"I Bonds' Fixed Rate Soars, Boosting Interest Rates"

The new rate for I Bonds purchased from November through April 2024 is 5.27%, with the fixed rate increasing to 1.3%, a significant jump from the previous rate of 0.9%. The rate for I Bonds is a blend of the fixed rate and an inflation-driven rate, which adjusts every six months. Savers are advised to wait until November to buy I Bonds for a higher fixed rate. I Bonds cannot be redeemed for the first 12 months, and those held for less than five years are subject to a three-month interest penalty.