Series I Savings Bonds -- informally known as "I bonds" to many Americans -- are an inflation-protected form of savings bonds you can purchase directly from the United States Treasury.

Right now, I bonds are paying a record-high 9.62% annual interest rate due to high inflation, but it is going to reset at the end of October for newly purchased I bonds. The good news is that if you act quickly, you can still lock in this interest rate for the next six months.

With that in mind, here's what you need to know about the I bond interest rate and where it could be heading next, the pros and cons of owning I bonds, and how to make sure you lock in your 9.62% interest rate before it resets.

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Source Fool.com