Series I savings bonds pay a 5.51% annual return as of Nov. 1, the highest rate since 2023 and one of the highest since the bond was introduced in 1998.

The increase of more than a percentage point (4.26% for the last six months) puts the new rate just above the 5.27% figure from November 2023. That’s the highest since a 6.89% rate of return announced in November 2022, which followed a 9.62% rate from May to October of that year – the highest in the bond’s history.

The 5.51% composite rate includes a fixed rate of 1.40%, up from 0.90% for the last six months. That rate will stay the same for the life of the bond (30 years) while the variable rate adjusts every six months. It's the highest fixed rate in 20 years, equaling the 1.40% rate announced in November 2006.

[FULL HISTORY: I Bond Rate Chart (PDF)]

For full details about this investment option, visit MOAA’s “What Are I Bonds?” webpage. Some basics:

• The bonds are only available for purchase via TreasuryDirect.gov or via IRS Form 8888, which you can file with your taxes to purchase bonds with your tax refund. The IRS form is the only way to secure a paper bond; Treasury Direct purchases are digital-only.
  
  
• You’re limited to $10,000 in Treasury Direct I bond purchases and $5,000 in paper bonds per year.
  
  
• You can buy bonds as gifts – these purchases do not count against your individual limit, but they do count against the recipient’s limit. Paper bonds are available in $50, $100, $200, $500, and $1,000 denominations. Digital bonds can be issued in any amount over $25 up to the $10,000 limit.

[RELATED: MOAA’s COLA Watch]

New I bond rates are announced every six months.

Learn more about the I bond interest rate, including rate histories and links to other bond types, at TreasuryDirect.gov. Get more financial information from MOAA at MOAA.org/Finance.

MOAA does not promote specific products or services and does not have tax or estate planning specialists on staff. Consult your tax specialist or estate planner on these issues.