Savings Bond Calculator
Current value of Series EE and Series I savings bonds.
Your Savings Bond Calculator Result
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Your detailsInput Parameters
Your Bond
Electronic bonds are bought at face value from TreasuryDirect. Older paper EE bonds were bought at half face value.
Savings bonds stop earning interest after 30 years.
Rates
Set at purchase and locked for the life of the bond. Bonds issued May-October 2026 carry 2.4% (Series EE) or 0.9% (Series I) per TreasuryDirect. For an older bond, look up its issue date on TreasuryDirect's rate chart and enter that fixed rate here.
Savings bond interest is exempt from state and local income tax, and federally taxable only when you redeem.
1,000 compounded semiannually at 2.40% for 24 periods.
Series EE bonds earn a single fixed rate set at purchase, compounded semiannually. Bonds issued May-October 2026 earn 2.4% per TreasuryDirect.
Your annualized return over the full holding period.
Interest is taxed federally only on redemption ($73 at 22%), and is exempt from state and local income tax. Interest used for qualified higher-education expenses may be excluded entirely under the Education Savings Bond Program, subject to income limits.
Analysis
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Open calculatorEE and I Bonds Grow Very Differently
Series EE and Series I savings bonds are often talked about interchangeably, but they earn interest in fundamentally different ways. An EE bond locks in a single fixed rate for life, set the day you buy it. An I bond combines that same kind of fixed rate with an inflation component that resets every six months — so its return moves with inflation, while an EE bond's does not. This calculator handles both, using the rates TreasuryDirect currently publishes.
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How Each Series Compounds
Both series compound semiannually. Worked example for a Series EE bond, matching this calculator's defaults — $1,000 purchase, held 12 years, at the 2.40% fixed rate for bonds issued May–October 2026:
- 24 semiannual periods over 12 years at a 1.20% semiannual rate
- Redemption value: $1,331.47 — interest earned of $331.47
- Effective annual return: 2.41%, essentially the fixed rate compounded
- After federal tax at a 22% rate: $1,258.55
Series I: the Composite Rate Formula
At the current published fixed rate of 0.90% and semiannual inflation rate of 1.67% (bonds issued May–October 2026), this formula returns 4.255%, matching TreasuryDirect's published composite of 4.26% for the same window. Treasury floors the composite at zero, so an I bond can never lose nominal value even if inflation turns negative — a protection EE bonds don't need, since their rate isn't tied to inflation in the first place.
The Rules That Actually Change Your Answer
Three mechanics matter more than the headline rate:
| Rule | What it means |
|---|---|
| 12-month minimum hold | Bonds cannot be redeemed at all before 12 months, no exceptions. |
| 5-year early-redemption penalty | Cashing out before 5 years forfeits the last 3 months of interest. After 5 years, no penalty. |
| EE doubling guarantee | Treasury guarantees an EE bond is worth at least double its purchase price at 20 years — if the fixed rate hasn't gotten there on its own, Treasury makes a one-time adjustment. |
Interest on both series is exempt from state and local income tax, and federal tax is generally deferred until you redeem — a meaningful difference from a taxable savings account, where interest is taxed as it's earned each year. Interest may also be excluded entirely from federal tax under the Education Savings Bond Program when used for qualified higher-education expenses, subject to income limits.
Rates reset every May 1 and November 1. The next reset for the figures used on this page is November 1, 2026 — check back after that date if you're pricing a bond you plan to buy later in the year.
Frequently Asked Questions
How is the I bond composite rate calculated?
The composite rate equals the fixed rate plus twice the semiannual inflation rate plus the product of the two. At the fixed and inflation rates published for bonds issued May through October 2026, that formula returns 4.26%. Treasury floors the composite at zero, so an I bond never loses nominal value.
When do savings bond rates change?
TreasuryDirect resets rates every May 1 and November 1. The rate in effect when you buy determines the fixed component for the life of an I bond, while the inflation component continues to reset every six months thereafter.
What is the penalty for cashing a savings bond early?
Bonds must be held at least 12 months before they can be redeemed at all. Cashing one before five years forfeits the final three months of interest. After five years there is no penalty.
Do Series EE bonds really double in value?
Treasury guarantees that a Series EE bond will be worth at least twice its purchase price at 20 years. If the fixed rate alone has not achieved that by then, Treasury makes a one-time adjustment up to double the purchase price.
Are savings bonds taxed?
Interest is subject to federal income tax but is exempt from state and local income tax. Federal tax is generally deferred until redemption, and interest used for qualified higher-education expenses may be excluded entirely under the Education Savings Bond Program, subject to income limits.