Published October 31, 2026. The announced November 2026 rate, what existing holders actually get, and the buying window — not financial advice.
On October 30, the Treasury stopped the guessing. Series I savings bonds issued from November 1, 2026 through April 30, 2027 will earn a composite rate of 5.51% for their first six months — up from 4.26% on bonds issued through October 31. Our earlier guide worked through the forecast while the reset was still a prediction. The announcement landed at the top of that range, and the reason matters more than the headline: almost all of the increase came from the part of the rate that never resets again.
| Component | May–Oct 2026 bonds | Nov 2026–Apr 2027 bonds |
|---|---|---|
| Fixed rate (for the life of the bond) | 0.90% | 1.40% |
| Semiannual inflation rate | 1.67% | 2.04% |
| Composite rate, first six months | 4.26% | 5.51% |
Table: U.S. Treasury, announced October 30, 2026. The inflation rate is the change in CPI-U from March to September 2026.
The composite is not a simple sum. Treasury’s formula — fixed rate, plus twice the semiannual inflation rate, plus the fixed rate multiplied by that inflation rate — gives 1.40 + 4.08 + 0.03 = 5.51%. Two of the three ingredients reset every six months. One does not. A buyer in this window locks a promise that every future inflation reading will be paid plus 1.40% a year, for as long as the bond is held. That is why rate watchers treat the fixed rate, not the composite, as the number in this announcement: at 1.40%, it is the highest fixed rate offered since November 2006, and no bond issued in the last 20 years carries a higher one.
The headline rate applies to new purchases. Bonds you already hold are on their own rails:
| Your issue month | New inflation rate applies |
|---|---|
| May or November | November 2026 – April 2027 |
| June or December | December 2026 – May 2027 |
| January or July | January 2027 – June 2027 |
| February or August | February 2027 – July 2027 |
| March or September | March 2027 – August 2027 |
| April or October | April 2027 – September 2027 |
Table: reset schedule by issue month, per TreasuryDirect’s six-month cycle as tabulated by SavingsBondCheck, October 31, 2026.
So a holder checking their account on November 1 may see no change at all — and nothing is wrong. Their turn comes in their own reset month.
USA TODAY’s October 30 comparison put the new composite above the other safe options it surveyed: Treasury bills and notes at about 3.976% for a 1-month bill to 4.945% for a 10-year note (Treasury data), CDs at 4.5% for 6 months and 4.8% for 24 and 36 months (CD Valet), high-yield savings up to 4.4% (NerdWallet), and money market accounts up to 4.5% (Bankrate). Our own savings table shows the same shape: a top of 5.00% that requires meeting deposit conditions, and 4.40% as the top rate with no requirements.
The comparison needs one qualification in each direction. In the I bond’s favour: its interest is exempt from state and local tax, and the composite can rise if inflation does. In the CD’s favour: the rate on a CD from our CD table is locked for the whole term, while only the I bond’s 1.40% fixed part is locked — the rest of the 5.51% is a six-month figure. Compare a guaranteed six months plus a durable 1.40% real return against a guaranteed full term, not headline against headline. Our T-bills vs. high-yield savings guide works through the same lock-vs-float trade in the other direction.
The gap tempts it: a 0.00%-fixed bond will earn 4.08% in its next window against 5.51% for a new bond, and the fixed-rate gap — 0.00% versus 1.40% — lasts for decades. But the swap is not free, and each cost is mechanical: sell before five years and you forfeit the last three months of interest; the interest earned becomes taxable in the year you sell; the rebuy counts against that year’s $10,000 purchase limit; and the new bond cannot be cashed for its first 12 months. For a bond held several years with a 0.00% or 0.10% fixed rate, the math can still favour the swap. For a bond bought last year, the penalty and the fresh lock usually eat the first year of the gain. There is no universal answer — there is only the arithmetic on your issue dates, which is why this is a calculation, not a reflex.
This article is for informational purposes only and is not financial advice. I bond composite rates reset every six months; only the fixed rate is set for the life of a bond. Verify current terms on TreasuryDirect before purchasing.
I bonds issued November 1, 2026 through April 30, 2027 earn a composite rate of 5.51% for their first six months. That combines a fixed rate of 1.40% - the highest since November 2006, up from 0.90% - with a semiannual inflation rate of 2.04%, which annualizes to 4.08%. The Treasury announced the rate on October 30, 2026.
No. The fixed rate is set at issue and never changes. Your existing bonds keep their own fixed rate for life and pick up only the new 2.04% semiannual inflation rate, for six months, starting at their next reset - which is staggered by issue month and can fall anywhere from November 2026 to April 2027. A bond with a 0.00% fixed rate will earn 4.08% in that window; a bond with the 0.90% fixed rate will earn 5.00%.
No. Only the 1.40% fixed rate lasts for the life of the bond. The composite rate resets every six months with the inflation rate. Your first six months are guaranteed at 5.51% whenever you buy inside the November-April window; after that, your rate moves with each new inflation reading while the 1.40% fixed part stays.
Up to $10,000 per person per calendar year, electronically through TreasuryDirect; the limit resets on January 1. Because a bond is dated the first of its purchase month, buying late in a month earns the same interest as buying on the 1st - bond watchers suggest around November 25 as a target, leaving a few days for processing - while your cash keeps earning bank interest in the meantime.
Not automatically. Selling a bond held under five years forfeits the last three months of interest, the interest you have earned becomes taxable in the year you sell, the replacement purchase counts against your $10,000 annual limit, and the new bond starts a fresh 12-month no-cash-out period. The trade can make sense for low-fixed-rate bonds held over a year, but run the penalty and tax math on your own bonds first.
This article is the starting point. Copy any of these prompts into your favorite AI assistant to learn more about the November 2026 I bond rate:
🔎 Work out what your own I bonds will earn, and when
Here are my I bonds: [issue month/year and amount for each]. For each bond, tell me: its fixed rate (use the Treasury fixed-rate history), the composite rate it will earn when the November 2026 inflation rate of 2.04% semiannual reaches it, and the calendar months that rate applies, using the rule that each bond resets six months from its issue month. Show the composite formula (fixed + 2 x inflation + fixed x inflation) for one bond so I can check the math.
🧭 Run the sell-and-rebuy math on a low-fixed-rate bond
I own a $[amount] I bond issued in [month/year] with a [X]% fixed rate, now worth about $[current value]. Compare holding it versus selling it and rebuying at the November 2026 terms (1.40% fixed, 5.51% composite for the first six months). Include: the three-month interest penalty if I am under five years, that my earned interest becomes taxable this year, that the rebuy uses my $10,000 annual limit and restarts the 12-month lock. Tell me the break-even holding period after which the swap comes out ahead, and state every assumption.
💡 Plan purchases across the January limit reset
I have $[amount] to put into I bonds and have bought $[amount] so far in 2026. The limit is $10,000 per person per calendar year and resets January 1; bonds bought November 2026 through April 2027 carry a 1.40% fixed rate and start at 5.51% for six months. Build me a purchase schedule across November 2026, December 2026 and January-April 2027 that uses both years' limits at the 1.40% fixed rate, buys late in each month (bonds are dated the 1st of the purchase month), and keeps $[emergency amount] in a savings account at 4.40% APY untouched.
Tip: replace the bracketed parts with your own situation — the more specific your prompt, the more useful the answer.
I bonds issued from November 1, 2026 to April 30, 2027 earn 5.51% for their first six months, announced October 30. The rate pairs a 2.04% semiannual inflation adjustment (4.08% annualized) with a fixed rate of 1.40% — the highest since November 2006 — that stays with the bond for up to 30 years. Existing bonds keep their own fixed rate and receive only the new inflation rate, in a six-month window that starts between November 2026 and April 2027 depending on issue month. The $10,000 annual purchase limit resets on January 1, so this window spans two years of limits at the same fixed rate.
The single most important takeaway: the durable news in this announcement is not the 5.51% headline, which expires in six months — it is the 1.40% fixed rate, locked for the life of bonds bought by April 30, 2027, and not available to bonds you already own.
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