Series I Savings Bonds

NEWS: The initial interest rate on new Series I savings bonds is 9.62 percent. You can buy I bonds at that rate through October 2022.

NOTE: Tax questions? We have answers!

Series I savings bonds are a low-risk savings product. During their lifetime they earn interest and are protected from inflation. You may purchase:

With a TreasuryDirect account, you can purchase, manage, and redeem I bonds directly from your web browser.

Use Series I bonds to:

at a glance
Current rate: 9.62% for bonds issued May - October 2022
Minimum purchase: Electronic bond: $25
Paper bond: $50
Maximum purchase
(per calendar year):
Electronic bonds: $10,000
Paper bonds: $5,000
Denominations: Paper bonds: $50, $100, $200, $500, $1,000
Electronic bonds: $25 and above, in penny increments
Issue method: Electronic bonds: Online in TreasuryDirect
Paper bonds: By mail after you buy with your tax refund

Rates & Terms

  • I bonds have an annual interest rate derived from a fixed rate and a semiannual inflation rate.
  • Interest, if any, is added to the bond monthly and is paid when you cash the bond.
  • I bonds are sold at face value; i.e., you pay $50 for a $50 bond.

Redemption Information

  • Minimum term of ownership: 1 year
  • Interest-earning period: 30 years or until you cash them, whichever comes first
  • Early redemption penalties:
    • Before 5 years, forfeit interest from the previous 3 months
    • After 5 years, no penalty

Tax Considerations

  • Savings bonds are exempt from taxation by any State or political subdivision of a State, except for estate or inheritance taxes.
  • Interest earnings are subject to Federal income tax.
  • Interest earnings may be excluded from Federal income tax when used to finance education (see education tax exclusions).

I Bond-Related FAQs

  • How is the earnings rate of an I bond determined?
  • What is the difference between EE and I bonds?
  • Are there tax benefits to using I bonds to finance education?
  • Can I give an I bond as a gift?
  • Can I ever lose money in I bonds?

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