NEWS: The initial interest rate on new Series I savings bonds is 7.12 percent. You can buy I bonds at that rate through April 2022.

A Series I savings bond is a security that earns interest based on both a fixed rate and a rate that is set twice a year based on inflation. The bond earns interest until it reaches 30 years or you cash it, whichever comes first. While the limit per person is $10,000. a year, it’s still a great deal compared to insured savings accounts or money market accounts. More information here.

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