How To Buy $10,000 Of I Bonds Before Rate Drops

The latest inflation data for September were announced by the Bureau of Labor Statistics on Thursday.

The Consumer Price Index for All Urban Consumers (CPI-U) went up by 0.4% in September, or 8.2% over the past 12 months before seasonal adjustment.

Now that we have the CPI numbers, we can figure out what the inflation rate on I bonds will be in November.

Based on the data from each month, the new inflation rate will fall to about 6.47 percent starting next month.

Those who haven't bought I bonds yet this year should do so right now. You can spend up to $10,000 per person per year.

If you buy it by October 28, 2022, you'll get the current annualised rate, which is 9.62%, for the first six months.

Some people don't get this. Even though the rate will change next month for new buyers, individuals who buy in October will get the old rate for six months.

There are two things to remember about I bonds. First, you can't use them for cash for the first year.

Second, you'll lose three months' worth of interest if you cash in an I bond in the first five years.