Now is a good time to buy this inflation-indexed savings bond

You can put up to $10,000 a year in a Series I Savings Bond as a hedge against inflation. It’s paying 9.62 percent.

The U.S. Treasury building in D.C. (Samuel Corum/Bloomberg News)

Rising inflation has been bad for consumers with the escalating cost of gas, groceries and rent causing people on the financial edge to struggle even more.

But for investors with money to spare and who are looking for safety, inflation has been good for Series I Bonds, which the Treasury Department announced will be paying 9.62 percent until the end of October.

Financial experts warn investors about chasing returns. However, this may be a good time to consider I bonds.

Prices rose 8.5 percent in March compared to 2021, driven by energy costs

“When inflation goes crazy like it is now, at least I bonds keep pace with inflation,” said Carolyn McClanahan, a certified financial planner who founded the fee-only Life Planning Partners based in Jacksonville, Fla.

Here’s what you should know about this type of savings bond.