Use Series I Savings Bonds to:

  • Save in a low-risk product that helps protect your savings from inflation
  • Supplement your retirement income
  • Give as a gift
  • Pay for Education
The initial interest rate on new Series I Savings Bonds is 7.12 percent.  You can buy I bonds at this rate through April, 2022. 
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A Savings bond that earns interest based on combining a fixed rate and an inflation rate.
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A combination of a fixed rate that stays the same for the life of the bond and an inflation rate that is set twice a year.  For bonds issued November 2021 through April 2022, the combined rate is 7.12 percent.

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Federal Income Tax:  Yes

State and Local Income Tax: No

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Both.  You can buy a paper I bond only when filing a federal income tax return.

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Electronic:  $25           Paper:  $50

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Electronic:  $10,000, total, each calendar year

Paper:  $5,000, total, each calendar year

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Electronic:  Any amount, to the penny, from $25 to $10,000          

Paper:  $50, $100, $200, $500, $1,000

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I bonds earn interest for 30 years unless you cash them first.  You can cash them after one year.  but if you cash them before five years, you lose the previous three months of interest. For example, if you cash an I bond after 18 months, you get the first 15 months of interest.

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Interest on an I bond is a combination of two rates:

  • A fixed rate of return which remains the same throughout the life of the I bond
  • A variable inflation rate which is calculated twice a year, based on changes in the non-seasonally adjusted Consumer Price Index for all Urban Consumers (CPI-U) for all items, including food and energy.
Interest is earned on the bond every month.  The interest is compounded biannually:  twice a year, the interest the bond earned in the previous six months is added to the bond’s principal value;  interest for the next six months is calculated using this adjusted principal.

The interest and principal are paid to you when you cash the bond. 

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Electronic:  Online in TreasuryDirect

Paper:  By mail when you file your Federal Tax Return

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