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I Bond Rate November 2026 — 5.51% With a 1.40% Fixed Rate

Series I savings bonds bought November 1, 2026 through April 30, 2027 earn 5.51% for their first six months, including a 1.40% fixed rate that lasts the life of the bond. How the rate is built, what it means for bonds you already own, the $10,000 yearly limit, and the year-end buying window.

By Greg, Editor at Finance Maxx. Published · Updated

TreasuryDirect set the Series I savings bond rate at 5.51% for bonds issued November 1, 2026 through April 30, 2027. That includes a 1.40% fixed rate, which stays with the bond for as long as you hold it, up to 30 years. The fixed rate is up from 0.90% in the last two windows and is the highest Treasury has set since November 2002.

Official sources: TreasuryDirect’s I bonds interest rates page, I bonds at a glance, and how much can I spend and own.

The short version

Question Short answer
New-bond rate 5.51% (annual rate, first 6 months)
Fixed rate 1.40% for the life of the bond
Semiannual inflation rate 2.04%
Applies to bonds bought Nov 1, 2026 – Apr 30, 2027
Yearly limit $10,000 per SSN, electronic only
Minimum $25, then any amount to the penny
Earliest you can cash in After 12 months
Early-redemption penalty Last 3 months of interest if cashed before 5 years
Taxes Federal yes; state and local no
Series EE rate, same window 2.90%

How the 5.51% is built

An I bond’s rate has two parts. The fixed rate is set when you buy and never changes. The inflation rate resets every May 1 and November 1 based on the non-seasonally adjusted CPI-U, and applies to every I bond ever issued.

Treasury’s formula, with the November 2026 numbers:

  • Fixed rate + (2 × semiannual inflation) + (fixed × semiannual inflation)
  • 0.0140 + (2 × 0.0204) + (0.0140 × 0.0204)
  • 0.0140 + 0.0408 + 0.0002856 = 0.0550856, rounded to 5.51%

The 5.51% is quoted as an annual rate, but it only lasts six months for any given bond. After that, the inflation part resets to whatever Treasury announces next. The 1.40% fixed part does not.

Why the fixed rate is the headline

Inflation pays everyone the same. The fixed rate is what separates one batch of I bonds from another, and it is your real (above-inflation) return for up to 30 years.

Fixed rate set Rate
Nov 1, 2026 1.40%
May 1, 2026 0.90%
Nov 1, 2025 0.90%
May 1, 2025 1.10%
Nov 1, 2024 1.20%
Nov 1, 2023 1.30%
Nov 1, 2022 0.40%
May 2020 – Nov 2021 0.00%

The last time Treasury set a fixed rate above 1.40% was November 1, 2002 (1.60%). It also set 1.40% on May 1 and November 1, 2006.

What your existing I bonds earn now

The new 2.04% semiannual inflation rate applies to every I bond for the six months starting in that bond’s next rate-change month (the month you bought it, and six months later). Your own fixed rate gets combined with it. A few examples from TreasuryDirect’s current table:

When you bought Rate for this 6-month period
Nov 2026 – Apr 2027 5.51%
May 2026 – Oct 2026 5.00%
Nov 2025 – Apr 2026 5.00%
May 2025 – Oct 2025 5.20%
Nov 2024 – Apr 2025 5.30%
Nov 2023 – Apr 2024 5.41%
May 2020 – Oct 2021 (0% fixed) 4.08%

For example, a bond bought in March gets its new rate on September 1 and March 1, not November 1. TreasuryDirect’s rates page has the month-by-month schedule.

The year-end window

Two calendars matter here, and they overlap in your favor:

  • The rate window runs November 1, 2026 through April 30, 2027. Anything you buy in that span locks the 1.40% fixed rate.
  • The purchase limit is per calendar year: $10,000 in electronic I bonds per Social Security number.

So one person can buy up to $10,000 by December 31, 2026 and another $10,000 in January–April 2027, and both purchases get the 1.40% fixed rate. A married couple can each do the same under their own SSNs.

Other details worth knowing before you buy:

  • Interest starts the first day of the month you buy, so a purchase late in the month still earns that whole month.
  • Gift bonds count toward the recipient’s limit in the year they receive the bond, not yours. You must hold a gift bond in your account at least 5 business days before delivering it.
  • Bonds for a child under 18 in a linked account belong to the child and use the child’s own $10,000 limit.
  • Paper I bonds are gone. As of January 1, 2025, I bonds are sold only electronically through a TreasuryDirect account.

What $10,000 earns in the first six months

At 5.51% for six months, $10,000 earns roughly $275 (10,000 × 0.0551 ÷ 2), which is added to the bond’s value when the six months end. Interest compounds semiannually, so the next period’s rate applies to the larger balance.

What happens after that depends on the inflation rate Treasury announces on May 1, 2027. Your bond keeps its 1.40% fixed rate either way. If the semiannual inflation rate fell to zero, the bond would earn just the 1.40% fixed rate; if inflation went negative, the combined rate can drop below the fixed rate but never below zero.

To see what steady inflation does to cash that is not earning anything, try the inflation calculator. To compare a fixed-return path, use the compound interest calculator.

The catches

  • Locked for 12 months. You cannot cash an I bond in during its first year, so it is a poor home for money you might need next month. Keep that in a regular savings account; see the emergency fund calculator for how much.
  • Three-month penalty before 5 years. Cash in at 18 months and you get 15 months of interest.
  • $10,000 cap. It is a slice of a plan, not a whole plan.
  • Federal tax is still due on the interest, either yearly or when you cash in. It is exempt from state and local income tax, and may be tax-free if used for qualified higher education expenses (see TreasuryDirect’s tax information).

This page summarizes TreasuryDirect’s published rates and rules as of November 3, 2026. It is general information, not investment advice.