[SketchySeaBeast]

That rate is only for 6 months:

"That rate is applied to the 6 months after the purchase is made. For example, if you buy an I bond on July 1, 2022, the 9.62% would be applied through December 31, 2022."

And here[1]:

"What's the interest rate on an I bond you sell today?

For the first six months you own it, the Series I bond we sell from May 2022 through October 2022 earns interest at an annual rate of 9.62 percent. A new rate will be set every six months based on this bond's fixed rate (0.00 percent) and on inflation."

I'm not sure what the next return is - either way given the current mark that's excellent, just important to know that there is a definite time limit on that interest rate.

[1] https://www.treasurydirect.gov/indiv/research/indepth/ibonds...

[HellzStormer]

Yep, and if you cash it in less than 5 years, you lose the last 3 months of interests.