We first wrote about I-Bonds in an article included with our November Newsletter available at: https://schwartzaccountants.com/2021/11/earn-a-guaranteed-and-risk-free-7-12-interest-rate-through-april-while-making-your-portfolio-a-little-more-conservative-by-purchasing-i-bonds/
I-bonds are a great place to park some extra money if you are worried about the short-term prospects for the stock market and are nervous that increasing interest rates will cause bond funds to decline in value too.
According to: https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm:
A Series I savings bond is a security that earns interest based on both a fixed rate and a rate that is set twice a year based on inflation. The bond earns interest until it reaches 30 years or you cash it, whichever comes first. NEWS: The initial interest rate on new Series I savings bonds is 6.89% percent through April 30, 2023.
More information on I-Bonds is available at: https://treasurydirect.gov/indiv/products/prod_ibonds_glance.htm