By Jeanne Sahadi, CNN BusinessInflation is soaring, markets are down and savings rates are still very low. Until the end of this month, you have a chance to lock in a 9.62% rate for six months, October through March, on up to $10,000 in savings, if you purchase a Series I savings bond from TreasuryDirect.gov. While interest rates have been rising this year, they are not nearly high enough to beat inflation, which was pacing at 8.2% year over year through September. At best, you might get a high-yield savings rate of just under 3% at some places. If inflation falls as much as the Federal Reserve hopes — its target is 2% — your I bond rate in the coming years will fall too.

Source: CNN October 13, 2022 17:57 UTC