I Bonds Rate Resets at 6.89%, Ending Mad Rush to Lock in Higher Yield

Series I savings bonds issued over the next six months will pay a yield of 6.89%, down from a record high as inflation shows some early signs of cooling.

The new rate, announced Tuesday, will apply to I bonds purchased from Nov. 1 through April 30. It’s made up of two components: a fixed rate that rose to 0.4% after sitting at zero since 2020, and a variable rate of 6.48%.

A desire to lock in the previous rate of 9.62% before Friday’s deadline drove a mad scramble for I bonds last week, with investors pouring more than $3 billion into the securities last week, according to the US Treasury Department.