I Bond rate, November 2026: a 1.40% fixed rate and 5.51% composite — what changed
Treasury reset the I bond rate on November 1, 2026: a 1.40% fixed rate and a 5.51% composite rate, up from 0.90% and 4.26%. Here is how the formula produces that number and which part stays with you.
On November 1, 2026, Treasury reset the I bond rate. According to TreasuryDirect (retrieved November 3, 2026), I bonds issued from November 2026 to April 2027 carry a 5.51% composite rate, built from a 1.40% fixed rate. Bonds issued May through October 2026 carry a 0.90% fixed rate (4.26% composite for the period, per our earlier comparison). This page explains where the new number comes from and which piece matters over time. It is general education, not a recommendation to buy.
The short version
| | May–Oct 2026 issue | Nov 2026–Apr 2027 issue | |---|---|---| | Fixed rate | 0.90% | 1.40% | | Composite rate (first six months) | 4.26% | 5.51% |
Source: TreasuryDirect I bonds interest rates page, retrieved November 3, 2026. The 4.26% figure is the composite we previously cited from the same page.
How 5.51% is calculated
TreasuryDirect shows its working. The composite rate is:
fixed rate + (2 × semiannual inflation rate) + (fixed rate × semiannual inflation rate)
With a 1.40% fixed rate and a 2.04% semiannual inflation rate, that is 0.0140 + 0.0408 + 0.0002856, or about 5.51% annualized. The semiannual inflation rate is the inflation-linked piece; it is doubled to express it as an annual figure. The fixed rate is announced each May 1 and November 1.
Which part stays with you
- The fixed rate is permanent for that bond. A bond bought now keeps its 1.40% fixed rate for as long as it earns interest (up to 30 years), per TreasuryDirect.
- The inflation rate is not. It resets every six months from the bond's issue month, based on inflation data. A future composite can be higher or lower than 5.51% even though the fixed rate is unchanged. For the data behind that component, see our explainer on how CPI is reported.
- The headline composite is a snapshot. Reading "5.51%" as what you will earn for a year overstates what the page promises; it describes the first six months for bonds issued in this window.
The rules that did not change
Per TreasuryDirect's I bond page: you can buy up to $10,000 in electronic I bonds per calendar year per Social Security number or EIN; you cannot cash one in during the first 12 months; and cashing in before 5 years costs the last 3 months of interest. TreasuryDirect also says I bonds are exempt from state and local income tax, with federal tax applying.
Questions worth asking before you buy
- Do you need the money within a year? If so, the 12-month lockup rules I bonds out regardless of rate.
- Could you hold five years? Doing so avoids the 3-month interest penalty.
- Does the $10,000 annual limit fit your goal? It caps I bonds' role for larger balances.
- How does it compare with alternatives? Our guide to I bonds vs. Treasury bills vs. CDs sets out the trade-offs. We did not compare current T-bill or CD yields here, because they change daily.
What we did and did not verify
Every rate and rule above comes from the TreasuryDirect pages linked, retrieved November 3, 2026. We did not forecast the next reset, and this page recommends no product. Our sourcing standard explains how we handle figures.
The takeaway
The November 2026 reset raised the fixed rate to 1.40% and the first-six-month composite to 5.51%. The fixed rate is what a bond keeps; the inflation piece will move. Check TreasuryDirect's rates page for your issue month before deciding.
Frequently asked
What is the I bond rate for November 2026?
TreasuryDirect lists a 5.51% composite rate for I bonds issued from November 2026 to April 2027. It is built from a 1.40% fixed rate and a 2.04% semiannual inflation rate (retrieved November 3, 2026).
Does the 1.40% fixed rate change after I buy?
No. TreasuryDirect says the fixed rate stays the same for the life of the bond. The inflation part resets every six months from your bond's issue month, so the composite rate you earn will change.
Will I earn 5.51% for a full year?
Not necessarily. 5.51% applies to the first six months after a November–April issue. After that, the inflation component resets while your fixed rate carries on, so later periods can be higher or lower.
How much can I buy and when can I cash out?
TreasuryDirect lists up to $10,000 in electronic I bonds per calendar year per Social Security number or EIN. You can cash an I bond after 12 months; cashing in before 5 years forfeits the last 3 months of interest.
Sources
The named, dated public references below back the points made above. Rules and guidance change; confirm the current version with the source before you rely on it.
- TreasuryDirect — I bonds interest rates
- I bonds interest rates (fixed rate, semiannual inflation rate, composite formula) — U.S. Treasury, TreasuryDirect
- Series I Savings Bonds (purchase limit, hold period, early-redemption penalty) — U.S. Treasury, TreasuryDirect
The standard behind this
Everything here traces back to one published editorial standard — how we source, score, and disclose across the family.
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