Fiscal Service Announces New Savings Bonds Rates, Series I to Earn 9.62%, Series EE to Earn 0.10%

FOR RELEASE AT 10:00 AM

May 2, 2022

Effective today, Series EE savings bonds issued May 2022 through October 2022 will earn an annual fixed rate of 0.10%. Series I savings bonds will earn a composite rate of 9.62%, a portion of which is indexed to inflation every six months. The EE bond fixed rate applies to a bond’s 20-year original maturity. Bonds of both series have an interest-bearing life of 30 years.

Rates for savings bonds are set each May 1 and November 1.Interest accrues monthly and compounds semiannually. Bonds held less than five years are subject to a three-month interest penalty.

I Bond Composite Rate of 9.62% includes a Fixed Rate of 0.00%
The composite rate for Series I Savings Bonds is a combination of a fixed rate, which applies for the 30-year life of the bond, and the semiannual inflation rate. The 9.62% composite rate for I bonds bought from May 2022 through October 2022 applies for the first six months after the issue date. The composite rate combines a 0.00% fixed rate of return with the 9.62% annualized rate of inflation as measured by the Consumer Price Index for all Urban Consumers (CPI-U). The CPI-U increased from 274.310 in September 2021 to 287.504 in March 2022, a six-month change of 4.81%.

Series EE Bonds Issued May 2005 and Later
Series EE bonds issued from May 2022 through October 2022 earn today’s announced rate of 0.10%. All Series EE bonds issued since May 2005 earn a fixed rate in the first 20 years after issue. At 20 years, the bonds will be worth at least two times their purchase price. The bonds will continue to earn interest at their original fixed rate for an additional 10 years unless new terms and conditions are announced before the final 10-year period begins.

Series EE Bonds Issued from May 1997 through April 2005
Series EE bonds issued from May 1997 through April 2005 continue to earn market-based interest rates set at 90% of the average 5-year Treasury securities yields for the preceding six months. The new interest rate for these bonds, effective as the bonds enter semiannual interest periods from May 2022 through October 2022 is 1.60%. Market-based rates are updated each May 1 and November 1.

Series EE Bonds Issued Before May 1997
Series EE bonds issued before May 1997 earn various rates for semiannual earnings periods, depending on the issue dates. Please visit www.treasurydirect.gov for details and current values.

Savings Bonds Over 30 Years Have Stopped Earning Interest
All Series E savings bonds have matured and stopped earning interest. Series EE bonds issued from January 1980 through May 1992 are no longer earning interest. Series EE bonds issued from June 1992 through October 1992 will stop earning interest during the next six months.

More Information
Electronic Series EE and Series I savings bonds may be bought in TreasuryDirect®, a secure, web-based system operated by Treasury since 2002. Owners of paper savings bonds can continue to redeem them at some financial institutions. Paper Series EE and Series I Bonds can only be reissued in electronic form in TreasuryDirect.

Series I paper savings bonds remain available for purchase using part or all of a federal income tax refund. For more information on this feature, visit www.irs.gov.

To find more information on savings bonds and which ones are still earning interest, visit Fiscal Service’s website www.treasurydirect.gov. The Savings Bond Calculator tool, which is helpful for calculating redemption values, also can be found on the site. The website provides information and instructions for opening an on-line account to buy electronic savings bonds and Treasury marketable securities: bills, notes, bonds, Floating Rate Notes (FRNs), and Treasury Inflation Protected Securities (TIPS).

WASHINGTON — Victims of this month’s winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Following the recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to the entire state of Texas. But taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. Among other things, this also means that affected taxpayers will have until June 15 to make 2020 IRA contributions.

The June 15 deadline also applies to quarterly estimated income tax payments due on April 15 and the quarterly payroll and excise tax returns normally due on April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17.

In addition, penalties on payroll and excise tax deposits due on or after February 11 and before February 26 will be abated as long as the deposits are made by February 26.

The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year), or the return for the prior year. This means that taxpayers can, if they choose, claim these losses on the 2020 return they are filling out this tax season. Be sure to write the FEMA declaration number – 4586 − on any return claiming a loss. See Publication 547 for details.

The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.