The initial interest rate on new Series I savings bonds was 9.62%. through October 2022.The current rate through April 2023 is 6.89%. Still an attractive rate compared to bank savings rates.

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.