Treasury Directive collapses as savers try to buy 9.62 percent I bonds

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by friday As the deadline approaches, savers trying to buy guaranteed inflation-protected I bonds that pay 9.62 percent are crashing a Department of the Treasury website.

You can put up to $10,000 per calendar year in the First Series Savings Bond created as a hedge against inflation. To purchase and own an electronic I bond, you must create an account on the Treasury Direct website.

To ensure people receive a confirmation email, the Treasury Department is notifying buyers by 11:59:59 PM ET on Friday to make their purchases and fix the rate.

However, those who were able to load the website late Wednesday were greeted with the message: “We are currently experiencing unprecedented demands for new accounts and purchases of I Bonds. Due to these volumes, we cannot guarantee that customers will be able to complete a purchase by October 28 at the current price. Our representatives are available to assist. works to assist customers in need as soon as possible.”

Buy inflation-proof bonds that pay 9.62 percent while there’s still time

A lot of people struggle to make a deadline website. treasurydirect.govunable to load and disappointing buyers.

“After 3 hours I was able to create an account and log in,” wrote a commenter on IsItDownRightNow. Web site. “I got my emails right away (1:04 and 1:09 PT). Now we are having trouble getting the purchase page to load.”

This isn’t the site’s first downfall. This happened in May, when the rate close to 10 percent was announced. The Treasury Department also had trouble keeping up with the volume of calls from people struggling to buy I bonds.

6 important things to know about inflation-indexed bonds that pay 9.62 percent

“Due to extremely high traffic, the Treasury Direct website experienced intermittent slowdowns today,” a Treasury Department spokesperson said in an email Wednesday. Said. “We are in the process of taking further steps in hopes of increasing the service capacity of the system and resolving issues quickly.”

An I bond’s yield has two components: a flat rate and an inflation-adjusted rate. The fixed rate of return and the semi-annual inflation rate are announced by the Treasury Department in May and November each year. The inflation rate is adjusted every six months, while the flat rate remains the same (and is currently zero) over the life of the 30-year bond.

Inflation-linked US bonds crash Treasury Direct website

Although inflation is still at historically high levels, the latest data from the Bureau of Labor Statistics show a slight slowdown. Therefore, the inflation index portion of the I bond may see a rate drop in November.

But investors who bought an I bond before November. 1 will continue to receive 9.62 percent for the first six months in which they hold the bonds.

A spokesperson for the Treasury said, “We encourage customers to continue using the website and hope the issues are resolved soon.” Said.

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