I bond fixed rate history
Every fixed rate Treasury has set, and the real yield it was set against.
An I bond pays two rates added together: an inflation rate that resets every six months, and a fixed rate it keeps for life. The fixed rate is the part that makes one year's I bonds better than another's. Here is every fixed rate Treasury has set since the first I bonds in September 1998, next to the 5-year TIPS real yield, the market's price for a guaranteed real return, on the eve of each announcement.
- The fixed rate is set when a bond is issued and never changes for its 30 years. Treasury announces it every May 1 and November 1 for bonds issued in the next six months (TreasuryDirect).
- Current fixed rate: 0.90% for I bonds issued May 1, 2026 to October 31, 2026.
- Highest ever: 3.60%, May 2000. The fixed rate was 0.00% in 16 of 57 windows.
- Treasury does not publish how it sets the fixed rate.
- The 5-year TIPS real yield was 2.36% on October 28, 2026 (Treasury par real yield curve).
The fixed rate and the 5-year real yield
A 5-year Treasury Inflation-Protected Security pays a real yield above inflation, as an I bond's fixed rate does (TreasuryDirect: TIPS). Treasury has never said how it picks the fixed rate, but the two have moved in the same direction: in 32 of the 34 windows since 2003 when the six-month average 5-year real yield was above zero, the fixed rate was set below it. In the 13 windows when that average was below zero, the fixed rate was between 0.00% and 0.20%.
Before the November 2026 announcement the six-month average 5-year real yield is 2.09%. At past announcements with an average within 0.30 points of that, the fixed rate Treasury set was: May 2006 1.40%, November 2006 1.40%, May 2007 1.30%, November 2007 1.20%, November 2023 1.30%, May 2024 1.30%, November 2024 1.20%. That is history, not a forecast.
Every I bond fixed rate since 1998
| Bonds issued | Fixed rate | 5-yr real yield, eve of announcement | 5-yr real yield, 6-month average |
|---|---|---|---|
| November 2026 to April 2027 | announced November 1, 2026 | 2.36% | 2.09% |
| May 2026 to October 2026 | 0.90% | 1.35% | 1.33% |
| November 2025 to April 2026 | 0.90% | 1.31% | 1.44% |
| May 2025 to October 2025 | 1.10% | 1.43% | 1.74% |
| November 2024 to April 2025 | 1.20% | 1.77% | 1.87% |
| May 2024 to October 2024 | 1.30% | 2.29% | 1.95% |
| November 2023 to April 2024 | 1.30% | 2.42% | 1.99% |
| May 2023 to October 2023 | 0.90% | 1.31% | 1.44% |
| November 2022 to April 2023 | 0.40% | 1.60% | 0.63% |
| May 2022 to October 2022 | 0.00% | -0.38% | -1.25% |
| November 2021 to April 2022 | 0.00% | -1.71% | -1.70% |
| May 2021 to October 2021 | 0.00% | -1.71% | -1.58% |
| November 2020 to April 2021 | 0.00% | -1.21% | -0.99% |
| May 2020 to October 2020 | 0.00% | -0.36% | -0.11% |
| November 2019 to April 2020 | 0.20% | 0.07% | 0.23% |
| May 2019 to October 2019 | 0.50% | 0.43% | 0.81% |
| November 2018 to April 2019 | 0.50% | 1.08% | 0.81% |
| May 2018 to October 2018 | 0.30% | 0.69% | 0.51% |
| November 2017 to April 2018 | 0.10% | 0.22% | 0.16% |
| May 2017 to October 2017 | 0.00% | 0.00% | 0.07% |
| November 2016 to April 2017 | 0.00% | -0.28% | -0.23% |
| May 2016 to October 2016 | 0.10% | -0.32% | 0.17% |
| November 2015 to April 2016 | 0.10% | 0.32% | 0.16% |
| May 2015 to October 2015 | 0.00% | -0.29% | 0.09% |
| November 2014 to April 2015 | 0.00% | 0.09% | -0.16% |
| May 2014 to October 2014 | 0.10% | -0.27% | -0.17% |
| November 2013 to April 2014 | 0.20% | -0.43% | -0.52% |
| May 2013 to October 2013 | 0.00% | -1.38% | -1.39% |
| November 2012 to April 2013 | 0.00% | -1.40% | -1.24% |
| May 2012 to October 2012 | 0.00% | -1.24% | -0.96% |
| November 2011 to April 2012 | 0.00% | -0.89% | -0.55% |
| May 2011 to October 2011 | 0.00% | -0.48% | 0.01% |
| November 2010 to April 2011 | 0.00% | -0.31% | 0.17% |
| May 2010 to October 2010 | 0.20% | 0.42% | 0.49% |
| November 2009 to April 2010 | 0.30% | 0.70% | 1.10% |
| May 2009 to October 2009 | 0.10% | 1.20% | 1.74% |
| November 2008 to April 2009 | 0.70% | 3.76% | 1.35% |
| May 2008 to October 2008 | 0.00% | 0.77% | 0.83% |
| November 2007 to April 2008 | 1.20% | 1.90% | 2.35% |
| May 2007 to October 2007 | 1.30% | 2.06% | 2.27% |
| November 2006 to April 2007 | 1.40% | 2.47% | 2.39% |
| May 2006 to October 2006 | 1.40% | 2.25% | 2.05% |
| November 2005 to April 2006 | 1.00% | 1.81% | 1.52% |
| May 2005 to October 2005 | 1.20% | 1.17% | 1.09% |
| November 2004 to April 2005 | 1.00% | 0.81% | 1.21% |
| May 2004 to October 2004 | 1.00% | 1.29% | 0.98% |
| November 2003 to April 2004 | 1.10% | 1.21% | 1.23% |
| May 2003 to October 2003 | 1.10% | 1.40% | 1.34% |
| November 2002 to April 2003 | 1.60% | - | - |
| May 2002 to October 2002 | 2.00% | - | - |
| November 2001 to April 2002 | 2.00% | - | - |
| May 2001 to October 2001 | 3.00% | - | - |
| November 2000 to April 2001 | 3.40% | - | - |
| May 2000 to October 2000 | 3.60% | - | - |
| November 1999 to April 2000 | 3.40% | - | - |
| May 1999 to October 1999 | 3.30% | - | - |
| November 1998 to April 1999 | 3.30% | - | - |
| September 1998 to October 1998 | 3.40% | - | - |
Fixed rates: Treasury Fiscal Data I bond rate records (the same record behind every I bond rate since 1998). Real yields: Treasury Daily Par Real Yield Curve Rates, 5 YR, which begins in 2003; "eve" is the last published day before the announcement.
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Frequently asked questions
What is the I bond fixed rate now?
0.90% for I bonds issued May 1, 2026 to October 31, 2026. A bond keeps the fixed rate it was issued with for its full 30 years.
When is the next I bond fixed rate announced?
Treasury announces a new fixed rate every May 1 and November 1, for bonds issued in the following six months.
How does Treasury set the I bond fixed rate?
Treasury does not publish its method. Historically the fixed rate has usually been set below the 5-year TIPS real yield and has moved in the same direction, and it was 0.00% to 0.20% while that yield was negative.
What was the highest I bond fixed rate?
3.60%, for bonds issued May 2000 to October 2000.
Does the fixed rate on my existing I bond change?
No. Only the inflation part changes, every six months from the issue month.
More: buy now or wait · what every existing I bond will earn · composite rate history.
Fixed rates are Treasury's official records; real yields are Treasury's published par real yield curve. No forecast of any future rate is made. This site is independent of the Treasury and is not investment advice.