Series I (April 2022 update)
previouly: What on Earth is a Series I savings bond?
The Series I savings bond is a US government bond offered to US citizens, with purchases limited to $10k per person per year. It pays interest set by a formula based on the official inflation rate, with a built-in lag. (...)
In particular, the interest rate formula for bonds bought before May 1, 2022 will be:
- 3.56% until October 1
- X% for the next 6 months (where X% is the inflation of CPI-U from Sept 2021 to March 2022)
- Y% for the following 6 months (where Y% is the inflation of CPI-U from March 2022 to Sept 2022)
...and so on. You'll forfeit the last 3 months of interest if you redeem anytime before 5 years (which I'm assuming will be correct to do).
When we checked in December, we'd seen 2 months of the Sept'21->Mar'22 period and I had conservatively estimated that the 6-month inflation rate would come in at 2.17%, implying a