New I purchases: 4.26%
Issue window: May 2026–Oct 2026. Fixed 0.90% + semiannual inflation 1.67%.
Rates updated 2026-05-01 · Source: TreasuryDirect · Checked 2026-10-03.
For an existing holding, enter its actual issue date. View the complete rate history.
$100 I examples by issue year
| Year | Issue date | Format / amount | Value | Status |
|---|---|---|---|---|
| 2026 | 2026-01 | $100 electronic investment | $102.00 | Not yet redeemable |
| 2025 | 2025-01 | $100 electronic investment | $105.88 | Earning interest |
| 2024 | 2024-01 | $100 paper denomination | $111.16 | Earning interest |
| 2023 | 2023-01 | $100 paper denomination | $114.52 | Earning interest |
| 2022 | 2022-01 | $100 paper denomination | $122.64 | Earning interest |
| 2021 | 2021-01 | $100 paper denomination | $126.92 | Earning interest |
| 2020 | 2020-01 | $100 paper denomination | $130.64 | Earning interest |
| 2019 | 2019-01 | $100 paper denomination | $136.36 | Earning interest |
| 2018 | 2018-01 | $100 paper denomination | $135.44 | Earning interest |
| 2017 | 2017-01 | $100 paper denomination | $137.56 | Earning interest |
| 2016 | 2016-01 | $100 paper denomination | $140.12 | Earning interest |
| 2015 | 2015-01 | $100 paper denomination | $139.76 | Earning interest |
| 2014 | 2014-01 | $100 paper denomination | $145.36 | Earning interest |
| 2013 | 2013-01 | $100 paper denomination | $143.96 | Earning interest |
| 2012 | 2012-01 | $100 paper denomination | $147.72 | Earning interest |
| 2011 | 2011-01 | $100 paper denomination | $151.72 | Earning interest |
| 2010 | 2010-01 | $100 paper denomination | $162.84 | Earning interest |
| 2009 | 2009-01 | $100 paper denomination | $178.84 | Earning interest |
| 2008 | 2008-01 | $100 paper denomination | $204.52 | Earning interest |
| 2007 | 2007-01 | $100 paper denomination | $221.08 | Earning interest |
| 2006 | 2006-01 | $100 paper denomination | $214.00 | Earning interest |
| 2005 | 2005-01 | $100 paper denomination | $222.96 | Earning interest |
| 2004 | 2004-01 | $100 paper denomination | $233.96 | Earning interest |
| 2003 | 2003-01 | $100 paper denomination | $273.00 | Earning interest |
| 2002 | 2002-01 | $100 paper denomination | $309.84 | Earning interest |
| 2001 | 2001-01 | $100 paper denomination | $461.36 | Earning interest |
| 2000 | 2000-01 | $100 paper denomination | $494.64 | Earning interest |
| 1999 | 1999-01 | $100 paper denomination | $507.40 | Earning interest |
| 1998 | 1998-01 | $100 paper denomination | Not issued in this month | Series I began September 1998 |
What the I bond value includes
An I bond starts at its purchase amount. A $100 paper certificate originally cost $100, and an electronic $100 purchase also starts with $100. The value for a redeemable bond includes interest through the selected month, after the three-month penalty when applicable. Purchase amount and interest earned appear separately.
Series I began in September 1998. Paper purchases through financial institutions ended in 2011; the federal tax-refund program continued through December 2024. New purchases are electronic. Select Paper for a certificate and Electronic for an account holding. Electronic amounts may include cents.
How the components combine
An issue’s fixed component stays with it throughout its interest-earning life. The inflation component is announced in May and November and represents six-month inflation. The annual composite formula is: fixed rate + twice the semiannual inflation rate + fixed rate × semiannual inflation rate. The product term uses decimal rates. Treasury rounds the result to 0.01% and applies a zero floor.
Negative inflation can bring the composite rate to zero without reducing previously accrued principal. Value grows monthly and compounds at six-month boundaries. I Bond Rates lists the announced components and composite rates since September 1998.
Your holding has its own rate schedule
An announcement date differs from the date your holding changes rates. A January issue begins earning periods in January and July; a May issue begins in May and November. The calculator selects the inflation component available at the start of the holding’s period and combines it with the original fixed rate.
The advertised composite rate applies to new purchases in that window, rather than every existing I bond. Two holdings valued in the same month can have different fixed components and active inflation components. Enter both the actual issue month and year to identify the appropriate rate.
Minimum holding period and penalty
Issues from February 2003 have a 12-month minimum holding period; earlier issues use six months. A holding still inside that period cannot be redeemed. The status gives its first eligible month. A displayed accounting value should not be taken as permission to cash it.
Before five years, redemption excludes the last three months of interest. That deduction ends at the fifth anniversary: a May 2010 issue is subject to it in April 2015 and no longer subject to it in May 2015. The result identifies the penalty so that you do not deduct it again.
We reproduce Treasury’s rounded $25 paper unit before scaling denominations. Electronic values follow 31 CFR 359.55. See the official comparisons and methodology. The official paper calculator does not validate electronic account balances; confirm those in your TreasuryDirect account.
Yearly examples and final maturity
The table uses January issues. January 1998 has no value because Series I had not yet begun. Through 2024 the rows represent paper denominations; later rows represent electronic purchases. Each row is a specific issue-month example, not a yearly average. I bonds stop earning after 30 years, so the first September 1998 issues reach final maturity in September 2028.
Use the maturity checker for date rules. The Savings Bond Calculator covers the other series, and the EE calculator explains its separate doubling guarantee.
Questions about your bond
Why does my I rate differ from the latest announced rate?
An existing I bond keeps the fixed component assigned at issue and changes its inflation component on a six-month schedule tied to its issue month. The advertised composite rate describes new purchases in the announcement window. Enter your actual issue month and year to see the rate applicable to your holding.
Can deflation reduce the accumulated principal of an I bond?
The composite rate has a floor of zero. Negative inflation can offset the fixed component, but it does not deduct principal already accumulated. An early redemption penalty affects how much interest is included in the redemption amount. Check the applicable rate and penalty status together when you compare values across different months.
When does an I bond show its last three months of interest?
The early redemption deduction ends at five years from the issue month. Before that date, redemption value excludes the most recent three months of interest. The change at the fifth anniversary can include more than one month’s interest. Do not make another penalty deduction from the amount already displayed by the calculator.
Content updated 2026-10-03. Information only; not financial or tax advice.