It's official! The US Treasury just announced the May Series I Savings Bond rate of 9.62%, the highest since 1998.

I Bond's fixed-rate at is 0.0%, the variable rate at 9.62%, the composite rate is 9.62%

Due to record inflation in 2022, people consider buying I Bond savings bonds.

Series I Savings Bonds have a composite rate that combines a set rate throughout the bond's 30-year life.

Every six months, the inflation-adjusted rate adjusts to reflect the non-seasonally adjusted inflation rate.

For I bonds purchased between May and October 2022, the 9.62% composite rate applies for the first six months after the issuance date.

In March, the increase in the consumer price index is the latest bonanza for buyers of inflation-adjusted US savings bonds, I Bonds.

The treasury dept stressed building up inflation-protected cash.

The maximum annual investment in a digital I bond is $10,000 per individual.

Critics say it's no free lunch but a balance for 8.5% inflation in March with a new interest rate of 9.62%