The November 2026 I bond rate
What the next I bond rate change means for every bond, by issue date, from official Treasury and BLS data.
- The inflation part of the November 2026 I bond rate is already set: 2.04% semiannual (4.08% annualized), from the change in CPI-U between March and September 2026 (BLS CPI-U, U.S. city average, not seasonally adjusted). It replaces today's 1.67%. Treasury makes it official on .
- Every existing I bond will earn its own fixed rate plus 2.04% for six months from its next rate reset: 4.08% for bonds with a 0.00% fixed rate, up to 7.75% for the 3.60% fixed-rate bonds. Bonds bought since November 2025 (0.90% fixed) move from 4.26% to 5.00%.
- The fixed rate for new bonds bought from is set by Treasury on announcement day and is not published in advance, so the composite for new purchases is not known yet.
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What your I bond will earn
An I bond's rate is its own fixed rate (set when it was issued, kept for 30 years) plus the inflation rate in force. Find your bond's issue date below. The first rate column uses the current 1.67% inflation rate; the second uses the new 2.04% rate, which each bond earns from its next reset (see the next table).
| Issue dates | Fixed rate | Now | Next six months | Change |
|---|---|---|---|---|
| September 1998 to October 1998 | 3.40% | 6.80% | 7.55% | +0.75 pts |
| November 1998 to October 1999 | 3.30% | 6.70% | 7.45% | +0.75 pts |
| November 1999 to April 2000 | 3.40% | 6.80% | 7.55% | +0.75 pts |
| May 2000 to October 2000 | 3.60% | 7.00% | 7.75% | +0.75 pts |
| November 2000 to April 2001 | 3.40% | 6.80% | 7.55% | +0.75 pts |
| May 2001 to October 2001 | 3.00% | 6.39% | 7.14% | +0.75 pts |
| November 2001 to October 2002 | 2.00% | 5.37% | 6.12% | +0.75 pts |
| November 2002 to April 2003 | 1.60% | 4.97% | 5.71% | +0.74 pts |
| May 2003 to April 2004 | 1.10% | 4.46% | 5.20% | +0.74 pts |
| May 2004 to April 2005 | 1.00% | 4.36% | 5.10% | +0.74 pts |
| May 2005 to October 2005 | 1.20% | 4.56% | 5.30% | +0.74 pts |
| November 2005 to April 2006 | 1.00% | 4.36% | 5.10% | +0.74 pts |
| May 2006 to April 2007 | 1.40% | 4.76% | 5.51% | +0.75 pts |
| May 2007 to October 2007 | 1.30% | 4.66% | 5.41% | +0.75 pts |
| November 2007 to April 2008 | 1.20% | 4.56% | 5.30% | +0.74 pts |
| May 2008 to October 2008 | 0.00% | 3.34% | 4.08% | +0.74 pts |
| November 2008 to April 2009 | 0.70% | 4.05% | 4.79% | +0.74 pts |
| May 2009 to October 2009 | 0.10% | 3.44% | 4.18% | +0.74 pts |
| November 2009 to April 2010 | 0.30% | 3.65% | 4.39% | +0.74 pts |
| May 2010 to October 2010 | 0.20% | 3.54% | 4.28% | +0.74 pts |
| November 2010 to October 2013 | 0.00% | 3.34% | 4.08% | +0.74 pts |
| November 2013 to April 2014 | 0.20% | 3.54% | 4.28% | +0.74 pts |
| May 2014 to October 2014 | 0.10% | 3.44% | 4.18% | +0.74 pts |
| November 2014 to October 2015 | 0.00% | 3.34% | 4.08% | +0.74 pts |
| November 2015 to October 2016 | 0.10% | 3.44% | 4.18% | +0.74 pts |
| November 2016 to October 2017 | 0.00% | 3.34% | 4.08% | +0.74 pts |
| November 2017 to April 2018 | 0.10% | 3.44% | 4.18% | +0.74 pts |
| May 2018 to October 2018 | 0.30% | 3.65% | 4.39% | +0.74 pts |
| November 2018 to October 2019 | 0.50% | 3.85% | 4.59% | +0.74 pts |
| November 2019 to April 2020 | 0.20% | 3.54% | 4.28% | +0.74 pts |
| May 2020 to October 2022 | 0.00% | 3.34% | 4.08% | +0.74 pts |
| November 2022 to April 2023 | 0.40% | 3.75% | 4.49% | +0.74 pts |
| May 2023 to October 2023 | 0.90% | 4.26% | 5.00% | +0.74 pts |
| November 2023 to October 2024 | 1.30% | 4.66% | 5.41% | +0.75 pts |
| November 2024 to April 2025 | 1.20% | 4.56% | 5.30% | +0.74 pts |
| May 2025 to October 2025 | 1.10% | 4.46% | 5.20% | +0.74 pts |
| November 2025 to October 2026 | 0.90% | 4.26% | 5.00% | +0.74 pts |
Rates are annual composite rates computed with Treasury's formula from the fixed rate on record for each issue month (Treasury Fiscal Data). Bonds older than 30 years have stopped earning and are not listed.
When your bond switches to the new rate
Each I bond moves to a new rate every six months, counted from its issue month, so the new rate reaches different bonds in different months:
| Issue month | Earns the new inflation rate |
|---|---|
| May or November | November 2026 to April 2027 |
| June or December | December 2026 to May 2027 |
| January or July | January 2027 to June 2027 |
| February or August | February 2027 to July 2027 |
| March or September | March 2027 to August 2027 |
| April or October | April 2027 to September 2027 |
An I bond cannot be cashed in its first 12 months, so cash you may need within a year usually sits elsewhere; current money market fund yields, and how they compare with savings accounts and T-bills, are at Seven Day Yield.
New I bonds bought from November 2026
A new bond's composite rate is its fixed rate plus the 2.04% inflation rate (composite = fixed + 2 x inflation + fixed x inflation). Treasury picks the fixed rate on ; this site does not forecast it. For reference, the recent fixed rates for new purchases were 1.30% (November 2023), 1.30% (May 2024), 1.20% (November 2024), 1.10% (May 2025), 0.90% (November 2025), 0.90% (May 2026). The composite each possible fixed rate would produce:
| If the fixed rate is | Composite for new bonds |
|---|---|
| 0.50% | 4.59% |
| 0.60% | 4.69% |
| 0.70% | 4.79% |
| 0.80% | 4.90% |
| 0.90% | 5.00% |
| 1.00% | 5.10% |
| 1.10% | 5.20% |
| 1.20% | 5.30% |
| 1.30% | 5.41% |
A bond bought before the announcement keeps the fixed rate in force when it was issued (0.90% today): it earns 4.26% for its first six months and then 5.00% for the six months after that.
How the 2.04% inflation rate is set
Treasury's semiannual inflation rate is the percent change in CPI-U over a fixed six-month window: March to September for a November announcement, September to March for a May one (TreasuryDirect: I bond interest rates). CPI-U was 330.213 in March 2026 and 336.940 in September 2026 (BLS CPI-U, U.S. city average, not seasonally adjusted), a change of 2.04%. The same calculation reproduces all 8 past announcements this build checked against Treasury's published rates.
Frequently asked questions
What will the I bond rate be in November 2026?
The inflation part is already fixed at 2.04% semiannual by published CPI-U data. The composite for new bonds also depends on the fixed rate, which Treasury announces on November 1, 2026. At a fixed rate of 0.90% (today's) the composite would be 5.00%.
Will my existing I bond get the November 2026 rate?
Yes. Every I bond keeps its own fixed rate and picks up the new 2.04% inflation rate at its next six-month reset after November 1, 2026, which falls in the month matching its issue month.
When does my I bond start earning the new rate?
In the first month on or after the announcement that matches its issue month, counting in six-month steps: a bond issued in May or November switches in November, June or December in December, and so on.
Do I bond rates ever go below zero?
No. The composite rate is floored at 0%, so an I bond never loses value. Treasury applied that floor in 2009 and 2015.
Where does this data come from?
Fixed and composite rates come from the U.S. Treasury (Fiscal Data and TreasuryDirect); the inflation component comes from BLS CPI-U, the index Treasury's formula uses. This site is independent of the Treasury.
More: every I bond rate since 1998 · value any bond · I bond value tables · when your bond stops earning.
Composite rates are computed with Treasury's published formula from official fixed and inflation rates. This site is independent of the Treasury and is not investment or tax advice.