Treasury's new Series I savings bond rate took effect on November 1, 2026. Bonds issued from that date through April 30, 2027 earn 5.51% a year for their first six months, up from 4.26% for bonds issued from May through October; Treasury posted the figures on Friday, October 30. Both halves of the rate rose. The fixed rate, which a bond keeps for life, went to 1.40% from 0.90%, and the six-month inflation rate, which every I bond picks up at its next reset, went to 2.04% from 1.67%. The bond's full mechanics are in I bonds explained, and the rest of the government bond market is on the Treasuries hub.
What is the I bond rate for November 2026?
It is 5.51% a year for the first six months of any I bond issued from November 1, 2026 to April 30, 2027.
The figure is a composite of a fixed part and an inflation part, and only the fixed part is permanent. Here is how the new issue period compares with the one that ended on October 31:
| Component | Issued May to Oct 2026 | Issued Nov 2026 to Apr 2027 |
|---|---|---|
| Fixed rate, kept for the bond's life | 0.90% | 1.40% |
| Six-month inflation rate | 1.67% | 2.04% |
| Inflation rate, annualized | 3.34% | 4.08% |
| Composite rate for the first six months | 4.26% | 5.51% |
| Series EE bond rate, for comparison | 2.40% | 2.90% |
Two records frame the change. The 1.40% fixed rate equals the rate set in May and November 2006, and no issue from May 2007 through October 2026 got more than 1.30%. The 5.51% starting rate is the highest since bonds issued from November 2022 to April 2023, which began at 6.89%.
How did the CPI produce a 2.04% inflation rate?
Treasury measured the rise in the CPI-U, not seasonally adjusted, from March 2026 to September 2026: the index climbed from 330.213 to 336.940, or 2.04%.
The CPI-U is the Bureau of Labor Statistics' index for all urban consumers (the consumer price index entry explains how it is built), and BLS published the September level on October 14, 2026. The monthly path shows how much the result depended on where the window ended:
| Month, 2026 | CPI-U index (1982-84 = 100) | Change since March |
|---|---|---|
| March | 330.213 | start |
| April | 333.020 | +0.85% |
| May | 335.123 | +1.49% |
| June | 333.952 | +1.13% |
| July | 333.918 | +1.12% |
| August | 334.980 | +1.44% |
| September | 336.940 | +2.04% |
Fuel prices set the shape of that path. BLS's September release showed gasoline up 9.1% in September alone and the energy index up 20.4% over 12 months, while prices excluding food and energy rose 2.6% over the year. The index jumped in the spring, slipped in June and July as fuel prices fell back, and reached a new high in September, so a window ending a month or two earlier would have produced a lower I bond rate.
Worked example: Rebuilding 5.51% from the two index levels
- Index change: 336.940 − 330.213 = 6.727 points
- Six-month inflation: 6.727 ÷ 330.213 = 0.02037, which Treasury rounds to 2.04%
- Composite: 0.0140 + (2 × 0.0204) + (0.0140 × 0.0204) = 0.0140 + 0.0408 + 0.0002856 = 0.0550856
- Rounded to two decimals: 5.51% a year, or 2.755% for the six months
- On $1,000 bought in November 2026: $1,000 × 1.02755 = $1,027.55 by May 1, 2027
The cross term, 0.0286 of a percentage point, is why the composite lands slightly above the simple sum of 1.40% and 4.08%.
What is the 1.40% fixed rate worth?
It adds about half a percentage point a year, for up to 30 years, over the 0.90% fixed rate on bonds issued from May to October 2026.
Every I bond receives the same inflation rate in a given period, so the fixed rate is the only lasting difference between issues. Treasury does not publish how it sets it. For context, Treasury's daily real yield curve put the 5-year TIPS yield at 2.25% on October 30, 2026, down from 2.65% on October 1; I bonds vs TIPS weighs that higher real yield against the I bond's lack of price risk.
Worked example: One month apart: an October and a November 2026 buyer
Two savers each put $10,000 into I bonds, one in October 2026 at the 0.90% fixed rate and one in November 2026 at 1.40%. To isolate the fixed rate, assume every later six-month inflation rate is 1.25%, or 2.5% a year. That is an assumption, not a forecast.
- 1.40% bond: 0.0140 + 0.0250 + (0.0140 × 0.0125) = 3.92% a year
- 0.90% bond: 0.0090 + 0.0250 + (0.0090 × 0.0125) = 3.41% a year
- If both earned those rates for 10 years, compounding twice a year: $10,000 × 1.0196^20 = $14,743, against $10,000 × 1.01705^20 = $14,023
- Gap: about $720 on the same $10,000, before tax
What will older I bonds earn for the next six months?
Every I bond issued before November 2026 keeps its own fixed rate and adds the new 2.04% inflation rate at its next six-month reset.
Resets fall on the first day of the issue month and of the month six months later, so the switch happens between November 1, 2026 and April 1, 2027:
| Bond issued in | Switches to the new rate on |
|---|---|
| May or November | November 1, 2026 |
| June or December | December 1, 2026 |
| July or January | January 1, 2027 |
| August or February | February 1, 2027 |
| September or March | March 1, 2027 |
| October or April | April 1, 2027 |
Until its switch date, each bond keeps the rate built from May 2026's 1.67% inflation reading. The new six-month rate then depends only on the fixed rate:
| Issue period | Fixed rate | Rate until the switch | Next six months |
|---|---|---|---|
| May 2026 to Oct 2026 | 0.90% | 4.26% | 5.00% |
| Nov 2025 to Apr 2026 | 0.90% | 4.26% | 5.00% |
| May 2025 to Oct 2025 | 1.10% | 4.46% | 5.20% |
| Nov 2024 to Apr 2025 | 1.20% | 4.56% | 5.30% |
| Nov 2023 to Oct 2024 | 1.30% | 4.66% | 5.41% |
| May 2023 to Oct 2023 | 0.90% | 4.26% | 5.00% |
| Nov 2022 to Apr 2023 | 0.40% | 3.75% | 4.49% |
| May 2020 to Oct 2022 | 0.00% | 3.34% | 4.08% |
| Nov 2019 to Apr 2020 | 0.20% | 3.54% | 4.28% |
| Nov 2018 to Oct 2019 | 0.50% | 3.85% | 4.59% |
| May 2000 to Oct 2000 | 3.60% | 7.00% | 7.75% |
As of November 2, TreasuryDirect's rate chart and the Fiscal Data rate table still ran through the May 2026 period, so we computed the new column with Treasury's published formula; applied to May 2026's inflation rate, the same calculation reproduces all 338 rates in that table. Bonds with a 0.00% fixed rate, which covers every bond issued from May 2020 to October 2022, simply earn twice the six-month inflation rate.
Worked example: A $10,000 I bond bought in May 2022
The bond has a 0.00% fixed rate. Its composite rates so far, one for each six-month period from May 2022: 9.62%, 6.48%, 3.38%, 3.94%, 2.96%, 1.90%, 2.86%, 3.12% and 3.34%.
- Value on November 1, 2026: $10,000 × 1.0481 × 1.0324 × 1.0169 × 1.0197 × 1.0148 × 1.0095 × 1.0143 × 1.0156 × 1.0167 ≈ $12,038
- Next six months at 4.08%: $12,038 × 0.0204 ≈ $246, taking it to about $12,284 on May 1, 2027
- On November 1, TreasuryDirect shows about $11,939, roughly $99 less, because for bonds under five years old the displayed value leaves out the last three months of interest
- Treasury's own figures can differ by a few dollars because of rounding
What does switching an old 0.00% bond cost?
Switching trades a 4.08% six-month rate for 5.51% and a 0.00% fixed rate for 1.40%, but it can cost a penalty, tax and purchase room.
The arithmetic turns on four rules:
- The five-year mark. Bonds issued from May 2020 through November 2021 are past five years and can be cashed with no penalty. Those issued from December 2021 to October 2022 lose three months of interest until their fifth anniversary.
- Tax. All the deferred interest becomes federally taxable in the year of cashing, about $2,040 on the May 2022 bond above. State and local income tax do not apply.
- The cap. A new bond uses that year's $10,000 limit, however much the old one pays out.
- The window. A May 2022 bond turns five on May 1, 2027, the day after the 1.40% window closes, so waiting out the penalty means buying at whatever fixed rate Treasury sets next.
For the May 2022 example, cashing in November 2026 forfeits about $99, while $10,000 in a new bond earns 1.43 points more for the next six months, about $72: $10,000 × (5.51% − 4.08%) ÷ 2. Over longer holds, the permanent fixed-rate gap matters far more than the first six months. Cashing steps and the tax form that follows are in how to cash savings bonds, and the state exemption is explained in are T-bills taxable.
How much can you buy at the 1.40% fixed rate?
The cap is $10,000 in electronic I bonds per person per calendar year, and this rate window spans two calendar years.
Limits count against the Social Security number of the first-named owner and reset on January 1. That opens two buying periods at the same fixed rate: November 1 to December 31, 2026, against the 2026 limit, and January 1 to April 30, 2027, against the 2027 limit. Someone who already bought $10,000 of I bonds earlier in 2026, at 0.90%, has no 2026 room left but can buy again from January. Other rules from TreasuryDirect:
- Children. Bonds in a minor's linked account count toward the child's own limit, not the parent's.
- Gifts. A gift bond is issued into the buyer's Gift Box at purchase but counts toward the recipient's limit in the year it is delivered, no sooner than five business days after purchase.
- Entities. A trust, estate or business with its own taxpayer number has a separate limit.
- Co-owners. Only the first-named owner's limit is used, and there is no cap on total holdings.
Worked example: How much one household can buy at the 1.40% fixed rate
Two adults who bought no I bonds in 2026, with one child in a minor linked account:
- November or December 2026: 3 × $10,000 = $30,000, counted against 2026 limits
- January to April 2027: 3 × $10,000 = $30,000, counted against 2027 limits
- Total at the 1.40% fixed rate: $60,000, all issued by April 30, 2027
- A family trust with its own taxpayer number could add $10,000 in each of the two calendar years
Two practical points apply this month. Signing in to TreasuryDirect now requires an ID.me account, the only way to sign in since October 28, 2026. And interest runs from the first day of the purchase month, so a bond bought on November 30 earns all of November; a purchase dated on a weekend or holiday moves to the next business day, which at month-end can push it into the next month. The last days at the 1.40% rate are Thursday, December 31, 2026 for the 2026 limit and Friday, April 30, 2027 for the 2027 limit. Sign-in and linked accounts are covered in the TreasuryDirect account guide.
Cash beyond the I bond cap can go into Treasury bills, which TreasuryDirect sells in noncompetitive bids of up to $10 million per auction; I bonds vs T-bills works through the trade-off of a fixed bill yield against a resetting rate.
When will Treasury set the next I bond rate?
Treasury sets the next rates for May 1, 2027, using the CPI-U for March 2027, which BLS is scheduled to publish on April 13, 2027.
The new inflation rate will compare that index with September 2026's 336.940. If the March 2027 level is higher, the inflation part is positive, and each 1% rise, about 3.37 index points, adds roughly two points to the annual composite. If prices fall, the composite can drop below the fixed rate, though the formula never lets it go under zero. Treasury will also set a new fixed rate for bonds issued from May 2027, and nothing about it is known until then.
Monthly readings arrive in the meantime: BLS is due to publish the October 2026 CPI on November 10, 2026, then the next ones on December 10, January 13, February 11 and March 10. A bond bought now keeps 5.51% through its first six months whatever those show. To see how bill yields have compared with inflation month by month since 2000, see the T-bill yields vs inflation study, and the compound interest calculator projects a balance at any rate you assume.
What are the risks of buying I bonds at 5.51%?
The main risk is reading a six-month rate as a long-term yield: if inflation cools, the composite falls toward 1.40% while the money stays locked up.
I bonds are backed by the full faith and credit of the US government, and their redemption value never falls, so the risks sit in the rate, the timing and the access:
- Lockup and penalty. Not cashable for 12 months; cashing before 5 years forfeits the last 3 months of interest. At a 4% composite, three months of interest on a $10,000 bond is about $100.
- A thin real return after tax. Only the 1.40% is earned above CPI-U inflation, and federal tax applies to the whole nominal amount. At a 22% federal rate, 5.51% becomes about 4.30%, against annualized inflation of 4.08% in this six-month reading.
- Your prices are not the index. The CPI-U is an average urban basket; households whose costs rose faster than 2.04% over the six months were not fully compensated.
- One platform. I bonds live only in TreasuryDirect and cannot be moved to a broker.
- Tax bunching. Deferring for years puts all the interest into the year you cash, possibly at a higher bracket.
The rates in this post are Treasury's for November 2026 and arithmetic built on them, not forecasts. For the risks that every Treasury security carries, see are Treasuries risk-free?, and for the EE bond's 20-year doubling feature, see the EE bonds guide.