The rate is to change around November 1st as I have read. It's to drop from around 9.62% to 6.5 % or so. Here is what confuses me. People are scrambling to buy in before the rate changes. Why? If I bought 10k worth in May when the rate was 9.62% do I earn that until I withdraw it or it matures? Or will the rate I am being paid drop to the 6% something range in November?

If it drops why are people scrambling to get in now?

I figured it out.

what app did you use to purchase?

Just bought off of the U.S. Treasury website, but too late to get the 9% plus rate. The site is hard to navigate but not too hard. They are redesigning it but who knows when that will be complete.

tried to register.

no worky.

The Hand of The Man at work.

- kkm

Keep the little guy down.

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Treasury Sets New Rate on I Bonds. It Dropped Nearly 3 Percentage Points.
By Andrew BaryFollow
Nov. 1, 2022 10:51 am ET

Al Drago/Bloomberg
The new interest rate on Treasury series I inflation-linked savings bonds has been set at 6.89% for purchases made in the next six months.

The rate, which is based largely on the change in the consumer price index from March through September, is down from a record 9.62% in the six months from May through October.

The new rate, which was posted on the TreasuryDirect website Tuesday morning, will apply to purchases from now through the end of April 2023. The I bond rate....
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How to buy I bonds at 6.89%
Even though the interest rate has dipped, I bonds are a uniquely safe and relatively predictable investment. I bond proponents underscore that the bonds provide a nearly risk-free place to park your savings that's shielded from the volatility of the stock market and rapidly rising consumer prices.
However, buying I bonds can be a headache. Only the Treasury Department issues the government bonds, and the core method of purchase is through the department's website, Treasury Direct.
The website has a reputation for being clunky, and the recent crash ahead of the Friday purchase deadline for the 9.62% rate despite the site being redesigned last month has all but cemented its notoriety. Money recently tested the online buying process, and it took roughly 20 minutes with no entry mistakes to open an account and purchase the bonds. (Changing or correcting account details after the fact could extend that timeline by days or possibly weeks.)
The Treasury Department limits purchases of electronic I bonds to $10,000 per calendar year, though you can also buy up to $5,000 worth of paper I bonds to extend the overall annual purchase cap to $15,000. The only way to purchase paper versions, however, is by electing to use your tax refund money using IRS form 8888 at the time of filling your taxes.
Electronic I bonds can be bought in any increment, starting at $25. Paper I bonds come in the form of $50, $100, $200, $500 or $1,000 bonds.
In addition to these purchasing caveats, potential buyers should know that I bonds can't be cashed
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