Treasury Division bought report $1 billion of Collection I bonds on Oct. 28

The Treasury bought $979 million of I bonds earlier than the deadline on Friday — almost as a lot in someday as throughout the three years from 2018 to 2020, when buyers purchased barely greater than $1 billion, in response to Treasury Division figures shared Tuesday. Buyers opened 95,482 new accounts on Friday, additionally a report.

Buyers bought greater than $3 billion of I bonds final week and virtually $7 billion in October — which characterize weekly and month-to-month information, too, in response to preliminary estimates the Treasury Division supplied Monday.

Buyers opened 359,822 new accounts final week and 731,336 new accounts throughout October.

TreasuryDirect.gov — the web site the place buyers buy I bonds — crashed Friday as the quantity swelled. TreasuryDirect turned “one of the vital visited web sites within the federal authorities” within the remaining days of the 9.62% price window, the Treasury Division stated Friday. It usually hosts only a few thousand concurrent guests.

I bond charges shift twice a 12 months primarily based on inflation.

There are two components to the speed: a hard and fast price, which stays the identical after buy, and a variable price, which shifts twice per 12 months primarily based on inflation. The Treasury Division broadcasts new charges each Might and November.

Buyers could lock within the new 6.89% price for six months by buying I bonds any time earlier than the tip of April 2023.

You should purchase the belongings on-line via TreasuryDirect, restricted to $10,000 per calendar 12 months for people. You can too use your federal tax refund to purchase an additional $5,000 in paper I bonds.

The Treasury Division supplied up to date gross sales numbers after this story was initially printed.