Savers buy $710 million of inflation-backed I Bonds in just one day

The inflation-triggered I Bond buying frenzy has led to an unprecedented volume of purchases in the past 24 hours, according to the US Treasury.

As of 4 p.m. Friday, TreasuryDirect had seen 68,751 online accounts created and $710 million in orders for I Bonds in just one day. It’s a huge amount when you consider the sale of approximately $704 million of I Bonds in the first two weeks of October, through October 14, based on Treasury data.

Buyers wanted to lock in an annual rate of 9.62% for six months. The price looks great when many one-year certificates of deposit pay 1% or less.

While many people succeeded in buying I Bonds on Friday, others expressed a great deal of frustration, noting that when they tried to go to, the site was not showing up on their computer screen. Or some said they cut off the internet during the process. Some complained that they had been denied entry – and were unable to return on Friday – when they did not remember their security questions for the treasury accounts they opened years ago.

If anyone is hoping to sit down on a Saturday morning and buy I Bonds, they are out of luck.

TreasuryDirect will be down for scheduled maintenance from midnight Saturday through 11:59 p.m. Sunday, TreasuryDirect reported late Friday afternoon.

Savers are told again, though, that purchases completed before scheduled maintenance will get a lot of talk about the 9.62% annual rate that will apply to the first six months after purchasing the bond. Another rate – likely around 6.48% per annum – will apply over the next six months. This new rate will be announced on November 1.

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