Older EE Savings Bonds: Why Issue Dates Determine Interest and Maturity
Paper EE bonds issued in different periods earned interest under different rules. Understanding those historical terms matters when you discover old bonds, check their value, or decide whether they have stopped earning. This guide brings together the Treasury's explanations for the major pre-May-2005 issue periods. The dated rate information describes those bonds' historical terms, not rates available on new purchases today, and it should be read alongside each bond's original issue date.
Adapted from public-domain educational material published by U.S. Treasury. Fynoptic has organized and edited the material and added introductory and practical guidance. Sources were reviewed on October 28, 2026; original publication dates, where available, are listed below.
1980 through April 1995
EE bonds interest rates for bonds issued from 1980 through April 1995
EE bonds earn interest until the first of these events: You cash in the bond or it reaches 30 years old. Therefore, these bonds have stopped earning interest.
If you moved your EE bond into a TreasuryDirect account, and it was issued from 1980 through April 1995, we paid you for the bond as soon as it reached 30 years and stopped earning interest.
If you still have a paper EE bond, check the issue date. If that date is more than 30 years ago, it is no longer increasing in value and you may want to cash it. See Cashing EE and I savings bonds.
To find out how much your paper EE savings bond is worth, use our Savings Bond Calculator.
The calculator will also tell you when the bond stopped earning interest (Final Maturity).
How did my bond increase in value?
The original price of EE bonds that we sold from 1980 through April 1995 was one-half its face value. (For example, a $50 bond cost $25.)
The bond started to earn interest on its cost (not on its face value).
We added interest to the bond either every month or every six months. Also, every sixth month from issue, we began applying the bond’s interest rate to a new value: the sum derived from taking the bond’s previous value and adding the total interest the bond earned in the following six months.
This is called semiannual compounding. With it, your money grew not just from the interest percentage but from the fact that the interest was calculated on a growing balance.
How did we figure the interest rate for these bonds?
EE bonds that we issued before May 1995 earned interest in one of 2 ways, either
- at a guaranteed rate or rates
- at a market-based rate (85% of 6-month averages of 5-year Treasury security yields)
For each bond, we calculated which of these 2 ways gave the bond its highest value if we had used that way by itself over the entire time you held the bond.
Understanding the 2 ways we figured interest
Sometimes it helps to think about how these savings bonds earned interest by seeing 2 parallel, but entirely separate and independent, interest-earning paths, both starting on a certain date.
For EE bonds issued from November 1982 through April 1995, that date was the issue date of the bond.
- On one path, the bond earned interest only at a guaranteed rate or rates for the entire period.
- On the other path, the bond earned interest only at market-based rates for the entire period.
In other words, we compared the cumulative effect of applying only market-based rates for the entire period to the cumulative effect of applying only the guaranteed rate(s) for that entire period.
Knowing the guaranteed interest rate(s) for my bond
The easiest way to find out how much an EE bond from before May 1995 is worth is to use the Savings Bond Calculator.
If you want to figure out for yourself or to understand how your bond grew in value by the guaranteed interest rate path, you will be interested in this information. Each EE savings bond from this period had an original guaranteed rate that lasted for 9 to 18 years. It then had a new guaranteed rate for all its years after that until it stopped earning interest.
Part 1: Interest during the original maturity period. The guaranteed rate depended on the date we issued the bond because that gave the bond's original maturity period and the rate we guaranteed for that time.
This table tells you the rates and length of time the bonds earned that rate:
| EE bond issue date | Overall rate of return originally guaranteed for original maturity period |
Original maturity period |
|---|---|---|
| March 1993 – April 1995 | 4% per year, compounded semiannually |
18 years |
| November 1986 – February 1993 | 6% per year, compounded semiannually |
12 years |
| November 1982 – October 1986 | 7.5% per year, compounded semiannually |
10 years |
| May 1981 – October 1982 | 9% per year, compounded semiannually |
8 years |
| November 1980 – April 1981 | 8% per year, compounded semiannually |
9 years |
| January 1980 – October 1980 | 7% per year, compounded semiannually |
11 years |
Part 2. Interest rate after the original maturity date. The rate could change after the original maturity date. Bonds that entered an extended maturity period from May 1989 through February 1993 had a guaranteed minimum rate of 6 percent during that extended maturity period. All other extended maturity periods had a guaranteed rate of 4 percent.
What was the market-based rate for bonds that we issued before May 1995?
Every May 1 and November 1, we calculated the market rate to apply to these EE bonds.
We based the rate on the 5-year Treasury securities yield and then set the rate this way:
- We took 85 percent of the average of these yields for the applicable earning period.
- We rounded the rate to the nearest one-hundredth of one percent for bonds issued May 1989 and later, and for bonds and notes which entered an extended maturity period on or after that date. Otherwise, we rounded the rate to the nearest one-quarter of one percent.
We then applied the resulting rate to the entire period for which the bond was entitled to market-based earnings.
| Date we set the market rate for these EE bonds | 5-year Treasury securities yield we used to set the rate |
|---|---|
| Remember that we took 85% of this number and then rounded it, as we describe above. | |
| November 1, 2024 | 4.02% |
| May 1, 2024 | 4.24% |
| November 1, 2023 | 4.21% |
| May 1, 2023 | 3.79% |
| November 1, 2022 | 3.32% |
| May 1, 2022 | 1.78% |
| November 1, 2021 | 0.86% |
| May 1, 2021 | 0.58% |
| November 1, 2020 | 0.31% |
| May 1, 2020 | 1.20% |
| November 1, 2019 | 1.74% |
| May 1, 2019 | 2.56% |
| November 1, 2018 | 2.84% |
| May 1, 2018 | 2.42% |
| November 1, 2017 | 1.84% |
| May 1, 2017 | 1.87% |
| November 1, 2016 | 1.19% |
| May 1, 2016 | 1.46% |
| November 1, 2015 | 1.55% |
| May 1, 2015 | 1.50% |
| November 1, 2014 | 1.65% |
| May 1, 2014 | 1.58% |
| November 1, 2013 | 1.32% |
| May 1, 2013 | 0.76% |
| November 1, 2012 | 0.70% |
| May 1, 2012 | 0.90% |
| November 1, 2011 | 1.32% |
| May 1, 2011 | 1.97% |
| November 1, 2010 | 1.67% |
| May 1, 2010 | 2.40% |
| November 1, 2009 | 2.43% |
| May 1, 2009 | 1.83% |
| November 1, 2008 | 3.12% |
| May 1, 2008 | 3.04% |
| November 1, 2007 | 4.57% |
| May 1, 2007 | 4.61% |
| November 1, 2006 | 4.88% |
| May 1, 2006 | 4.56% |
| November 1, 2005 | 4.01% |
| May 1, 2005 | 3.80% |
| November 1, 2004 | 3.61% |
| May 1, 2004 | 3.16% |
| November 1, 2003 | 2.90% |
| May 1, 2003 | 2.96% |
| November 1, 2002 | 3.61% |
| May 1, 2002 | 4.40% |
| November 1, 2001 | 4.52% |
| May 1, 2001 | 5.00% |
| November 1, 2000 | 6.16% |
| May 1, 2000 | 6.36% |
| November 1, 1999 | 5.77% |
| May 1, 1999 | 4.79% |
| November 1, 1998 | 5.11% |
| May 1, 1998 | 5.62% |
| November 1, 1997 | 6.21% |
| May 1, 1997 | 6.31% |
| November 1, 1996 | 6.51% |
| May 1, 1996 | 5.70% |
| November 1, 1995 | 6.08% |
| May 1, 1995 | 7.42% |
| November 1, 1994 | 6.96% |
| May 1, 1994 | 5.53% |
| November 1, 1993 | 5.00% |
| May 1, 1993 | 5.62% |
| November 1, 1992 | 5.93% |
| May 1, 1992 | 6.56% |
| November 1, 1991 | 7.50% |
| May 1, 1991 | 7.73% |
| November 1, 1990 | 8.46% |
| May 1, 1990 | 8.25% |
| November 1, 1989 | 8.21% |
| May 1, 1989 | 9.19% |
| November 1, 1988 | 8.65% |
| May 1, 1988 | 8.12% |
| November 1, 1987 | 8.44% |
| May 1, 1987 | 6.87% |
| November 1, 1986 | 7.13% |
| May 1, 1986 | 8.26% |
| November 1, 1985 | 9.83% |
| May 1, 1985 | 11.17% |
| November 1, 1984 | 12.87% |
| May 1, 1984 | 11.71% |
| November 1, 1983 | 11.04% |
| May 1, 1983 | 10.17% |
| November 1, 1982 | 13.05% |
May 1995 through April 1997
EE bond interest rates for bonds issued from May 1995 through April 1997
EE bonds earn interest until the first of these events: You cash in the bond or the bond reaches 30 years old.
May 1995 - April 1997 EE bonds earn a variable rate of interest
EE bonds that we issued from May 1995 through April 1997 earn a variable rate of interest. That means the interest rate for your bond can change every 6 months.
We announce a new interest rate every May 1 and November 1.
Current Interest Rate
Series EE Savings Bonds3.20%
That rate applies to the next 6-month period of your bond. Your 6-month periods may start at different times for different bonds. It depends on the issue date of the bond.
For example: You have an EE bond with an issue date of October 1, 1996. Your 6-month rate periods start in October and in April. The rate we announce on May 1 will start for your bond on the following October 1. The rate we announce on November 1 will start for your bond on the following April 1.
For an historical record of interest rates for these bonds, see the tables on What have interest rates been? at the bottom of this page.
The interest gets added to the bond's value
EE bonds that we issued from May 1995 through April 1997 have been earning interest from the first day of the month you bought them.
Twice a year, we add all the interest the bond earned in the previous 6 months to the main (principal) value of the bond.
That gives the bond a new value (old value + interest earned).
Over the next 6 months, we apply the new interest rate to that entire new value.
This is called semiannual compounding. With it, your money grows not just from the interest percentage but from the fact that the interest is calculated on a growing balance.
Take care which month you cash the bond
Although your EE bonds with issue dates from May 1995 through April 1997 earn interest every month, we only add that interest to the bond's value 2 times a year.
If you cash a bond part way through a 6-month period, you don't get the interest the bond has been earning in that period. You get the value of the bond as of the last time interest was added.
Therefore, you may want to cash the bond soon after we add the interest from the previous 6 months.
Which months those are depends on when you bought the bond. To know which 2 months in every year are when interest is added to the value of your bond, see When does my bond change rates? further down this page.
Here's how we set the interest rate for these EE bonds
For EE Bonds that we issued from May 1995 through April 1997, we determine the interest rate every May 1 and November 1 by looking at U.S. Treasury security yields for the previous 6 months.
The rate we now apply to these EE Bonds (the "long-term" rate) is 85% of the 6-month average of 5-year U.S. Treasury security yields.
EE bonds that we issued between May 1995 and April 1997, had an "original maturity date" when they were 17 years old. At that time, we met our guarantee that the bond would be worth at least double what you paid for it.
For example, if you paid $50 for a $100 EE bond in April 1997, it was 17 years old in April 2014. At that time, if the bond was not yet worth $100 (because of the interest earned and the semiannual compounding), we added money to it so it was worth $100. And then, the next interest payment was based on that new value.
When does my bond change rates?
| If we issued your bond in | Your interest rate changes |
|---|---|
| January | January 1 and July 1 |
| February | February 1 and August 1 |
| March | March 1 and September 1 |
| April | April 1 and October 1 |
| May | May 1 and November 1 |
| June | June 1 and December 1 |
| July | July 1 and January 1 |
| August | August 1 and February 1 |
| September | September 1 and March 1 |
| October | October 1 and April 1 |
| November | November 1 and May 1 |
| December | December 1 and June 1 |
What have interest rates been for EE bonds we issued from May 1995 through April 1997?
| Date we set the rate for these EE bonds (for dates since November 2001) | Interest rate for the 6-month rate periods starting on or after that date |
|---|---|
| May 1, 2026 | 3.20% |
| November 1, 2025 | 3.26% |
| May 1, 2025 | 3.56% |
| November 1, 2024 | 3.41% |
| May 1, 2024 | 3.60% |
| November 1, 2023 | 3.58% |
| May 1, 2023 | 3.22% |
| November 1, 2022 | 2.82% |
| May 1, 2022 | 1.51% |
| November 1, 2021 | 0.73% |
| May 1, 2021 | 0.49% |
| November 1, 2020 | 0.26% |
| May 1, 2020 | 1.02% |
| November 1, 2019 | 1.48% |
| May 1, 2019 | 2.18% |
| November 1, 2018 | 2.41% |
| May 1, 2018 | 2.06% |
| November 1, 2017 | 1.56% |
| May 1, 2017 | 1.59% |
| November 1, 2016 | 1.01% |
| May 1, 2016 | 1.24% |
| November 1, 2015 | 1.31% |
| May 1, 2015 | 1.27% |
| November 1, 2014 | 1.41% |
| May 1, 2014 | 1.34% |
| November 1, 2013 | 1.12% |
| May 1, 2013 | 0.65% |
| November 1, 2012 | 0.59% |
| May 1, 2012 | 0.76% |
| November 1, 2011 | 1.12% |
| May 1, 2011 | 1.67% |
| November 1, 2010 | 1.42% |
| May 1, 2010 | 2.04% |
| November 1, 2009 | 2.06% |
| May 1, 2009 | 1.55% |
| November 1, 2008 | 2.65% |
| May 1, 2008 | 2.58% |
| November 1, 2007 | 3.88% |
| May 1, 2007 | 3.92% |
| November 1, 2006 | 4.15% |
| May 1, 2006 | 3.88% |
| November 1, 2005 | 3.41% |
| May 1, 2005 | 3.23% |
| November 1, 2004 | 3.07% |
| May 1, 2004 | 2.68% |
| November 1, 2003 | 2.47% |
| May 1, 2003 | 2.51% |
| November 1, 2002 | 3.07% |
| May 1, 2002 | 3.74% |
| November 1, 2001 | 3.84% |
For the first 5 years of their life, EE bonds that we issued from May 1995 through April 1997, earned a "short-term" variable interest rate. After 5 years, they earned a "long-term" variable interest rate.
By November 2001, all these bonds were earning the long-term rate. That's why the table above (from November 2001 to today) shows only one rate.
The table below shows both short-term and long-term rates for dates when your bond may have been earning either the short-term or the long-term rate, depending on how old it was.
| Date we set the rate for these EE bonds (for dates from 1995 to May 2001) | "Short-term" interest rate for the 6-month rate periods starting on or after that date – applied for the first 5 years of the bond's life | "Long-term" interest rates for the 6-month rate periods starting on or after that date – applied starting in the bond's 6th year. |
|---|---|---|
| May 1, 2001 | 3.77% | 4.25% |
| November 1, 2000 | 5.36% | 5.23% |
| May 1, 2000 | 5.15% | 5.41% |
| November 1, 1999 | 4.35% | Not applicable (N/A) |
| May 1, 1999 | 3.91% | N/A |
| November 1, 1998 | 4.01% | N/A |
| May 1, 1998 | 4.47% | N/A |
| November 1, 1997 | 4.53% | N/A |
| May 1, 1997 | 4.63% | N/A |
| November 1, 1996 | 4.56% | N/A |
| May 1, 1996 | 4.36% | N/A |
| November 1, 1995 | 4.75% | N/A |
| May 1, 1995 | 5.25% | N/A |
(From May 1994 through November 1999, all EE bonds were less than 5 years old and so none were earning the long-term rate.)
May 1997 through April 2005
May 1997 - April 2005 EE bonds earn a variable rate of interest
EE bonds that we issued from May 1997 through April 2005 earn a variable rate of interest. That means the interest rate for your bond can change every 6 months.
Current Interest Rate
Series EE Savings Bonds 3.39%
For example: You have an EE bond with an issue date of September 1, 2003. Your 6-month rate periods start in September and in March. The rate we announce on May 1 will start for your bond on the following September 1. The rate we announce on November 1 will start for your bond on the following March 1.
To see in which months your EE bond begins to earn each new interest rate, see When does my bond change rates? further down this page.
The interest gets added to the bond's value
For EE bonds we issued from May 1997 through April 2005, we add interest every month. Also, every sixth month from issue, we begin applying the bond’s interest rate to a new value: the sum derived from taking the bond’s previous value and adding the total interest the bond earned in the following six months.
You can find a bond’s current value
If the bond is in TreasuryDirect, look in your account there. If the bond is paper, use the Savings Bond Calculator.
These EE bonds have 2 maturity dates
EE bonds that we issued from May 1997 through April 2005 have an original maturity date part way into the bond's 30-year life, as well as a final maturity date at the end of the bond's 30-year life.
| Issue date of EE bond | Original maturity date |
|---|---|
| May 1, 1997 through May 1, 2003 | 17 years from issue date |
| June 1, 2003 through April 1, 2005 | 20 years from issue date |
We guarantee that when it reaches its original maturity date, an EE bond will be worth at least double what you paid for it – whether you bought a paper EE bond at half its face value or an electronic EE bond at its full face value.
If the EE bond has not at least doubled its purchase price when it reaches the original maturity date, we will make a one-time adjustment to make up the difference.
Here's how we set the interest rate for these EE bonds
Up to the bond's original maturity date, we determine the interest by
- finding the average yields of 5-year Treasury securities for the previous 6 months, and
- taking 90 percent of that number
For the rest of the bond's life (the "extended maturity period"), we use the same method unless we announce a different method.
If we change the method, we must announce it before the bond's original maturity date. If you do not want the new way the bond will earn interest in its extended maturity period, you can cash it when it reaches its original maturity date and has at least doubled what you paid for it. (You can, of course, cash the bond any time after it is 1 year old.)
When does my bond change rates?
| If we issued your bond in | Your interest rate changes |
|---|---|
| January | January 1 and July 1 |
| February | February 1 and August 1 |
| March | March 1 and September 1 |
| April | April 1 and October 1 |
| May | May 1 and November 1 |
| June | June 1 and December 1 |
| July | July 1 and January 1 |
| August | August 1 and February 1 |
| September | September 1 and March 1 |
| October | October 1 and April 1 |
| November | November 1 and May 1 |
| December | December 1 and June 1 |
What have interest rates been for EE bonds we issued from May 1997 through April 2005?
| Date we set the rate for these EE bonds | Interest rate for the 6-month rate periods starting on or after that date |
|---|---|
| May 1, 2026 | 3.39% |
| November 1, 2025 | 3.45% |
| May 1, 2025 | 3.77% |
| November 1, 2024 | 3.62% |
| May 1, 2024 | 3.81% |
| November 1, 2023 | 3.79% |
| May 1, 2023 | 3.41% |
| November 1, 2022 | 2.99% |
| May 1, 2022 | 1.60% |
| November 1, 2021 | 0.77% |
| May 1, 2021 | 0.52% |
| November 1, 2020 | 0.28% |
| May 1, 2020 | 1.08% |
| November 1, 2019 | 1.57% |
| May 1, 2019 | 2.30% |
| November 1, 2018 | 2.56% |
| May 1, 2018 | 2.18% |
| November 1, 2017 | 1.66% |
| May 1, 2017 | 1.68% |
| November 1, 2016 | 1.07% |
| May 1, 2016 | 1.31% |
| November 1, 2015 | 1.39% |
| May 1, 2015 | 1.35% |
| November 1, 2014 | 1.49% |
| May 1, 2014 | 1.42% |
| November 1, 2013 | 1.19% |
| May 1, 2013 | 0.68% |
| November 1, 2012 | 0.63% |
| May 1, 2012 | 0.81% |
| November 1, 2011 | 1.19% |
| May 1, 2011 | 1.77% |
| November 1, 2010 | 1.50% |
| May 1, 2010 | 2.16% |
| November 1, 2009 | 2.19% |
| May 1, 2009 | 1.64% |
| November 1, 2008 | 2.80% |
| May 1, 2008 | 2.74% |
| November 1, 2007 | 4.11% |
| May 1, 2007 | 4.15% |
| November 1, 2006 | 4.39% |
| May 1, 2006 | 4.11% |
| November 1, 2005 | 3.61% |
| May 1, 2005 | 3.42% |
| November 1, 2004 | 3.25% |
| May 1, 2004 | 2.84% |
| November 1, 2003 | 2.61% |
| May 1, 2003 | 2.66% |
| November 1, 2002 | 3.25% |
| May 1, 2002 | 3.96% |
| November 1, 2001 | 4.07% |
| May 1, 2001 | 4.50% |
| November 1, 2000 | 5.54% |
| May 1, 2000 | 5.73% |
| November 1, 1999 | 5.19% |
| May 1, 1999 | 4.31% |
| November 1, 1998 | 4.60% |
| May 1, 1998 | 5.06% |
| November 1, 1997 | 5.59% |
| May 1, 1997 | 5.68% |
Putting this into practice
Sort old bonds by issue month and year before looking up their value. A bond's face amount alone does not show the amount payable, and keeping a bond past final maturity does not extend its interest-earning period. Use Treasury's current calculator or redemption process for the actual amount.
Sources and further reading
- 1980 through April 1995 — U.S. Treasury
- May 1995 through April 1997 — U.S. Treasury
- May 1997 through April 2005 — U.S. Treasury