Curious About I Bonds? Join Our Free Workshop

An image to accompany a story about I bonds Credit: Rita-Soledad Fernández Paulino
Personal finance expert Rita-Soledad Fernández Paulino is the founder of Wealth Para Todos. She’ll be hosting a free webinar for NextAdvisor on all things I Bonds on Wednesday, October 5th at 7pm ET — details to register are below.
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You know how Gen Zers take things that used to be cool 30 years ago and make them trendy again? 

Something similar is happening to Series I savings bonds. They’re having a moment. 

I bonds are an old-school money tool, but they’re experiencing a new wave of attention from savers and investors thanks to a record-high 9.62% yield that protects against rising inflation. These long-term government savings bonds have variable interest rates that rise and fall with inflation over time, meaning they pay less when overall inflation goes down. On Nov. 1, the U.S. Treasury will announce a new rate for I bonds

If you’re curious about investing your savings into a low-risk I bond, join us live at 7 p.m. EST on Wednesday for a free webinar with Latina money expert Rita-Soledad Fernández Paulino to learn the basics with an open Q&A throughout. 

Free Webinar on Series I Bonds
Click here to register for a free webinar all about Series I bonds with money expert Rita-Soledad Fernández Paulino at 7 p.m. EST on Wednesday.
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While I bonds are considered one of the safest investments out there, they have some downsides. There’s a limit on how many you can buy, and as with CDs, there are penalties for tapping out early. You have to leave the money in the bond for at least one year or lose all the interest you’ve earned, and if you withdraw the bond before five years, you lose the last three months of interest. 

So, when does it make sense to invest in an I bond? Here are three real-life examples that may suit your current savings and investment goals, according to Fernández Paulino, founder of Wealth Para Todos: 

Big Purchase

If you’re trying to achieve a specific goal within five years, like taking a nice vacation or planning a wedding, consider putting your savings in an I bond. As long as you already have a well-stocked emergency fund, an I bond can outperform even the highest-yield savings accounts. While you can lose some interest on the bond if you cash it in early, you’re never at risk of losing any of your principal investment. 

Buying a House

If you anticipate buying a home in the next five years, but not in the next 12 months, you could consider putting your money in an I bond to supercharge your interest earnings, akin to having a separate account for savings, or what’s called a “sinking fund.” The thing to ask yourself is how nervous you would be tying up this amount of money for a year or more. 

Kid’s Fund

Did you know I bonds are family-friendly? If you have a kid, you can give them an I bond and ask people to contribute to their savings instead of giving presents for a birthday or holiday. All you have to do is add your child as a minor under your TreasuryDirect account. Check out these specific instructions on gifting and how to set up an account for a minor

Still want to know more? Don’t forget that Fernández Paulino is hosting a free webinar with NextAdvisor on I bonds at 7 p.m. EST on Wednesday. Register here for it. 

The Bottom Line

Series I savings bonds are connected to the inflation rate, offering an attractive and secure way to make more out of your savings right now. Join us Wednesday to learn the ins and outs of I bonds, and whether they make sense for your financial goals.