I-bonds have an annual rate of interest. The best way to find the current rate of interest for an I-bond is to go to the website www.treasurydirect.gov and look up the rate.
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The monthly interest rate for fixed rate bonds is the annual interest rate divided by 12.
Fixed rate bonds are a 'security' paying a fixed periodical 'coupon' or interest payment, say 6%. After some defined period, the bond will repay its 'face value' being equivalent of the principal in a loan.
The current interest rates of US Saving Bonds are 0.2 percent for Series EE Bonds. Series I Bonds have interest rate of 1.18 percent. Series HH Bonds have interest rate of 1.5 percent.
It is, essentially, a tax.
Bonds have a predetermined rate of interest called the stated or contract rate, which is established by the board of directors.