I bond rate history
- Current composite4.26%issued May 2026 – Oct 2026
- Current fixed rate0.90%for the life of the bond
- Next rate dueNov 12026; set every May 1 and Nov 1
Every Series I savings bond rate period since September 1998: the fixed rate, the semiannual inflation rate and the composite rate for newly issued bonds, from TreasuryDirect's official tables.
Next rate due Nov 1, 2026. TreasuryDirect sets new I bond rates every May 1 and November 1; this page is rebuilt from its data file when the new rates are added.
Composite and fixed rates, 1998 to today
The chart needs JavaScript; the same rates are in the table below.
Highest composite at issue: 9.62% (May 2022 – Oct 2022). Lowest: 0.00% (May 2009 – Oct 2009, among others).
Every rate period
| Bonds issued | Fixed rate | Semiannual inflation rate | Composite rate at issue |
|---|---|---|---|
| May 2026 – Oct 2026 | 0.90% | 1.67% | 4.26% |
| Nov 2025 – Apr 2026 | 0.90% | 1.56% | 4.03% |
| May 2025 – Oct 2025 | 1.10% | 1.43% | 3.98% |
| Nov 2024 – Apr 2025 | 1.20% | 0.95% | 3.11% |
| May 2024 – Oct 2024 | 1.30% | 1.48% | 4.28% |
| Nov 2023 – Apr 2024 | 1.30% | 1.97% | 5.27% |
| May 2023 – Oct 2023 | 0.90% | 1.69% | 4.30% |
| Nov 2022 – Apr 2023 | 0.40% | 3.24% | 6.89% |
| May 2022 – Oct 2022 | 0.00% | 4.81% | 9.62% |
| Nov 2021 – Apr 2022 | 0.00% | 3.56% | 7.12% |
| May 2021 – Oct 2021 | 0.00% | 1.77% | 3.54% |
| Nov 2020 – Apr 2021 | 0.00% | 0.84% | 1.68% |
| May 2020 – Oct 2020 | 0.00% | 0.53% | 1.06% |
| Nov 2019 – Apr 2020 | 0.20% | 1.01% | 2.22% |
| May 2019 – Oct 2019 | 0.50% | 0.70% | 1.90% |
| Nov 2018 – Apr 2019 | 0.50% | 1.16% | 2.83% |
| May 2018 – Oct 2018 | 0.30% | 1.11% | 2.52% |
| Nov 2017 – Apr 2018 | 0.10% | 1.24% | 2.58% |
| May 2017 – Oct 2017 | 0.00% | 0.98% | 1.96% |
| Nov 2016 – Apr 2017 | 0.00% | 1.38% | 2.76% |
| May 2016 – Oct 2016 | 0.10% | 0.08% | 0.26% |
| Nov 2015 – Apr 2016 | 0.10% | 0.77% | 1.64% |
| May 2015 – Oct 2015 | 0.00% | -0.80% | 0.00% |
| Nov 2014 – Apr 2015 | 0.00% | 0.74% | 1.48% |
| May 2014 – Oct 2014 | 0.10% | 0.92% | 1.94% |
| Nov 2013 – Apr 2014 | 0.20% | 0.59% | 1.38% |
| May 2013 – Oct 2013 | 0.00% | 0.59% | 1.18% |
| Nov 2012 – Apr 2013 | 0.00% | 0.88% | 1.76% |
| May 2012 – Oct 2012 | 0.00% | 1.10% | 2.20% |
| Nov 2011 – Apr 2012 | 0.00% | 1.53% | 3.06% |
| May 2011 – Oct 2011 | 0.00% | 2.30% | 4.60% |
| Nov 2010 – Apr 2011 | 0.00% | 0.37% | 0.74% |
| May 2010 – Oct 2010 | 0.20% | 0.77% | 1.74% |
| Nov 2009 – Apr 2010 | 0.30% | 1.53% | 3.36% |
| May 2009 – Oct 2009 | 0.10% | -2.78% | 0.00% |
| Nov 2008 – Apr 2009 | 0.70% | 2.46% | 5.64% |
| May 2008 – Oct 2008 | 0.00% | 2.42% | 4.84% |
| Nov 2007 – Apr 2008 | 1.20% | 1.53% | 4.28% |
| May 2007 – Oct 2007 | 1.30% | 1.21% | 3.74% |
| Nov 2006 – Apr 2007 | 1.40% | 1.55% | 4.52% |
| May 2006 – Oct 2006 | 1.40% | 0.50% | 2.41% |
| Nov 2005 – Apr 2006 | 1.00% | 2.85% | 6.73% |
| May 2005 – Oct 2005 | 1.20% | 1.79% | 4.80% |
| Nov 2004 – Apr 2005 | 1.00% | 1.33% | 3.67% |
| May 2004 – Oct 2004 | 1.00% | 1.19% | 3.39% |
| Nov 2003 – Apr 2004 | 1.10% | 0.54% | 2.19% |
| May 2003 – Oct 2003 | 1.10% | 1.77% | 4.66% |
| Nov 2002 – Apr 2003 | 1.60% | 1.23% | 4.08% |
| May 2002 – Oct 2002 | 2.00% | 0.28% | 2.57% |
| Nov 2001 – Apr 2002 | 2.00% | 1.19% | 4.40% |
| May 2001 – Oct 2001 | 3.00% | 1.44% | 5.92% |
| Nov 2000 – Apr 2001 | 3.40% | 1.52% | 6.49% |
| May 2000 – Oct 2000 | 3.60% | 1.91% | 7.49% |
| Nov 1999 – Apr 2000 | 3.40% | 1.76% | 6.98% |
| May 1999 – Oct 1999 | 3.30% | 0.86% | 5.05% |
| Nov 1998 – Apr 1999 | 3.30% | 0.86% | 5.05% |
| Sep 1998 – Oct 1998 | 3.40% | 0.62% | 4.66% |
Source: TreasuryDirect, I bonds interest rates (fixed and inflation rate tables), checked Oct 24, 2026. Composite computed with TreasuryDirect's formula and matched to all 57 first-period rates in TreasuryDirect's I bond earnings rate chart (PDF).
How the composite is set
TreasuryDirect's formula is fixed rate + (2 × semiannual inflation rate) + (fixed rate × semiannual inflation rate). For bonds issued May 2026 to October 2026: 0.0090 + (2 × 0.0167) + (0.0090 × 0.0167) = 0.0425503, which rounds to 4.26%. If inflation is negative enough to pull the composite below zero, Treasury stops at zero (TreasuryDirect).
Related: Series EE vs I bonds · I bond vs T-bill vs CD · T-bill calculator · TIPS explained · recession signals tracker.
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Frequently asked questions
How is the I bond composite rate calculated?
TreasuryDirect's formula: fixed rate + (2 × semiannual inflation rate) + (fixed rate × semiannual inflation rate), rounded. If the result would be below zero, Treasury sets it at zero.
When are new I bond rates announced?
TreasuryDirect says it announces the fixed rate and sets the inflation rate every May 1 and November 1.
Does the fixed rate change after a bond is issued?
No. TreasuryDirect says the fixed rate never changes for the life of the bond; the inflation part changes every 6 months.
Why does this table show the composite rate at issue?
The composite on each row is the rate for a new bond's first 6 months. Older bonds earn a different composite later, built from their own fixed rate and each new inflation rate; TreasuryDirect's rate chart shows every combination.
Is this investment advice?
No. This page reproduces published TreasuryDirect rates.