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The I bond rate resets on Nov. 1, and early estimates say the next one will beat today’s. Right now the I bond rate at TreasuryDirect is 4.26% for bonds issued through Oct. 31, made up of a 0.90% fixed rate plus an inflation piece. One independent tracker expects the fixed part to jump to about 1.40%, and that’s why waiting a few days looks smarter than buying this week.
Today’s I bond rate and the rules
TreasuryDirect’s I bond page lists the current rate at 4.26% for bonds issued from May 1 through Oct. 31, 2026, and that includes the 0.90% fixed rate. You can buy as little as $25 and as much as $10,000 a year in electronic I bonds per person. You can’t cash out in the first 12 months. Cash out before year five, and you forfeit the last three months of interest.
“The rate can go up. The rate can go down,” Treasury says, because the overall rate combines a fixed rate that never changes with an inflation rate that resets every six months. A bond bought now keeps its 0.90% for as long as you hold it. Interest is taxed by the federal government but not by states or localities.
What the November I bond rate may look like
Treasury hasn’t announced the new I bond rate. Tipswatch, a site that tracks the formula, expects an annualized inflation rate of 4.08% (from a 2.04% six-month reading) and a fixed rate of 1.40%. Put together, that’s a composite near 5.51%. Its author cautions that a different starting date for the fixed-rate window would give 1.30% and 5.41%, and that since Treasury doesn’t publish a formula, either could be right. Look for the announcement around Friday, Oct. 30.
Buy before Nov. 1 or wait for the new I bond rate?
Here’s the thing about the fixed rate: it’s the only piece that never changes, so it matters most if you plan to hold the bond for years. Buy in October, and you lock in 0.90%. If the forecast holds, a November purchase locks in something nearer 1.40% and picks up the higher inflation piece for its first six months, too. The Tipswatch author suggests buying late in November rather than on the 1st, because a bond bought on any day of the month still earns that month’s full interest, and says waiting costs very little.
The bigger catch is the lockup. For the first 12 months, you can’t touch an I bond, and cashing out within five years costs three months of interest. With a $10,000 cap per person each year, it can only do so much for your savings. Treat it as a home for money you won’t need for at least a year, not a stand-in for an emergency fund. This is general information, not financial advice.
Editor’s take
Watch the fixed rate, not the headline I bond rate. The composite will look great on Nov. 1 because inflation is running hot, but it resets in six months, while the fixed rate follows the bond for life. If Treasury announces a fixed rate at or above 1.30%, a November bond clearly beats an October one. If it lands near 0.90%, the wait cost you only a few days. Either way, check what the same money would earn elsewhere, since our look at savings rates after the Fed hike and the latest CD rates show cash options with no 12-month lockup.
