Treasury Department announces new Series I bond rate of 4.03% for the next six months

The U.S. Treasury announces a new interest rate for Series I savings bonds, or I bonds, effective November 1st. The new rate is 4.03%, a slight increase from the previous 3.98%. This rate is composed of a variable rate based on inflation (3.12%) and a fixed rate (0.9%). I bonds are popular due to their low risk and government backing. The Treasury updates I bond rates twice a year. The variable rate changes every six months, while the fixed rate remains the same. I bonds can earn interest for up to 30 years, but can't be cashed out for at least one year. Early redemption before five years results in forfeiting the last three months' interest.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.