I Bond Rate November 2026
Treasury has not announced the November 2026 fixed rate yet. The I bond rate right now is 4.26% for bonds issued May to October 2026 (0.90% fixed). The new inflation rate is already fixed by published data: we compute 2.04% for six months (4.08% a year) from the CPI-U, and Treasury confirms it when it announces on or around Nov 1. Below is what that means for new and existing bonds at every plausible fixed rate.
Maintained by Archie Chang · Rates and CPI-U checked against Treasury and BLS October 23, 2026 · Methodology & sources
Current I bond rate (official)
4.26%
0.90% fixed, 1.67% six-month inflation. Bonds issued May 2026 to October 2026.
New inflation rate from Nov 1, 2026 (computed)
2.04%
4.08% annualized. Computed from published BLS CPI-U; Treasury confirms it when it announces.
New fixed rate from Nov 1, 2026
Not announced
Treasury picks it at its discretion. Until then no single November 2026 composite rate is official; see the scenarios below.
What changes on November 1, 2026
Two numbers change. The fixed rate for newly issued bonds is reset by Treasury, and applies for the life of every bond bought from November 1, 2026 through April 30, 2027. The inflation rate resets for every I bond ever issued, but each bond picks it up only when its own six-month rate period starts (the table further down shows the month by issue month).
Compared with May 2026, the inflation part moves from 1.67% to 2.04% for six months. With the same fixed rate, that lifts the composite rate by about 0.74%.
Want to see your own bond? Use the I bond calculator to find out how much your I bond is worth today, or compare with a CD rate calculator.
The November 2026 inflation rate, step by step
Treasury bases the inflation rate on the non-seasonally adjusted CPI-U (BLS series CUUR0000SA0). The November rate compares September with the March before it (31 CFR 359.11).
| CPI-U, March 2026 | 330.213 |
|---|---|
| CPI-U, September 2026 | 336.940 |
| Change | 6.727 |
| Change ÷ March = six-month inflation | 2.0372% |
| Rounded to 0.01% | 2.04% |
| Annualized (× 2, used in the formula) | 4.08% |
This is computed from published BLS CPI-U; Treasury confirms it when it announces. The same method reproduces all 57 semiannual inflation rates Treasury published from 1998 through May 2026 (back-test below).
November 2026 composite rate for each possible fixed rate
Scenarios, not official rates. Each row is the composite rate a new bond would earn for its first six months if Treasury sets that fixed rate, using the computed 2.04% inflation rate. For comparison, the fixed rate was 0.90% for bonds issued in November 2025 and May 2026.
| If the fixed rate is | New bond composite rate | Change vs. the 4.26% rate for May to October 2026 issues |
|---|---|---|
| 0.00% | 4.08% | −0.18% |
| 0.10% | 4.18% | −0.08% |
| 0.20% | 4.28% | +0.02% |
| 0.30% | 4.39% | +0.13% |
| 0.40% | 4.49% | +0.23% |
| 0.50% | 4.59% | +0.33% |
| 0.60% | 4.69% | +0.43% |
| 0.70% | 4.79% | +0.53% |
| 0.80% | 4.90% | +0.64% |
| 0.90% | 5.00% | +0.74% |
| 1.00% | 5.10% | +0.84% |
| 1.10% | 5.20% | +0.94% |
| 1.20% | 5.30% | +1.04% |
| 1.30% | 5.41% | +1.15% |
| 1.40% | 5.51% | +1.25% |
| 1.50% | 5.61% | +1.35% |
Effect on bonds you already own
An existing bond keeps its own fixed rate, so the new rate does not depend on Treasury’s November 2026 fixed rate at all. Its next rate period earns that fixed rate combined with the 2.04% inflation rate. This is computed from the published CPI-U, and does not wait for the fixed-rate announcement.
| Your fixed rate | Bought in | Rate now (1.67% inflation) | Rate in its next period (2.04%) |
|---|---|---|---|
| 0.00% | May 2021, Nov 2021, May 2022 | 3.34% | 4.08% |
| 0.40% | Nov 2022 | 3.75% | 4.49% |
| 0.90% | May 2023, Nov 2025, May 2026 | 4.26% | 5.00% |
| 1.10% | May 2025 | 4.46% | 5.20% |
| 1.20% | Nov 2024 | 4.56% | 5.30% |
| 1.30% | Nov 2023, May 2024 | 4.66% | 5.41% |
Bonds issued since May 2021 are grouped by fixed rate. Older bonds use the same formula with their own fixed rate.
When does my bond switch to the new rate?
| Issue month | Rate changes every |
|---|---|
| January | January and July |
| February | February and August |
| March | March and September |
| April | April and October |
| May | May and November |
| June | June and December |
| July | January and July |
| August | February and August |
| September | March and September |
| October | April and October |
| November | May and November |
| December | June and December |
How the I bond rate formula works
An I bond earns a composite rate: fixed rate + 2 × semiannual inflation + fixed × semiannual inflation, rounded to the nearest 0.01%. The inflation rate is doubled because it covers six months and the composite is an annual rate. The last term is tiny. 31 CFR 359 never lets the composite fall below 0.00%, even if deflation exceeds the fixed rate.
- November 2025: 0.90% fixed and 1.56% inflation (CPI-U 319.799 in March 2025 to 324.800 in September 2025): 0.0090 + 2 × 0.0156 + 0.0090 × 0.0156 = 0.04034, which rounds to 4.03%.
- May 2026: 0.90% fixed and 1.67% inflation (CPI-U 324.800 in September 2025 to 330.213 in March 2026): 0.0090 + 2 × 0.0167 + 0.0090 × 0.0167 = 0.04255, which rounds to 4.26%.
- November 2026: 2.04% inflation gives 4.08% at a 0.00% fixed rate and 5.00% at 0.90%, before Treasury announces the fixed rate.
The fixed rate is chosen by Treasury and applies for the life of every bond bought during the six months after it is set. The inflation rate comes from the CPI-U and applies to all bonds. Rate periods run six months from each bond’s own issue month, and interest compounds twice a year.
I bond rate history since 1998
Rates for bonds issued in each period, newest first. The composite rate is calculated here from the fixed rate and the inflation rate, and agrees with Treasury’s published figure in every row.
| Issue period | Fixed rate | Semiannual inflation | Composite rate | Matches Treasury |
|---|---|---|---|---|
| May 2026 to October 2026 | 0.90% | 1.67% | 4.26% | ✓ |
| November 2025 to April 2026 | 0.90% | 1.56% | 4.03% | ✓ |
| May 2025 to October 2025 | 1.10% | 1.43% | 3.98% | ✓ |
| November 2024 to April 2025 | 1.20% | 0.95% | 3.11% | ✓ |
| May 2024 to October 2024 | 1.30% | 1.48% | 4.28% | ✓ |
| November 2023 to April 2024 | 1.30% | 1.97% | 5.27% | ✓ |
| May 2023 to October 2023 | 0.90% | 1.69% | 4.30% | ✓ |
| November 2022 to April 2023 | 0.40% | 3.24% | 6.89% | ✓ |
| May 2022 to October 2022 | 0.00% | 4.81% | 9.62% | ✓ |
| November 2021 to April 2022 | 0.00% | 3.56% | 7.12% | ✓ |
| May 2021 to October 2021 | 0.00% | 1.77% | 3.54% | ✓ |
| November 2020 to April 2021 | 0.00% | 0.84% | 1.68% | ✓ |
| May 2020 to October 2020 | 0.00% | 0.53% | 1.06% | ✓ |
| November 2019 to April 2020 | 0.20% | 1.01% | 2.22% | ✓ |
| May 2019 to October 2019 | 0.50% | 0.70% | 1.90% | ✓ |
| November 2018 to April 2019 | 0.50% | 1.16% | 2.83% | ✓ |
| May 2018 to October 2018 | 0.30% | 1.11% | 2.52% | ✓ |
| November 2017 to April 2018 | 0.10% | 1.24% | 2.58% | ✓ |
| May 2017 to October 2017 | 0.00% | 0.98% | 1.96% | ✓ |
| November 2016 to April 2017 | 0.00% | 1.38% | 2.76% | ✓ |
| May 2016 to October 2016 | 0.10% | 0.08% | 0.26% | ✓ |
| November 2015 to April 2016 | 0.10% | 0.77% | 1.64% | ✓ |
| May 2015 to October 2015 | 0.00% | -0.80% | 0.00% | ✓ |
| November 2014 to April 2015 | 0.00% | 0.74% | 1.48% | ✓ |
| May 2014 to October 2014 | 0.10% | 0.92% | 1.94% | ✓ |
| November 2013 to April 2014 | 0.20% | 0.59% | 1.38% | ✓ |
| May 2013 to October 2013 | 0.00% | 0.59% | 1.18% | ✓ |
| November 2012 to April 2013 | 0.00% | 0.88% | 1.76% | ✓ |
| May 2012 to October 2012 | 0.00% | 1.10% | 2.20% | ✓ |
| November 2011 to April 2012 | 0.00% | 1.53% | 3.06% | ✓ |
| May 2011 to October 2011 | 0.00% | 2.30% | 4.60% | ✓ |
| November 2010 to April 2011 | 0.00% | 0.37% | 0.74% | ✓ |
| May 2010 to October 2010 | 0.20% | 0.77% | 1.74% | ✓ |
| November 2009 to April 2010 | 0.30% | 1.53% | 3.36% | ✓ |
| May 2009 to October 2009 | 0.10% | -2.78% | 0.00% | ✓ |
| November 2008 to April 2009 | 0.70% | 2.46% | 5.64% | ✓ |
| May 2008 to October 2008 | 0.00% | 2.42% | 4.84% | ✓ |
| November 2007 to April 2008 | 1.20% | 1.53% | 4.28% | ✓ |
| May 2007 to October 2007 | 1.30% | 1.21% | 3.74% | ✓ |
| November 2006 to April 2007 | 1.40% | 1.55% | 4.52% | ✓ |
| May 2006 to October 2006 | 1.40% | 0.50% | 2.41% | ✓ |
| November 2005 to April 2006 | 1.00% | 2.85% | 6.73% | ✓ |
| May 2005 to October 2005 | 1.20% | 1.79% | 4.80% | ✓ |
| November 2004 to April 2005 | 1.00% | 1.33% | 3.67% | ✓ |
| May 2004 to October 2004 | 1.00% | 1.19% | 3.39% | ✓ |
| November 2003 to April 2004 | 1.10% | 0.54% | 2.19% | ✓ |
| May 2003 to October 2003 | 1.10% | 1.77% | 4.66% | ✓ |
| November 2002 to April 2003 | 1.60% | 1.23% | 4.08% | ✓ |
| May 2002 to October 2002 | 2.00% | 0.28% | 2.57% | ✓ |
| November 2001 to April 2002 | 2.00% | 1.19% | 4.40% | ✓ |
| May 2001 to October 2001 | 3.00% | 1.44% | 5.92% | ✓ |
| November 2000 to April 2001 | 3.40% | 1.52% | 6.49% | ✓ |
| May 2000 to October 2000 | 3.60% | 1.91% | 7.49% | ✓ |
| November 1999 to April 2000 | 3.40% | 1.76% | 6.98% | ✓ |
| May 1999 to October 1999 | 3.30% | 0.86% | 5.05% | ✓ |
| November 1998 to April 1999 | 3.30% | 0.86% | 5.05% | ✓ |
| September 1998 to October 1998 | 3.40% | 0.62% | 4.66% | ✓ |
Back-test: how we know the math is right
Our method reproduces all 57 semiannual inflation rates and all 1,653 composite rates in Treasury’s published rate chart, from September 1998 through May 2026, with no tolerance: every figure matches to the hundredth of a percent. The chart lists a composite rate for every combination of issue period and rate period. A fixed rate and the CPI-U are the only inputs. Inflation rates for 55 periods reproduce from BLS CPI-U values, and 2 periods (May and November 2000) from Treasury’s recorded March 2000 value.
One data note: Treasury’s rate-history file (hidden “Data” sheet) records March 2000 CPI-U as 171.1; BLS’s current series shows 171.2. We use Treasury’s recorded value. That is what makes the May and November 2000 rates (1.91% and 1.52%) match what Treasury published.
I bond rate questions
When are the new I bond rates announced?
Treasury sets new I bond rates twice a year, effective November 1 and May 1. What the rule says: 31 CFR 359.9 says Treasury announces fixed, semiannual inflation and composite rates in announcements published each May 1 and November 1; if that day is one when Treasury is not open for business, it makes the announcement on the next business day, and the effective date stays the first of the month. The Secretary may also announce rates at any other time. In practice: Treasury has announced a business day early when the first fell on a weekend; for example the November 2025 rates were reported on October 31, 2025 (that is a reporting date, not a Treasury rule). Next: November 1, 2026 is a Sunday, so expect the announcement between Friday, October 30 and Monday, November 2, 2026. The rates then apply from the first of the month.
What is the I bond rate now?
The I bond rate is 4.26% for bonds issued May 1 to October 31, 2026. That is a 0.90% fixed rate plus a 1.67% six-month inflation rate in the formula. Bonds bought earlier keep their own fixed rate, so their current rate can be higher or lower.
What will the I bond rate be in November 2026?
The November 2026 fixed rate has not been announced, so there is no official November 2026 rate yet. The inflation part can already be computed from published CPI-U: 2.04% for six months, or 4.08% a year. Treasury confirms it when it announces. The composite rate for new bonds is then 4.08% with a 0.00% fixed rate and rises by about 0.10% for each 0.10% of fixed rate.
How is the I bond fixed rate set?
By Treasury’s discretion, not by a formula. 31 CFR 359.10 says the Secretary or the Secretary’s designee determines the fixed rate, that it is never below 0.00%, and that it stays the same for the life of the bond. It has ranged from 0.00% to 3.60% since 1998 and was 0.90% for bonds issued in November 2025 and May 2026. The fixed rate is not a guaranteed minimum for the total rate.
Can the I bond rate go to 0%?
The composite rate can reach 0.00% but never goes below it. When deflation is large enough to cancel the fixed rate and more, Treasury sets the composite at 0.00% and the value of a bond never falls from one month to the next (31 CFR 359.12). It happened for the May 2009 rate period (inflation of -2.78%), when every bond earned 0.00%, and for the May 2015 period (-0.80%) for bonds with a fixed rate of about 1.6% or less. The fixed rate itself is never below 0.00%.
How much I bond can I buy?
TreasuryDirect lets each Social Security number or employer ID buy up to $10,000 of electronic I bonds per calendar year, in any amount from $25 to the cent. Bonds bought for a child or as a gift count toward the recipient’s limit, and there is no limit on the total you can own. Treasury ended paper I bonds bought with a tax refund as of January 1, 2025, so the old extra $5,000 paper option is gone.
Does the new rate apply to the I bonds I already own?
Partly. The new inflation rate applies to every I bond, but only from the first month of its next six-month rate period, which depends on the issue month: a bond issued in November or May changes on November 1, one issued in December changes on December 1, and so on. Your fixed rate never changes.
Sources (checked October 23, 2026): TreasuryDirect: I bond interest rates · Treasury rate chart (PDF) · Series I rate history (XLSX) · 31 CFR Part 359 · BLS CPI-U (CUUR0000SA0) · TreasuryDirect: how much can I spend? · Treasury: paper I bonds with a tax refund ended
See also: the I bond calculator and the CD rate calculator.