A Series I savings bond bought now earns 4.26% for its first six months — a 0.90% fixed rate that never changes, plus a 1.67% semiannual inflation rate that every I bond shares. It applies to bonds issued May 1 through October 31, 2026.
Composite rate · new bonds
4.26%
| Scale | 0.00% to 10.00% |
|---|---|
| Filled to | 4.26% |
| now | 4.26% |
| 2022 peak | 9.62% |
The composite rate is what a bond bought today earns for six months. It is fixed rate + 2 × semiannual inflation + (fixed × semiannual inflation ÷ 100), floored at 0%.
- Fixed rate
- 0.90%set once, kept for 30 years
- Semiannual inflation rate
- 1.67%the same for every I bond
- Applies to bonds issued
- May 2026through October 2026
- Next announcement
- November 1, 2026a Sunday — new fixed and inflation rates
What is my bond worth?
Next rate announcement
55 days
Treasury sets a new fixed rate and a new semiannual inflation rate on Sunday, November 1, 2026. Your own bond picks the new inflation rate up at the start of its next six-month period, not on that date.55 days until the next I bond rate announcement on Sunday, November 1, 2026.
Every rate since 1998
Each step is one announcement. The composite line is what a bond bought in that window started at; the dashed line is the inflation component that every bond shares, annualized. Where it dives below zero the composite does not follow it — an I bond floors at 0% and never loses value.
| Period beginning | Fixed rate | Semiannual inflation rate | Composite rate |
|---|---|---|---|
| September 1998 | 3.40% | 0.62% | 4.66% |
| November 1998 | 3.30% | 0.86% | 5.05% |
| May 1999 | 3.30% | 0.86% | 5.05% |
| November 1999 | 3.40% | 1.76% | 6.98% |
| May 2000 | 3.60% | 1.91% | 7.49% |
| November 2000 | 3.40% | 1.52% | 6.49% |
| May 2001 | 3.00% | 1.44% | 5.92% |
| November 2001 | 2.00% | 1.19% | 4.40% |
| May 2002 | 2.00% | 0.28% | 2.57% |
| November 2002 | 1.60% | 1.23% | 4.08% |
| May 2003 | 1.10% | 1.77% | 4.66% |
| November 2003 | 1.10% | 0.54% | 2.19% |
| May 2004 | 1.00% | 1.19% | 3.39% |
| November 2004 | 1.00% | 1.33% | 3.67% |
| May 2005 | 1.20% | 1.79% | 4.80% |
| November 2005 | 1.00% | 2.85% | 6.73% |
| May 2006 | 1.40% | 0.50% | 2.41% |
| November 2006 | 1.40% | 1.55% | 4.52% |
| May 2007 | 1.30% | 1.21% | 3.74% |
| November 2007 | 1.20% | 1.53% | 4.28% |
| May 2008 | 0.00% | 2.42% | 4.84% |
| November 2008 | 0.70% | 2.46% | 5.64% |
| May 2009 | 0.10% | −2.78% | 0.00% |
| November 2009 | 0.30% | 1.53% | 3.36% |
| May 2010 | 0.20% | 0.77% | 1.74% |
| November 2010 | 0.00% | 0.37% | 0.74% |
| May 2011 | 0.00% | 2.30% | 4.60% |
| November 2011 | 0.00% | 1.53% | 3.06% |
| May 2012 | 0.00% | 1.10% | 2.20% |
| November 2012 | 0.00% | 0.88% | 1.76% |
| May 2013 | 0.00% | 0.59% | 1.18% |
| November 2013 | 0.20% | 0.59% | 1.38% |
| May 2014 | 0.10% | 0.92% | 1.94% |
| November 2014 | 0.00% | 0.74% | 1.48% |
| May 2015 | 0.00% | −0.80% | 0.00% |
| November 2015 | 0.10% | 0.77% | 1.64% |
| May 2016 | 0.10% | 0.08% | 0.26% |
| November 2016 | 0.00% | 1.38% | 2.76% |
| May 2017 | 0.00% | 0.98% | 1.96% |
| November 2017 | 0.10% | 1.24% | 2.58% |
| May 2018 | 0.30% | 1.11% | 2.52% |
| November 2018 | 0.50% | 1.16% | 2.83% |
| May 2019 | 0.50% | 0.70% | 1.90% |
| November 2019 | 0.20% | 1.01% | 2.22% |
| May 2020 | 0.00% | 0.53% | 1.06% |
| November 2020 | 0.00% | 0.84% | 1.68% |
| May 2021 | 0.00% | 1.77% | 3.54% |
| November 2021 | 0.00% | 3.56% | 7.12% |
| May 2022 | 0.00% | 4.81% | 9.62% |
| November 2022 | 0.40% | 3.24% | 6.89% |
| May 2023 | 0.90% | 1.69% | 4.30% |
| November 2023 | 1.30% | 1.97% | 5.27% |
| May 2024 | 1.30% | 1.48% | 4.28% |
| November 2024 | 1.20% | 0.95% | 3.11% |
| May 2025 | 1.10% | 1.43% | 3.98% |
| November 2025 | 0.90% | 1.56% | 4.03% |
| May 2026 | 0.90% | 1.67% | 4.26% |
The peak was 9.62% for bonds issued May 2022. The inflation component was negative in May 2009 and May 2015, and the composite floored at 0% instead of going backwards. The full table and a CSV →
Your bond is not the headline rate
Everyone holding an I bond shares the 1.67% inflation component. Nobody shares the same fixed rate. This is what each recent vintage earns during the six-month period it begins between May 2026 and October 2026.
| If your bond was issued | Its fixed rate is | It earns |
|---|---|---|
| November 2025 – October 2026 | 0.90% | 4.26% |
| May 2025 – October 2025 | 1.10% | 4.46% |
| November 2024 – April 2025 | 1.20% | 4.56% |
| November 2023 – October 2024 | 1.30% | 4.66% |
| May 2023 – October 2023 | 0.90% | 4.26% |
| November 2022 – April 2023 | 0.40% | 3.75% |
| May 2020 – October 2022 | 0.00% | 3.34% |
| November 2019 – April 2020 | 0.20% | 3.54% |
Each composite is the published formula applied to that window’s fixed rate and the current 1.67% semiannual inflation rate. Price your own bond, with its penalty and its best month to cash out →
The figures behind this page
| Figure | Value | Applies | Source |
|---|---|---|---|
| Electronic I bond purchase limit per Social Security or Employer Identification Number per calendar year. | $10,000 | long-standing | TreasuryDirect — I bonds |
| Minimum electronic I bond purchase; any amount above $25 to the penny. | $25 | long-standing | TreasuryDirect — I bonds |
| An I bond cannot be redeemed for the first 12 months after issue. | 12 months | long-standing | TreasuryDirect — I bonds |
| Redeeming before 5 years (months 12–59) forfeits the most recent three months of interest. | the last 3 months of interest | long-standing | TreasuryDirect — I bonds |
| An I bond stops earning interest 30 years after issue. | 30 years | long-standing | TreasuryDirect — I bonds |
| Treasury’s published composite-rate formula; reproduces the API’s combined_rate exactly. | fixed rate + 2 × semiannual inflation + (fixed × semiannual inflation ÷ 100), floored at 0% | long-standing | TreasuryDirect — how I bonds earn interest |
| I bond interest is subject to federal income tax and exempt from state and local income tax. | Federal income tax only — exempt from state and local income tax | long-standing | TreasuryDirect — I bonds |
| Treasury ended the paper I bond tax-refund purchase option on January 1, 2025. | Discontinued — no paper I bonds with a tax refund since January 1, 2025 | long-standing | TreasuryDirect — FAQ: IRS tax feature |
| Composite rate for a bond bought now, computed from the Treasury rate tables | 4.26% | May 2026 → October 2026 | TreasuryDirect — I bonds interest rates |
What this does not do
- It does not predict the next rate. The inflation component is derived from published price data, but the fixed rate is a Treasury policy decision that is not announced in advance and cannot be computed from public data.
- It does not connect to TreasuryDirect. Nothing you type is uploaded, and no account is read — the official value of your bond, to the cent, is in your own account.
- It does not price paper bonds differently from electronic ones. The rates are identical; only the purchase route differed.
- It does not handle tax. I bond interest is federal-only and deferred until redemption, but the amount belongs on your return, not on this page.
01In this section
Questions
What is the current I bond rate?
4.26% a year, for Series I savings bonds issued May 1 through October 31, 2026. That composite rate is a 0.90% fixed rate plus a 1.67% semiannual inflation rate. A bond bought today earns 4.26% for its first six months, then its rate is recalculated from its own 0.90% fixed rate and whatever inflation rate is in force when that period begins.
Why is my I bond earning a different rate?
Because your fixed rate is not 0.90% unless you bought inside a window that carried it. Every I bond shares the same 1.67% inflation component right now; no two vintages share the same fixed rate. A bond with a 0.90% fixed rate earns 4.26% in its current six-month period, and the table on this page prices every recent vintage.
How is the I bond composite rate calculated?
The published formula is fixed rate + 2 × semiannual inflation + (fixed × semiannual inflation ÷ 100), floored at 0%. With the current figures: 0.90% + (2 × 1.67%) + (0.9 × 1.67 ÷ 100) = 4.26%. The inflation rate is doubled because it is a six-month figure while the composite is quoted as an annual rate, and the floor at zero is why an I bond never loses value.
When does the I bond rate change again?
November 1, 2026. Treasury sets new I bond rates every May 1 and November 1. The fixed rate changes only for bonds issued on or after that date — if you already own one, your fixed rate never changes. The inflation component changes for every bond, but each bond picks it up at the start of its own six-month period, not on the announcement date.
Is the current rate locked in for a year?
No. It is locked for six months from your bond's issue month. Each bond runs on its own six-month clock: a bond issued in July changes rate in January and July, a bond issued in September changes in March and September. Only bonds issued in May or November change on the same day the announcements take effect.
Sources
- TreasuryDirect — I bonds interest rates · accessed 2026-09-07
- Treasury Fiscal Data — I Bonds Interest Rates · accessed 2026-09-07
- TreasuryDirect — I bonds · accessed 2026-09-07
Also this year
Every 2026 threshold on one pagewith the source and the day we checked it→The money calendarnext: the November 1, 2026 rate announcement→Information, not advice. Confirm your bond’s rate and value in your TreasuryDirect account.