How to Read Treasury I Bond Rates — Fixed Rate, Inflation Rate and the November 2026 Composite

As of 14 November 2026, 00:54 KST (retrieved by this page at that time); latest listed on the agency page at retrieval: the Bureau of the Fiscal Service announcement of new savings bond rates dated November 2, 2026, the newest rates release in the TreasuryDirect news list, and the I bonds interest rates page, which gives 5.51% for I bonds issued November 1, 2026 to April 30, 2027. Primary source: https://www.treasurydirect.gov/news/2026/release-11-01-rates/^[1][2]

Comparison basis: rates are percent per year as announced, rounded by Treasury to two decimals; changes subtract the displayed rates and are this page's calculation in percentage points. The current and previous composite rates were recomputed with Treasury's formula from the fixed and inflation rates in the rates page tables and match the announced values (this page's check); the workbook stores the same values.^[1][2][3]

In three lines

1. Series I savings bonds issued from November 2026 through April 2027 earn a composite 5.51% for their first six months (fixed 1.40%, semiannual inflation 2.04%), against 4.26% for the previous six-month issue window.
2. The fixed rate, kept for the life of the bond, is 1.40%, up from 0.90%; the semiannual inflation rate is 2.04%.
3. Series EE bonds issued in the same window earn a fixed 2.90%.^[1][2]

Two parts. "The composite rate combines a 1.40% fixed rate of return with the 4.08% annualized rate of inflation as measured by the Consumer Price Index for all Urban Consumers (CPI-U)." "The CPI-U increased from 330.213 in March 2026 to 336.94 in September 2026, a six-month change of 2.04%." The rates page shows the formula: fixed rate + 2 × semiannual inflation rate + fixed rate × semiannual inflation rate. With fixed 1.40% and semiannual inflation 2.04%: 0.0140 + 2 × 0.0204 + 0.0140 × 0.0204 = 0.0550856, rounded to 5.51%.^[1][2]

Which CPI. "We base the inflation rate on changes in the non-seasonally adjusted Consumer Price Index for all Urban Consumers (CPI-U) for all items, including food and energy." "The fixed rate applies for the life of the bond." The combined rate cannot fall below zero: "However, if the inflation rate is so negative that it would pull the combined rate below zero, we don't let that happen."^[2]

When a rate applies. "The 5.51% composite rate for I bonds issued from November 2026 through April 2027 applies for the first six months after the issue date." "Although we announce the new rates in May and November, the date when the rate changes for your bond is every 6 months from the issue date of your bond." So a bond bought earlier keeps its own fixed rate and picks up the new 2.04% inflation rate at its next six-month date; for bonds with a 0.90% fixed rate the rates page lists 5.00%.^[1][2]

Holding rules. "Rates for savings bonds are set each May 1 and November 1." "Bonds held less than five years are subject to a three-month interest penalty." TreasuryDirect's cashing page says: "You can get your cash for an EE or I savings bond any time after you have owned it for 1 year." "Also, if you cash in the bond in less than 5 years, you lose the last 3 months of interest."^[1][6]

A page title that disagrees with its heading. The November 2025 announcement page carries the title Series I to Earn 3.98%, Series EE to Earn 2.70%, while its heading and text give 4.03% and 2.50% for bonds issued November 2025 to April 2026. The figures 3.98% and 2.70% are those of the May 1, 2025 announcement, for bonds issued May 2025 through October 2025, which says: "The composite rate combines a 1.10% fixed rate of return with the 2.86% annualized rate of inflation as measured by the Consumer Price Index for all Urban Consumers (CPI-U)." The November 2025 page does not explain its title, so the two are shown side by side.^[5][7]

The fixed rate in history. According to TreasuryDirect's current fixed-rate table on the rates page, 1.40% was also set on May 1 and November 1, 2006, and the last higher fixed rate in that table is 1.60% (November 1, 2002); the rate history workbook stores the same values. The May 1, 2006 announcement itself gives a different figure: "The 1.41 percent fixed rate applies for the 30-year life of I bonds purchased during this six-month period." The two TreasuryDirect records are shown side by side; this page does not decide which is right. On the announcement's 1.41%, May 2006 would be the last fixed rate above 1.40%.^[2][3][8]

CPI values with different decimals. The announcements print the September 2025 CPI-U as 324.8 and the September 2026 CPI-U as 336.94, while other months show three decimals (for example 330.213); the rate history workbook stores the same values. The six-month changes computed from them match the announced 1.67% and 2.04% (this page's check).^[1][4]

Dates kept apart. Rates apply to bonds issued November 1, 2026 to April 30, 2027. The announcement is dated November 2, 2026 (the news address says 11-01); the previous announcements are dated May 1, 2026 and November 3, 2025.^[1][4][5]

Next release. Rates are set each May 1 and November 1, so the next announcement is expected for bonds issued from May 2027; the exact announcement day is not given.^[1]