Updated October 1, 2026. Quick answer: I bonds issued from May 1, 2026 to October 31, 2026 earn a combined rate of 4.26%, which includes a fixed rate of 0.90%. TreasuryDirect announces the fixed and inflation parts every May 1 and November 1. As of October 1, 2026 it still shows the May 1 to October 31, 2026 rate, so the November 1, 2026 rate is not yet announced.
Price a bond by its issue month: I bond calculator.
The November 1 announcement, before it is made: the November 2026 I bond rate, due November 1.
The Treasury form for cashing a paper savings bond, with the cash-or-hold decision first: FS Form 1522 and the cash-or-hold decision.
The announcement after November, due May 1, 2027: the May 2027 I bond rate, due May 1, 2027.
The I bond rate right now
| Item | Current announcement |
|---|---|
| Combined (composite) rate | 4.26% |
| Fixed rate, set for the life of the bond | 0.90% |
| Semiannual inflation rate | 1.67% |
| Applies to bonds issued | May 1, 2026 to October 31, 2026 |
| Combined rate announced November 1, 2025 | 4.03% (fixed 0.90%, inflation 1.56%) |
TreasuryDirect shows “For I bonds issued May 1, 2026 to October 31, 2026.” The rate it lists for that window is 4.26%, and it says “This includes a fixed rate of 0.90%”. It also explains that “The interest rate on a Series I savings bond changes every 6 months, based on inflation.” The prior announcement was 4.03%, shown in the chart’s row for bonds issued November 2025 to April 2026.
How the 4.26% is built
TreasuryDirect gives the formula as “Composite rate formula: [Fixed rate + (2 x semiannual inflation rate) + (fixed rate x semiannual inflation rate)]”. With a fixed rate of 0.90% and a semiannual inflation rate of 1.67% its worked example reads “0.0425503”, and “Rounding gives 0.0426”, which is 4.26%. The regulation, 31 CFR 359.14, states the same calculation as “Composite rate = {(Fixed rate ÷ 2) + Semiannual inflation rate + [Semiannual inflation rate × (Fixed rate ÷ 2)]} × 2.” We recomputed the combined rate from the fixed and inflation rates for every announcement in the history table below, and each equals the figure in TreasuryDirect’s chart.
Which rate your bond earns, by purchase month
A bond keeps the fixed rate it was issued with for life. The inflation part is reset for every bond twice a year, but on a schedule that follows the month the bond was issued. TreasuryDirect says “the date when the rate changes for your bond is every 6 months from the issue date of your bond”. Its table:
| Month the bond was issued | Its rate changes every |
|---|---|
| January | July 1 and January 1 |
| February | August 1 and February 1 |
| March | September 1 and March 1 |
| April | October 1 and April 1 |
| May | November 1 and May 1 |
| June | December 1 and June 1 |
| July | January 1 and July 1 |
| August | February 1 and August 1 |
| September | March 1 and September 1 |
| October | April 1 and October 1 |
| November | May 1 and November 1 |
| December | June 1 and December 1 |
The rate by fixed-rate cohort
TreasuryDirect’s current composite table lists the rate each purchase window earns for the six months starting May 2026. We recomputed each row from that window’s fixed rate and the 1.67% inflation rate, and every row matches.
| Bought | Fixed rate | Combined rate for May to October 2026 |
|---|---|---|
| May 2026 to Oct 2026 | 0.90% | 4.26% |
| Nov 2025 to Apr 2026 | 0.90% | 4.26% |
| May 2025 to Oct 2025 | 1.10% | 4.46% |
| Nov 2024 to Apr 2025 | 1.20% | 4.56% |
| May 2024 to Oct 2024 | 1.30% | 4.66% |
| Nov 2023 to Apr 2024 | 1.30% | 4.66% |
| May 2023 to Oct 2023 | 0.90% | 4.26% |
| Nov 2022 to Apr 2023 | 0.40% | 3.75% |
Fixed rate and inflation rate history
The fixed rate is set each May 1 and November 1 and applies for life to bonds issued in the following six months. The table shows every announcement since November 2019, with the combined rate recomputed from the formula.
| Announced | Fixed rate | Semiannual inflation rate | Combined rate |
|---|---|---|---|
| May 1, 2026 | 0.90% | 1.67% | 4.26% |
| November 1, 2025 | 0.90% | 1.56% | 4.03% |
| May 1, 2025 | 1.10% | 1.43% | 3.98% |
| November 1, 2024 | 1.20% | 0.95% | 3.11% |
| May 1, 2024 | 1.30% | 1.48% | 4.28% |
| November 1, 2023 | 1.30% | 1.97% | 5.27% |
| May 1, 2023 | 0.90% | 1.69% | 4.30% |
| November 1, 2022 | 0.40% | 3.24% | 6.89% |
| May 1, 2022 | 0.00% | 4.81% | 9.62% |
| November 1, 2021 | 0.00% | 3.56% | 7.12% |
| May 1, 2021 | 0.00% | 1.77% | 3.54% |
| November 1, 2020 | 0.00% | 0.84% | 1.68% |
| May 1, 2020 | 0.00% | 0.53% | 1.06% |
| November 1, 2019 | 0.20% | 1.01% | 2.22% |
What changes on November 1, 2026
TreasuryDirect says “We announce the fixed rate every May 1 and November 1.” It bases the inflation part on changes in the Consumer Price Index for all urban consumers, and the regulation names the index as “the non-seasonally adjusted CPI-U”. This page does not print an estimate of the new rate: until TreasuryDirect posts it, the November 1 figure is unknown, and the rate can go up or down. The same 4.26% and 0.90% appear on the purchase limits page, which this page agrees with.
Cashing in, and the three-month interest penalty
The regulation says “You may redeem your Series I savings bond issued on February 1, 2003, or thereafter, at any time after 12 months from its issue date.” It adds “If you redeem a bond less than five years after the issue date, we will reduce the overall earning period by three months.” The timing detail is on the cash-out timing page.
Common mistakes
- Treating the fixed rate as the whole rate. The combined rate adds an inflation part that resets every six months.
- Assuming a new rate applies to your bond on the announcement date. It applies from your own issue-month schedule.
- Comparing a 4.26% composite with a fixed rate of another bond. The fixed rate stays for life; the composite changes.
- Counting on a particular November rate before TreasuryDirect posts it.
Related: when to cash out an I bond, I bond purchase limits and gifting, and buying Treasuries directly or through funds.
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Answer againSources
- TreasuryDirect, I bonds interest rates: https://www.treasurydirect.gov/savings-bonds/i-bonds/i-bonds-interest-rates/
- TreasuryDirect, Series I savings bond earnings rates chart (effective May 1, 2026): https://www.treasurydirect.gov/files/savings-bonds/i-bond-rate-chart.pdf
- 31 CFR Part 359, Series I savings bonds (eCFR): https://www.ecfr.gov/current/title-31/subtitle-B/chapter-II/subchapter-A/part-359
Sources: the primary documents linked above, read on October 1, 2026. General information, not tax advice. Your own facts decide the outcome, and a preparer, the plan administrator or the agency itself is the right place to confirm anything consequential.