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Series I bonds will pay 4.28% annual interest from May 1 through October 2024, the U.S. Department of the Treasury announced Tuesday.
Linked to inflation, the latest I bond rate is down from the 5.27% annual rate offered since November and slightly lower than the 4.3% from May 2023.
Current I bond owners will also see their rates adjust, depending on when they bought the assets. There’s a six-month timeline for rate changes, which begins on the original purchase date.
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Despite falling rates, the I bond’s fixed-rate portion is still “very attractive” for long-term investors, said Ken Tumin, founder of DepositAccounts.com, which closely tracks these assets.
