I-Bond rates change each May 1 and November 1, based on inflation during the prior 6 months. While the media are saturated with news about how bad inflation is, the reality is that rates on new I-bonds purchased November 1, 2021 – April 30, 2023 will decline to about 6%. So you have just a couple weeks to buy (up to $10,000/person/year) I-bonds earning 9.62%. Even though rates will decline for new purchases (11/1/22) bonds bought today (up through October 31, 2022) will still earn 9.62% for the coming 6 months. Don’t wait until the end of the month if you don’t have a Treasury Direct account; it can take a few days to set one up.
If you are not an I-bond owner check out prior posts to be sure you understand the details, especially that you cannot access your funds for the first 12 months.