Anyone who buys groceries knows that higher prices have hung around just like that last guest who won't go home after a party. Inflation is here — so you might as well make a little money on it.

A new rate for I Bonds kicked off Nov. 1 and savers will see a tiny boost in rates, thanks to steady inflation.

If you buy an I Bond anytime from Nov. 1 through April 30, 2026, the annualized rate for newly purchased I Bonds is 4.03% for the next six months after you buy that bond. That includes a fixed rate of 0.9% that applies for the 30-year life of the bond.

The combined rate of 4.03% for Series I U.S. Savings Bonds will apply for the first six months after you buy the bonds. After that, inflation adjustments could go up or down. You could see a higher rate or a lower combined rate every six months afterward.

The bad news for people who want to buy I Bonds now is that the fixed rate of 0.9% is somewhat lower than the 1.1% fixed rate that applies to I Bonds bought from May 1 through Oct. 31 this year.

Previously, I Bonds had a composite rate of 3.98% for I Bonds issued from May 2025 through October 2025. For savers who bought those bonds, ultimately, they will see an annualized rate of 4.23% for a six-month period at one point. That includes the 1.1% fixed rate on those bonds, and the new variable inflation adjusted rate.

I Bonds have two components: A fixed rate that remains with the 30-year life of the savings bond. And a variable rate that adjusts each six months after you bought the I Bond. Buy an I Bond in June and the variable rate will adjust in December.

I Bonds are not as simple as keeping money in a savings account, but they often offer higher rates. They're an inflation-protected investment that doesn't face the wild ride that can accompany a Standard & Poor's 500 index fund.

I Bonds also can help smaller savers build savings. The minimum needed to open an I Bond is $25.

The I Bond rate isn't eye-popping, like it was three or four years ago. Even so, it can beat parking your money in a savings account. The average savings rate is 0.48% for a bank account, according to data from Bankrate.com. The average five-year CD rate is 1.68%.

Savers who are willing to shop around will find much higher rates. Some promotional rates on five-year certificates of deposit are in the 4% to 4.2% range. Some promotional rates on high-yield savings accounts are in the 4.2% range, according to Bankrate.com.

While some high yield savings accounts do not require a minimum amount of savings, others will require that you have at least $1,000 or at least $5,000 to set aside in that high yield account as a minimum balance. You need to check various rules that apply to individual accounts.

Savers who want higher rates need to review rates and be willing to consider online banks, community banks and credit unions, which tend to be the institutions with the best deposit rates, not the largest banks, said Ted Rossman, senior industry analyst for Bankrate.com.

\\"Of course, as long as you're FDIC- or NCUA-insured, you're protected, even if the financial institution isn't necessarily a household name,\\" Rossman said.

You don't go to a bank to buy an I Bond. Instead, I Bonds are one of those quirky kind of investments that can be bought online only through TreasuryDirect.gov.

Those who save money via I Bonds do not receive statements each year or quarter to track the value of those bonds; you need to do that on your own online.

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During a calendar year, an individual can buy up to $10,000 in electronic I Bonds.

All I Bonds aren't the same. Fixed rates on I Bonds are all over the map, depending on when you bought those I Bonds. Before you cash any I Bonds, you'd want to fully understand what kind of fixed rate you're getting on that bond. The TreasuryDirect.gov site has a chart that is useful.

Some I Bonds issued at some points in 2001, for example, had fixed rates of 3% to 3.4%. The highest fixed rate — 3.6% — applies to I Bonds that were newly issued from May 2000 through October 2000. An inflation adjustment is paid on top of those fixed rates.

For example, if you have an older I Bond with a fixed rate of 3.4%, you'd receive an annualized rate of 6.57% for a six-month period once the inflation-adjusted rate that was announced Nov. 1 applies to your I Bond.

\\"I Bonds remain a very attractive investment, especially for a person planning to hold (the bond) five years,\\" said David Enna, who regularly tracks inflation-adjusted government bonds.

A point to note: If you cash in the bond in less than five years, you lose the last three months of interest. The TreasuryDirect site gives an example: \\"If you cash in the bond after 18 months, you get the first 15 months of interest.\\"

Another consideration: The rate on your I Bonds will change every six months once the inflation adjustment is added. If inflation drops significantly in future years, you will not see high rates.

Remember: You cannot cash or redeem I Bonds until after 12 months from when you bought them.

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\\"Even for shorter-term investors, the 4.03% interest rate will be competitive for six months and probably beyond if the Fed lowers interest rates in 2026,\\" said Enna, who created the website Tipswatch.com in 2011 to track inflation-adjusted savings bonds and Treasury-Inflation Protected Securities, commonly called TIPS.

Enna said TreasuryDirect appears to be hinting of some changes ahead for its online system. In October, Enna alerted savings bond investors who are holding I Bonds in “gift-box” storage that TreasuryDirect was sending emails advising them to take the time to actually deliver the bonds to the intended recipient. Don't leave them in storage.

\\"Delivering the gift bond promptly ensures the smoothest gifting process,\\" according to that email.

TreasuryDirect notes in an FAQ on gift bonds online: \\"At this time, the gift bond program is not being eliminated. However, we will share more information as it becomes available.\\"

Decades ago, of course, many people simply went to the bank to buy paper savings bonds to give as holiday presents or birthday gifts. That's no longer possible. The only way to buy savings bonds now is through the online platform at TreasuryDirect.gov.

\\"My No. 1 tip on buying I Bonds is to invest in them with the idea of creating a secondary emergency fund that can be accessed after a year with a small interest penalty or after five years with no penalty,\\" Enna said.

\\"I Bonds do not need to be held for 30 years,\\" Enna said. \\"When you need the cash in the future, redeem them.\\"

Contact personal finance columnist Susan Tompor: stompor@freepress.com. Follow her on X @tompor.

This article originally appeared on Detroit Free Press: Inflation is hanging around, making I Bonds worth a look for savers