The U.S. Treasury Department announced that the new rate for Series I Savings Bonds issued from May 1, 2024 through October 31, 2024 will be 4.28%. This rate represents a decrease from the previous 5.27% rate for bonds issued from November 2023 through April 2024.
The 4.28% rate is a combination of a fixed rate set by the Treasury and a variable inflation rate tied to the Consumer Price Index (CPI). Current I bond owners will continue earning their existing rates until their next scheduled rate adjustment, which occurs every six months from the purchase date. For example, bonds purchased in November 2023 will earn 5.27% until their rate resets in May 2024.