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The next I Bond rate reset is November 1, 2026. The new composite rate will be announced October 30-31. You can make an educated prediction now — and that prediction matters if you are deciding whether to buy I Bonds before or after the November reset, or whether to hold or redeem existing bonds.
Current Rate and How the Next One Is Calculated
The current I Bond composite rate is 4.26% annually, in effect for bonds purchased May 1 through October 31, 2026. It combines a 0.90% fixed rate and a 3.34% annualized variable rate based on CPI-U changes from September 2025 to March 2026.
The November 2026 rate will be based on CPI-U changes from March 2026 to September 2026. The September 2026 CPI-U data releases in mid-October, just before the Treasury’s announcement. However, we already have partial data: the CPI-U through May 2026, which gives us an early read on the direction.
Early Prediction: What the Data Suggests
CPI-U has been running above 3.5% year-over-year through mid-2026, driven by energy prices from Middle East conflict and tariff effects. If inflation remains elevated at 3.5-4.0% through September:
- The semi-annual CPI-U change (March to September 2026) could be 1.5-2.0%
- Annualized variable rate: approximately 3.0-4.0%
- Combined with the fixed rate (which may adjust in November): total composite rate of 3.9-4.9%
The fixed rate decision is separate and less predictable. The Treasury could hold it at 0.90%, increase it if real yields rise, or decrease it if the Fed cuts rates significantly before November. The current 0.90% fixed rate is already historically high — buyers who lock in now keep 0.90% for the life of their bond.
Should You Buy Before or After November 1?
This is the key decision. Here is the framework:
Buy before October 31 if:
- You want to lock in the 0.90% fixed rate in case the Treasury lowers it in November
- Your read on inflation is that it will decrease through summer, making the November variable rate lower than the current 3.34%
- You want certainty about your first 6 months of rate (4.26%)
Wait until after November 1 if:
- You believe inflation will remain elevated or increase through summer, making the November variable rate higher than 3.34%
- You think the Treasury might increase the fixed rate in November (possible but uncertain)
- You have no urgency and are comfortable waiting for more data
The timing trick worth knowing:
I Bonds earn interest for the full month regardless of when during the month you buy. A bond purchased October 31 earns October interest as if you held it the entire month. This means buying late in October captures the current 4.26% rate for one extra month compared to buying early in October — at no cost.
Similarly, if you decide to buy after the November reset, buying in late November captures the new rate from day one and still earns a full month of November interest.
For Existing I Bond Holders
If you own I Bonds purchased in 2022 during the 9.62% peak, those bonds are still earning meaningful rates. Your personal composite rate depends on your purchase month and the fixed rate locked in at that time. Check your TreasuryDirect account to see your current rate and when your next 6-month reset falls.
If your bonds are past the 5-year mark (no early redemption penalty), consider whether the current rate plus the 0.90% real return still beats alternatives. At 4.26% on a 0% fixed rate bond versus 4.25% on a 12-month CD, the I Bond wins on tax treatment (state tax exempt) but the CD wins on liquidity.
Key Dates
- September 2026: CPI-U data gives clearer picture of November rate direction
- Mid-October 2026: September CPI-U released — final data point before rate announcement
- October 30-31, 2026: Treasury announces November 2026 I Bond rates
- October 31, 2026: Last day to buy at current 4.26% rate (buy late in the month)
- November 1, 2026: New rate takes effect
For the current I Bond rate details and whether buying now makes sense, see our I Bonds rate May 2026 guide.
Sources: U.S. Treasury TreasuryDirect.gov; Tipswatch.com I Bond analysis; BLS CPI-U data. Rate predictions are estimates based on current inflation data and may not reflect actual November 2026 rates. This article is for informational purposes only.
