New May–Oct 2026 bonds
4.26%
The current new-issue composite rate, including a 0.90% fixed rate that remains for the bond’s life.
I Bond Rate History + Issue-Date Calculator
Last verified: August 10, 2026 against U.S. Treasury Series I rate tables, workbook, and 31 CFR Part 359
Reviewed by Josh for financial modeling and data. See more by Josh.
The headline I Bond rate only describes newly issued bonds. Enter the month your bond was issued to see the fixed rate it keeps for life, every six-month composite rate it has earned, and an estimated value after any early-redemption penalty.
Primary sources: Treasury rate tables, Treasury’s historical workbook, and 31 CFR Part 359.
May 2000 issue today
7.00%
Its 3.60% lifetime fixed rate lifts the May–October 2026 composite well above the new-bond headline rate.
May 2000 issue peak
13.39%
That vintage’s six-month annualized composite rate during the May–October 2022 inflation period.
Electronic bond estimate
What is your I Bond worth?
Month-level inputs match Treasury’s rules: an I Bond is dated the first day of its issue month and its value changes only on monthly accrual dates.
Estimated redemption value
$11,840.00
Eligible to redeem; three-month interest penalty applies.
- Payable interest
- $1,840.00
- 3-month penalty
- $100.00
- Lifetime fixed rate
- 0.00%
- Rate now applying
- 3.34%
- Current rate period
- May 2026–October 2026
- Earliest redemption
- May 2023
- Penalty ends
- May 2027
- Stops earning
- May 2052
- Next issue-month reset
- November 2026; rate not yet announced
Rate schedule for this issue month
The fixed rate stays constant. Treasury’s semiannual inflation component changes, producing the annualized composite rate shown for each six-month earning period.
| Earning period | Fixed | Semiannual inflation | Composite |
|---|---|---|---|
| May 2022–Oct 2022 | 0.00% | 4.81% | 9.62% |
| Nov 2022–Apr 2023 | 0.00% | 3.24% | 6.48% |
| May 2023–Oct 2023 | 0.00% | 1.69% | 3.38% |
| Nov 2023–Apr 2024 | 0.00% | 1.97% | 3.94% |
| May 2024–Oct 2024 | 0.00% | 1.48% | 2.96% |
| Nov 2024–Apr 2025 | 0.00% | 0.95% | 1.90% |
| May 2025–Oct 2025 | 0.00% | 1.43% | 2.86% |
| Nov 2025–Apr 2026 | 0.00% | 1.56% | 3.12% |
| May 2026–Oct 2026 | 0.00% | 1.67% | 3.34% |
September 1998–May 2026
I Bond fixed and new-issue composite rate history
The blue line is the fixed rate locked in by a bond bought during each issue window. The orange line is that same new bond’s initial annualized composite rate. It is not the rate earned by every outstanding I Bond.
Every I Bond rate announcement
The inflation component is a six-month percentage change; the composite is an annualized rate applied for six months. Rows are newest first.
| Issue window | Rate set | Fixed rate | Semiannual inflation | New-issue composite |
|---|---|---|---|---|
| May 2026–Oct 2026 | May 2026 | 0.90% | 1.67% | 4.26% |
| Nov 2025–Apr 2026 | Nov 2025 | 0.90% | 1.56% | 4.03% |
| May 2025–Oct 2025 | May 2025 | 1.10% | 1.43% | 3.98% |
| Nov 2024–Apr 2025 | Nov 2024 | 1.20% | 0.95% | 3.11% |
| May 2024–Oct 2024 | May 2024 | 1.30% | 1.48% | 4.28% |
| Nov 2023–Apr 2024 | Nov 2023 | 1.30% | 1.97% | 5.27% |
| May 2023–Oct 2023 | May 2023 | 0.90% | 1.69% | 4.30% |
| Nov 2022–Apr 2023 | Nov 2022 | 0.40% | 3.24% | 6.89% |
| May 2022–Oct 2022 | May 2022 | 0.00% | 4.81% | 9.62% |
| Nov 2021–Apr 2022 | Nov 2021 | 0.00% | 3.56% | 7.12% |
| May 2021–Oct 2021 | May 2021 | 0.00% | 1.77% | 3.54% |
| Nov 2020–Apr 2021 | Nov 2020 | 0.00% | 0.84% | 1.68% |
| May 2020–Oct 2020 | May 2020 | 0.00% | 0.53% | 1.06% |
| Nov 2019–Apr 2020 | Nov 2019 | 0.20% | 1.01% | 2.22% |
| May 2019–Oct 2019 | May 2019 | 0.50% | 0.70% | 1.90% |
| Nov 2018–Apr 2019 | Nov 2018 | 0.50% | 1.16% | 2.83% |
| May 2018–Oct 2018 | May 2018 | 0.30% | 1.11% | 2.52% |
| Nov 2017–Apr 2018 | Nov 2017 | 0.10% | 1.24% | 2.58% |
| May 2017–Oct 2017 | May 2017 | 0.00% | 0.98% | 1.96% |
| Nov 2016–Apr 2017 | Nov 2016 | 0.00% | 1.38% | 2.76% |
| May 2016–Oct 2016 | May 2016 | 0.10% | 0.08% | 0.26% |
| Nov 2015–Apr 2016 | Nov 2015 | 0.10% | 0.77% | 1.64% |
| May 2015–Oct 2015 | May 2015 | 0.00% | -0.80% | 0.00% |
| Nov 2014–Apr 2015 | Nov 2014 | 0.00% | 0.74% | 1.48% |
| May 2014–Oct 2014 | May 2014 | 0.10% | 0.92% | 1.94% |
| Nov 2013–Apr 2014 | Nov 2013 | 0.20% | 0.59% | 1.38% |
| May 2013–Oct 2013 | May 2013 | 0.00% | 0.59% | 1.18% |
| Nov 2012–Apr 2013 | Nov 2012 | 0.00% | 0.88% | 1.76% |
| May 2012–Oct 2012 | May 2012 | 0.00% | 1.10% | 2.20% |
| Nov 2011–Apr 2012 | Nov 2011 | 0.00% | 1.53% | 3.06% |
| May 2011–Oct 2011 | May 2011 | 0.00% | 2.30% | 4.60% |
| Nov 2010–Apr 2011 | Nov 2010 | 0.00% | 0.37% | 0.74% |
| May 2010–Oct 2010 | May 2010 | 0.20% | 0.77% | 1.74% |
| Nov 2009–Apr 2010 | Nov 2009 | 0.30% | 1.53% | 3.36% |
| May 2009–Oct 2009 | May 2009 | 0.10% | -2.78% | 0.00% |
| Nov 2008–Apr 2009 | Nov 2008 | 0.70% | 2.46% | 5.64% |
| May 2008–Oct 2008 | May 2008 | 0.00% | 2.42% | 4.84% |
| Nov 2007–Apr 2008 | Nov 2007 | 1.20% | 1.53% | 4.28% |
| May 2007–Oct 2007 | May 2007 | 1.30% | 1.21% | 3.74% |
| Nov 2006–Apr 2007 | Nov 2006 | 1.40% | 1.55% | 4.52% |
| May 2006–Oct 2006 | May 2006 | 1.40% | 0.50% | 2.41% |
| Nov 2005–Apr 2006 | Nov 2005 | 1.00% | 2.85% | 6.73% |
| May 2005–Oct 2005 | May 2005 | 1.20% | 1.79% | 4.80% |
| Nov 2004–Apr 2005 | Nov 2004 | 1.00% | 1.33% | 3.67% |
| May 2004–Oct 2004 | May 2004 | 1.00% | 1.19% | 3.39% |
| Nov 2003–Apr 2004 | Nov 2003 | 1.10% | 0.54% | 2.19% |
| May 2003–Oct 2003 | May 2003 | 1.10% | 1.77% | 4.66% |
| Nov 2002–Apr 2003 | Nov 2002 | 1.60% | 1.23% | 4.08% |
| May 2002–Oct 2002 | May 2002 | 2.00% | 0.28% | 2.57% |
| Nov 2001–Apr 2002 | Nov 2001 | 2.00% | 1.19% | 4.40% |
| May 2001–Oct 2001 | May 2001 | 3.00% | 1.44% | 5.92% |
| Nov 2000–Apr 2001 | Nov 2000 | 3.40% | 1.52% | 6.49% |
| May 2000–Oct 2000 | May 2000 | 3.60% | 1.91% | 7.49% |
| Nov 1999–Apr 2000 | Nov 1999 | 3.40% | 1.76% | 6.98% |
| May 1999–Oct 1999 | May 1999 | 3.30% | 0.86% | 5.05% |
| Nov 1998–Apr 1999 | Nov 1998 | 3.30% | 0.86% | 5.05% |
| Sep 1998–Oct 1998 | Sep 1998 | 3.40% | 0.62% | 4.66% |
Source data retrieved 2026-08-10. Historical values use Treasury-published rates rather than recomputing revised CPI observations.
How an I Bond rate actually works
An I Bond combines two numbers. The fixed rate is set when the bond is issued and remains for its 30-year interest-bearing life. The semiannual inflation rate changes every six months. In the formula below, “inflation” means that semiannual rate. Treasury combines the two rates rather than simply adding them:
composite = fixed + (2 × inflation) + (fixed × inflation) / 100
The result is rounded to the nearest hundredth of a percentage point and cannot fall below 0%. Interest accrues monthly and compounds every six months. An April bond, for example, resets each April and October—even though Treasury announces new inflation components in May and November.
How the value estimate handles the redemption penalty
Treasury generally prevents redemption of a modern I Bond for its first 12 months. Before the five-year anniversary, its redemption value is calculated as though it were redeemed three months earlier. The calculator therefore shows both the value before that adjustment and the amount currently payable. At five years, the penalty disappears automatically.
Treasury first calculates and rounds the value of a $25 unit under 31 CFR 359.19, derives the corresponding $100 definitive-bond redemption value, and then prorates that $100 value to the electronic purchase amount under 31 CFR 359.55. PennyCalc follows that sequence rather than compounding the user-entered amount directly, but only the balance inside TreasuryDirect is an official quote.
Taxes are intentionally outside this estimate
I Bond interest is subject to federal income tax but exempt from state and local income tax. Owners may generally defer federal reporting until redemption or maturity or elect annual reporting. A higher-education exclusion may apply only when its ownership, age, income, filing-status, and expense rules are met. See Treasury’s tax guidance and redemption guidance before acting.
Methodology and update schedule
- Rates: Treasury’s fixed and semiannual inflation tables from September 1998 through May 2026.
- Calculations: Composite-rate, accrual, maturity, and penalty rules in 31 CFR Part 359, including $25-unit rounding followed by $100-value proration for electronic bonds.
- Updates: Reviewed after Treasury’s May 1 and November 1 rate announcements. If Treasury is closed, an announcement may arrive on the next business day while remaining effective on the first.
- Known limit: Future inflation components are not forecast. The calculator stops where published rate history stops instead of inventing a future rate.
PennyCalc uses an original presentation of public rate facts and does not reproduce Treasury’s chart artwork, branding, or account data.
Frequently Asked Questions
What is the current I Bond rate?
I Bonds issued from May through October 2026 have a 4.26% initial composite rate, including a 0.90% fixed rate. That headline rate is not universal: an older bond keeps its original fixed rate, so its current composite rate can be different.
When does my I Bond rate change?
Every six months from the bond's issue month. A January issue changes each January and July, an April issue each April and October, and so on. The rate announced most recently before that six-month period begins applies for the full period.
Can I cash an I Bond before five years?
Usually, a modern I Bond cannot be redeemed during its first 12 months. If it is redeemed before it is five years old, Treasury removes the final three months of interest. At five years, that penalty ends. Certain officially declared disasters can qualify for special handling through Treasury.
Can an I Bond lose value during deflation?
No. A negative semiannual inflation component can reduce the composite rate, including to 0%, but Treasury does not allow the composite rate or redemption value to fall below zero or below the prior value.
Is I Bond interest taxable?
Interest is subject to federal income tax but not state or local income tax. Owners can generally defer federal reporting until redemption or maturity or elect annual reporting. Education exclusions and ownership changes have additional requirements, so this calculator does not estimate taxes.
Is this the official value in my TreasuryDirect account?
No. This is an independent estimate using Treasury-published rates and federal valuation rules. TreasuryDirect is the authoritative source for an electronic bond balance. Treasury's public Savings Bond Calculator is intended for paper bonds and warns that it does not provide correct electronic-bond values.
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