NEWS UPDATE: The initial interest rate on new Series I savings bonds is 9.62%. You can buy I bonds at that rate through October 2022.

Image of Series I Savings Bond

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.