Short answer
Savings bonds do not trade, so a market-yield bond price calculator does not apply. EE bonds issued May–Oct 2026 earn 2.40% fixed and double in 20 years; I bonds earn 4.26% (0.90% fixed + 1.67% semiannual inflation); cashing in before 5 years forfeits 3 months of interest.
1. Why a bond price calculator does not work for savings bonds
A normal bond price calculator discounts a bond's cash flows at a market yield, because the bond trades between investors at a price that moves with interest rates. U.S. savings bonds (Series EE and Series I) do not trade. You buy them from the Treasury and cash them in with the Treasury, so their value is set by rules, not by the market. If you are pricing a bond that trades, use our Bond Price Calculator instead.
2. What a savings bond is worth
A savings bond's value is the amount you paid plus the interest earned so far, less any early-redemption penalty. Three things decide it:
- The purchase amount and issue date.
- The interest rate or rates that applied since then.
- How long you have held it.
3. Series EE bonds
- EE bonds earn a fixed rate that is set when you buy and does not change. For bonds issued May 1 to October 31, 2026, the rate is 2.40%.
- Treasury guarantees an EE bond will be worth at least double what you paid after 20 years. If the fixed rate alone would not get there, the Treasury makes a one-time adjustment at 20 years.
- Doubling in 20 years works out to about 3.53% a year (21/20 − 1), which is why a low fixed rate still ends up with a higher effective return if you hold the full 20 years.
- Interest keeps accruing for up to 30 years.
4. Series I bonds
An I bond rate has two parts: a fixed rate set at purchase, and an inflation rate that resets every six months.
Composite rate = fixed rate + 2 × semiannual inflation rate + fixed rate × semiannual inflation rate
| Bonds issued May 1 to Oct 31, 2026 | Rate |
|---|---|
| Fixed rate | 0.90% |
| Semiannual inflation rate | 1.67% |
| Composite rate for the first six months | 4.26% |
Check: 0.90% + 2 × 1.67% + (0.90% × 1.67%) = 4.255%, which rounds to 4.26%. After six months the inflation part resets and the fixed rate stays with the bond for its life. New rates are announced each May and November.
5. Holding rules that change the value
| Time held | What happens if you cash in |
|---|---|
| Under 12 months | Not allowed (limited exceptions) |
| 12 months to 5 years | You lose the last 3 months of interest |
| 5 years or more | No penalty |
For example, on $1,000 earning 4.26%, three months of interest is roughly $10.65, which is what an early redemption would cost. Over a full six-month period at 4.26% the interest is about $21.30.
6. How to find the exact value of your bond
- 1If you own electronic bonds, the value is shown in your TreasuryDirect account.
- 2For paper bonds, enter the series, denomination, serial number and issue date into the official TreasuryDirect savings bond calculator.
- 3Subtract nothing yourself: the official figures already include the early-redemption penalty where it applies.
7. EE vs I at a glance
| Series EE | Series I | |
|---|---|---|
| Rate | Fixed at purchase | Fixed rate plus inflation rate |
| Rate now (issued May–Oct 2026) | 2.40% | 4.26% composite |
| Guarantee | Doubles in 20 years | Value does not fall; inflation part resets every 6 months |
| Early redemption | Lose 3 months of interest before 5 years | Lose 3 months of interest before 5 years |
The 4.26% I bond rate applies to bonds issued in this window and changes with each reset, so check TreasuryDirect for the current figure before you buy.
8. Frequently asked questions
Is there a savings bond price calculator?expand_more
Yes. TreasuryDirect has an official savings bond calculator that values paper EE and I bonds from their series, denomination and issue date. Electronic bonds show their value in your TreasuryDirect account.
Can I use a bond price calculator for a savings bond?expand_more
No. A bond price calculator uses a market yield for bonds that trade. Savings bonds do not trade, and their value comes from fixed rules and Treasury rates.
What is the current I bond rate?expand_more
For bonds issued May 1 to October 31, 2026 the composite rate is 4.26%, made of a 0.90% fixed rate and a 1.67% semiannual inflation rate. A new rate is announced each May and November.
What happens if I cash in a savings bond early?expand_more
You cannot cash it in during the first 12 months. Between 12 months and 5 years you lose the last 3 months of interest. After 5 years there is no penalty.
Do EE bonds really double in 20 years?expand_more
Yes. Treasury guarantees an EE bond is worth at least twice its purchase price at 20 years, adding a one-time adjustment if needed. That works out to about 3.53% a year.