You must buy Series I bonds by Oct. 28 to get 9.62% annual interest

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If you’re eager to secure 9.62% annual interest for Series I bonds for six months, the deadline is quickly approaching.

You must purchase I bonds and receive your confirmation email by Oct. 28 to lock in the record 9.62% rate, according to TreasuryDirect.

The rate is expected to drop to roughly 6.48% in November, based on the latest inflation data from the U.S. Bureau of Labor Statistics. 

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While I bond rates shift twice yearly based on inflation, you can still lock in 9.62% annual interest for six months — as long as you complete the purchase by Oct. 28. And six months after your purchase date, you’ll earn roughly 6.48% for another six months.

“That’s an option if someone wants the best of both worlds,” said Ken Tumin, founder and editor of, who tracks I bonds, among other assets. 

How to estimate I bond rates for one year

Consider boosting your short-term savings with I-bonds

“It’s nice to know what interest rates you will get when you’re committing to a 12-month lockup,” said Jeremy Keil, a certified financial planner with Keil Financial Partners in Milwaukee.

While it’s too early to estimate rates for May 2023, buying I bonds before the end of October means you’ll receive the May and November rates for six months each.

“There’s no doubt that it’s better to get the 9.62% for the first six months, and then 6.48% for six months,” said David Enna, founder of, a website that tracks I bond rates

It’s nice to know what interest rates you will get when you’re committing to a 12-month lockup.

Jeremy Keil

Financial advisor at Keil Financial Partners

“A short-term investor — somebody just wanting to put away cash — should definitely buy in October,” he said.

However, if you’re trying to secure the 9.62% rate before November, Enna suggests making the purchase no later than a few business days before the end of October.

The downsides of buying I bonds

Still, I bonds may be worth considering for a portion of your emergency savings, as long as there’s other cash readily available for unexpected costs, he said. 

And if you’re expecting college tuition bills in 2024, Keil said it’s a “great time” to secure guaranteed interest for one year, which is tax-free for qualified education expenses.