> And there are no real returns with I bonds, they literally preserve buying power. You save enough to buy a Happy Meal today and you'll have enough to buy a Happy Meal in 20 years.

Not entirely true. Series I Savings Bonds purchased during the current six-month period have a fixed rate of 0.4%, so in 20 years you'd have enough to buy about 1.08 happy meals.

Admittedly, it might be a challenge to find a place that sells fractional happy meals.

Mate you probably shouldn't put $10k into something you don't understand. You're not getting 10% for 12 months. You're getting a 9.62% rate for six months, and then a 6.48% rate for six months, and if you sell at that point then you lose three months of interest.

If I'm doing the math right, then your blended rate after one year including the penalty, for I bonds purchased during the past six months, is about 6.54%.