I bond rates
Current composite, fixed, and inflation rates plus every semiannual rate since September 1998.
- I bonds issued May 1, 2026 to October 31, 2026 earn a composite rate of 4.26% (announced May 1, 2026).
- The current fixed rate is 0.90%; it stays with the bond for its full 30-year life.
- The current semiannual inflation rate is 1.67%; it changes every May 1 and November 1.
- The next rate announcement is .
- Older I bonds keep their own fixed rates, so every issue-month cohort earns a different composite - the highest-fixed-rate cohorts earn the most today.
Every rate since 1998, charted
Source: U.S. Treasury Fiscal Data - I Bonds Interest Rates, retrieved at build time.
How the composite rate is calculated
Treasury combines each bond's lifetime fixed rate with the semiannual inflation rate (TreasuryDirect: I bond interest rates):
composite = fixed + 2 × inflation + fixed × inflation
= 0.90% + 2 × 1.67% + 0.90% × 0.0167
= 4.2550% → rounded to 4.26%
If deflation drives the result below zero, the composite is floored at 0% - an I bond never loses value. This page's build verified that formula against all 9,690 rows of the Treasury dataset (it reproduces every published combined rate exactly, including the 0% floors in 2009 and 2015).
Each bond adopts the new rate on its own schedule: a fresh 6-month rate window starts every sixth month from the bond's issue month, so a bond issued in January picks up each new rate in January and July. Use the checker to see the current rate and next reset for a specific issue date.
How the November 2026 rate will be determined
Treasury announces new rates every May 1 and November 1. Two things are set at each announcement:
- The inflation component is mechanical: it comes from the change in the CPI-U over a fixed six-month window (March→September for a November announcement; September→March for a May announcement). The Bureau of Labor Statistics publishes the final CPI-U reading about two weeks before the announcement, so the inflation component becomes computable slightly early - this page carries only the official figure once Treasury announces it.
- The fixed rate is set at Treasury's discretion and is not announced in advance. It applies to newly purchased bonds for their entire 30-year life.
No predictions here, by design: rates appear on this page when Treasury publishes them (TreasuryDirect).
Every semiannual rate since 1998
Rates shown are for new issues in each period: the fixed rate assigned at purchase, the semiannual inflation rate, and the resulting composite. Download: i-bond-rate-history.csv · i-bond-rates-by-issue-month.csv
| Rate period | Fixed (new issues) | Inflation (semiannual) | Composite (new issues) |
|---|---|---|---|
| – | 0.90% | 1.67% | 4.26% |
| – | 0.90% | 1.56% | 4.03% |
| – | 1.10% | 1.43% | 3.98% |
| – | 1.20% | 0.95% | 3.11% |
| – | 1.30% | 1.48% | 4.28% |
| – | 1.30% | 1.97% | 5.27% |
| – | 0.90% | 1.69% | 4.30% |
| – | 0.40% | 3.24% | 6.89% |
| – | 0.00% | 4.81% | 9.62% |
| – | 0.00% | 3.56% | 7.12% |
| – | 0.00% | 1.77% | 3.54% |
| – | 0.00% | 0.84% | 1.68% |
| – | 0.00% | 0.53% | 1.06% |
| – | 0.20% | 1.01% | 2.22% |
| – | 0.50% | 0.70% | 1.90% |
| – | 0.50% | 1.16% | 2.83% |
| – | 0.30% | 1.11% | 2.52% |
| – | 0.10% | 1.24% | 2.58% |
| – | 0.00% | 0.98% | 1.96% |
| – | 0.00% | 1.38% | 2.76% |
| – | 0.10% | 0.08% | 0.26% |
| – | 0.10% | 0.77% | 1.64% |
| – | 0.00% | -0.80% | 0.00% |
| – | 0.00% | 0.74% | 1.48% |
| – | 0.10% | 0.92% | 1.94% |
| – | 0.20% | 0.59% | 1.38% |
| – | 0.00% | 0.59% | 1.18% |
| – | 0.00% | 0.88% | 1.76% |
| – | 0.00% | 1.10% | 2.20% |
| – | 0.00% | 1.53% | 3.06% |
| – | 0.00% | 2.30% | 4.60% |
| – | 0.00% | 0.37% | 0.74% |
| – | 0.20% | 0.77% | 1.74% |
| – | 0.30% | 1.53% | 3.36% |
| – | 0.10% | -2.78% | 0.00% |
| – | 0.70% | 2.46% | 5.64% |
| – | 0.00% | 2.42% | 4.84% |
| – | 1.20% | 1.53% | 4.28% |
| – | 1.30% | 1.21% | 3.74% |
| – | 1.40% | 1.55% | 4.52% |
| – | 1.40% | 0.50% | 2.41% |
| – | 1.00% | 2.85% | 6.73% |
| – | 1.20% | 1.79% | 4.80% |
| – | 1.00% | 1.33% | 3.67% |
| – | 1.00% | 1.19% | 3.39% |
| – | 1.10% | 0.54% | 2.19% |
| – | 1.10% | 1.77% | 4.66% |
| – | 1.60% | 1.23% | 4.08% |
| – | 2.00% | 0.28% | 2.57% |
| – | 2.00% | 1.19% | 4.40% |
| – | 3.00% | 1.44% | 5.92% |
| – | 3.40% | 1.52% | 6.49% |
| – | 3.60% | 1.91% | 7.49% |
| – | 3.40% | 1.76% | 6.98% |
| – | 3.30% | 0.86% | 5.05% |
| – | 3.30% | 0.86% | 5.05% |
| – | 3.40% | 0.62% | 4.66% |
Source: U.S. Treasury Fiscal Data - I Bonds Interest Rates, cross-checked against TreasuryDirect's announced rate. Related: bond value tables · EE bond maturity · matured savings bonds.
Frequently asked questions
What is the current I bond rate?
I bonds issued May 1, 2026 to October 31, 2026 earn a composite rate of 4.26%, which includes a 0.90% fixed rate and a 1.67% semiannual inflation rate. Source: U.S. Treasury Fiscal Data and TreasuryDirect.
When do I bond rates change?
Treasury announces a new fixed rate and inflation rate every May 1 and November 1. Each existing bond adopts the new inflation component at its own six-month reset, which falls on its issue-month anniversary.
Can an I bond rate be negative?
No. The composite rate is floored at 0%, so an I bond's value never goes down. The floor applied in May 2009 and May 2015, when the semiannual inflation rate was negative.