I bond interest rate
The rate for Series I savings bonds bought in the current six-month period, read from TreasuryDirect.
Composite rate
4.26%
Data for: May 1, 2026
Previous: 4.03% (November 1, 2025)
Fixed rate
0.90%
Data for: May 1, 2026
Previous: 0.90% (November 1, 2025)
Valid: May 1 – October 31, 2026
What it is
An I bond pays a combined rate made of a fixed rate, which stays for the life of the bond, and an inflation rate that resets every six months based on the CPI-U. The Treasury announces new rates on 1 May and 1 November.
Why it matters
I bonds protect savings against inflation and are free of state and local tax. You can buy up to $10,000 a year electronically, must hold them at least 12 months and lose the last three months of interest if you cash them before five years.
Rate changes
| Date | Composite rate | Fixed rate |
|---|---|---|
| May 1, 2026 | 4.26% | 0.90% |
| November 1, 2025 | 4.03% | 0.90% |
| May 1, 2025 | 3.98% | 1.10% |
| November 1, 2024 | 3.11% | 1.20% |
| May 1, 2024 | 4.28% | 1.30% |
| November 1, 2023 | 5.27% | 1.30% |
| May 1, 2023 | 4.30% | 0.90% |
| November 1, 2022 | 6.89% | 0.40% |
| May 1, 2022 | 9.62% | 0.00% |
The table shows the composite rate and fixed rate that applied to bonds issued from each date. Your own rate changes every six months from your issue date.
How to read
Latest: 4.26%
Where it comes from
TreasuryDirect (U.S. Department of the Treasury), I bonds interest rates
Careful
Information, not advice
What to do
Compare with the related indicators
Reading the i bond interest rate figure
What the latest i bond interest rate reading says
The most recent value on this page is 4.26%, for May 1, 2026. Against the previous reading of 4.03%, that is +0.23% — a move up. Every six months, on 1 May and 1 November is how often TreasuryDirect (U.S. Department of the Treasury), I bonds interest rates publishes it, so a single reading is a snapshot and not a trend. The 9 observations in the table above, from May 1, 2022 onwards, are what gives the figure context.
Where the i bond interest rate figure sits in its own history
Across the 9 readings loaded here, the series moved between 3.11% and 9.62%. The latest value sits inside that range, so nothing in this window is exceptional. A window this short cannot show a cycle. It shows the direction of travel and the size of the usual swing, which is enough to tell a normal move from an unusual one, and no more than that.
Who sets the i bond interest rate and who it affects in United States
TreasuryDirect (U.S. Department of the Treasury), I bonds interest rates publishes the i bond interest rate series, and the page links the exact dataset and its licence below. Nothing here is a second-hand copy: the figure above is read from that source and shown with the date the source gave it. People reach this page searching for "i bond rate", and the honest answer is the published figure plus its date. A national figure is an average: your own rate, bill or salary in United States will sit above or below it.
Why the i bond interest rate table only shows some dates
This is a policy rate, so the table lists the dates on which it changed, not every day. Between two rows the rate stayed at the earlier value, which is why 4.26% can hold for months.
Glossary
Policy rate
The interest rate a central bank sets to steer the economy, and the floor under most other rates in that currency. It moves only when the rate-setting committee decides, so its history is a series of steps rather than a continuous line.
Yield
The annual return an investor earns by lending money through a bond, expressed as a percentage of its price. Price and yield move in opposite directions: when a bond gets cheaper, its yield rises.
Basis point
One hundredth of a percentage point. Central banks and markets talk in basis points because "a 0.25 point cut" and "a 25 basis point cut" are the same thing, and the second wording leaves no room for doubt.
Real rate
An interest rate after inflation is taken out, roughly the quoted rate minus the inflation rate. A savings account paying less than inflation has a negative real rate, which means the money loses purchasing power.
Revision
A later correction of a published figure, as the statistics office receives more complete data. Values marked provisional or estimated are the ones most likely to change, which is why the page keeps the source flag.
National average
A figure averaged over a whole country, and therefore not a quote for you. Your own mortgage rate, salary or grocery bill depends on your region, your lender or your shop and will sit above or below the average.
Year-on-year inflation
The change in a price index against the same month a year earlier. It can fall while prices are still rising, because it measures the speed of the increase, not the level of prices.
Source: TreasuryDirect (U.S. Department of the Treasury), I bonds interest rates
Licence: U.S. government work, public domain (17 U.S.C. § 105)
Update frequency: Every six months, on 1 May and 1 November
Information only, not financial advice. Figures come from the official source shown and may be revised.