New I Bonds Pay 5.51%. An Older Bond Keeps Its Fixed Rate.

New Series I savings bonds bought from November 1, 2026, through April 30, 2027, earn a composite 5.51%, Treasury announced on October 30. That is up from 4.26% on bonds purchased through October 31. The composite includes a 1.40% fixed rate, which CNBC reported is the highest fixed rate since 2006, and a variable portion of 4.08% based on inflation. TreasuryDirect’s formula uses a 2.04% semiannual inflation rate.

The fixed rate is set for the life of the bond you buy. An older I bond keeps the fixed rate from its own issue date. Its inflation-linked portion changes every six months on a schedule tied to the month it was issued, not automatically on November 1. Buyers cannot cash an I bond for one year, and cashing within five years costs the last three months of interest.

The new yield does not lower grocery or gasoline prices, and it does not change a bank deposit or a loan payment.

Does 5.51% replace the rate on an I bond you already own? No. Your fixed rate stays at the rate from your purchase. Only the inflation-linked portion resets on your bond’s six-month schedule.