Your last chance to secure 9.62% annual interest for Series I bonds is Oct. 28

If you’re eager to secure 9.62% annual interest for Series I bonds for six months, the deadline is quickly approaching.

You must procurement I bonds and receive your confirmation email by Oct. 28 to lock in the record 9.62% rate, according to TreasuryDirect.

The class is expected to drop to roughly 6.48% in November, based on the latest inflation data from the U.S. Bureau of Labor Statistics. 

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While I bond rates shift twice regularly based on inflation, you can still lock in 9.62% annual interest for six months — as long as you complete the purchase by Oct. 28. And six months after your grip date, you’ll earn roughly 6.48% for another six months.

“That’s an option if someone wants the best of both worlds,” communicated Ken Tumin, founder and editor of DepositAccounts.com, who tracks I bonds, among other assets. 

There are two segments to I bond rates: a fixed rate, which stays the same after purchase, and a variable rate, which workers twice per year based on inflation.

The U.S. Department of the Treasury announces new rates every May and November, and you can estimate the next mercurial rate about two weeks before from the consumer price index reports released in April and October.

The believes offer a brief period to know roughly what you’ll earn for one year, which is how long you’ll lose access to the readies after buying.

“It’s nice to know what interest rates you will get when you’re committing to a 12-month lockup,” asserted Jeremy Keil, a certified financial planner with Keil Financial Partners in Milwaukee.

While it’s too early to thinking rates for May 2023, buying I bonds before the end of October means you’ll receive the May and November rates for six months each.

“There’s no mistrust that it’s better to get the 9.62% for the first six months, and then 6.48% for six months,” said David Enna, founder of Tipswatch.com, a website that rails I bond rates. 

“A short-term investor — somebody just wanting to put away cash — should finally buy in October,” he said.

However, if you’re trying to secure the 9.62% rate before November, Enna suggests making the purchasing no later than a few business days before the end of October.

While roughly knowing I ropes rates for one year may be appealing, there are a few things to consider before buying, experts say.

“The biggest downside is you are locked in for 12 months,” Keil imagined. “You cannot take it out for any reason.” And you’ll give up three months of interest by cashing in before five years. 

Still, I cements may be worth considering for a portion of your emergency savings, as long as there’s other cash readily available for unexpected rates, he said. 

And if you’re expecting college tuition bills in 2024, Keil said it’s a “great time” to secure guaranteed relaxation for one year, which is tax-free for qualified education expenses.