I Bonds vs EE Bonds: How the Two Series Differ

An I bond’s rate floats: a fixed part set at issue plus an inflation part reset every six months. An EE bond pays one fixed rate and is guaranteed to double in value in 20 years.

The current I bond rate page carries today’s I bond figures, and TreasuryDirect’s EE bond page carries the EE rate for bonds issued now. The I bond calculator values I bonds only.

Side by side

	Series I	Series EE
How the rate works	Composite of a fixed rate and an inflation rate	One fixed annual rate, set for the issue window
Rate resets	Every six months, from the bond’s own issue month	None; the rate is fixed at issue
Inflation protection	Yes, through the inflation component	No
Doubling guarantee	No	Yes, at 20 years
Annual electronic limit	$10,0001 per number, per calendar year	A separate limit of the same size
Earliest redemption	After 12 months2	After 12 months
Redemption before five years	Forfeits the last 3 months of interest3	Forfeits the last three months of interest
Interest-earning life	30 years4	30 years
Federal, state and local tax	Federal income tax only — exempt from state and local income tax5	Same treatment

The doubling guarantee is the EE bond’s distinguishing feature

TreasuryDirect states it as: “we guarantee that the bond will double in value in 20 years, even if we have to add money at 20 years to make that happen.”

Two details define its scope. It is a guarantee about a twentieth anniversary, so a bond cashed at year 10 or year 15 gets only the interest actually accrued at its fixed rate. And it is a nominal guarantee: doubling is measured in dollars, not in purchasing power.

An I bond makes the opposite trade. It carries no doubling promise, and its inflation component is what responds to prices. The composite rate is fixed rate + 2 × semiannual inflation + (fixed × semiannual inflation ÷ 100), floored at 0%⁶, which the rate mechanism page works through.

What the two series share

The purchase mechanics are near-identical. Both are bought electronically through TreasuryDirect, both start at the $25⁷ minimum with amounts to the penny, and both are limited per Social Security or Employer Identification Number per calendar year.

The limits are separate, not shared. Buying a full year’s worth of Series EE bonds does not reduce the Series I allowance, and the reverse is equally true; the I bond purchase limit page covers how each limit is counted.

The holding rules match too. Both series can be cashed after 12 months, both forfeit the last three months of interest when cashed before five years, and both earn interest for 30 years.

So does the tax treatment. Interest on either series is subject to federal income tax and exempt from state and local income tax, and either series can qualify for the Education Savings Bond Program, which covers “Series EE or I savings bonds issued after 1989” and excludes filers who are married filing separately.

Where the current rates come from

Rates for both series are set on the same schedule. Treasury’s May 1, 2026 release announced the I bond composite rate and the EE bond fixed rate in the same document, and stated that “Rates for savings bonds are set each May 1 and November 1.” The current I bond rate page carries the I bond figures.

The next announcement is November 1, 2026⁸ (a Sunday; Treasury usually posts on the next business day). It will carry a new EE fixed rate for bonds issued from that date and a new I bond inflation component. This page carries no EE rate figure because the EE rate is not yet in the site’s figure registry; TreasuryDirect’s EE bond page is the source of record for it.

Are I bonds or EE bonds better?

They answer different questions, so the comparison depends on what is being protected. An I bond’s return tracks measured inflation and is not known in advance; an EE bond’s return is known at purchase and is guaranteed to double the purchase price at 20 years.

Can I buy both in the same year?

Yes. The two series have separate annual electronic limits of the same size, so the maximum of one does not reduce what can be bought of the other.

Do EE bonds really double in value?

Treasury guarantees it at 20 years, and states that it will “add money at 20 years to make that happen” if the accrued interest falls short. The guarantee applies at that anniversary, not before it.

Do EE bonds have the same twelve-month lock and three-month penalty?

Yes. TreasuryDirect states for EE bonds that “You can cash in (redeem) your EE bond after 12 months” and that “if you cash in the bond in less than 5 years, you lose the last 3 months of interest.”

Are EE bonds taxed the same way as I bonds?

Yes. Interest on either series is subject to federal income tax, exempt from state and local income tax, and reportable at redemption or final maturity unless the annual election is made.

When are EE bond rates announced?

On May 1 and November 1, the same dates as I bond rates, and in the same Treasury release. The rate announced applies to bonds issued in the following six-month window.