Bonds issue-dated May 1997 and later earn interest at the savings bond rates determined each May 1 and November 1. Rates apply to the first semiannual earning period beginning on or after the effective date shown.

Bonds issue-dated May 1995 through April 1997 earn interest at the rates specified in the table. Rates are determined each May 1 and November 1. Rates apply to the first semiannual earning period beginning on or after the effective date shown. Bonds earn interest at the short-term rates during the first five years from date of issue; thereafter, interest is earned at the long-term rates.

The 5-year Treasury securities yields shown, which apply to bonds/notes issue-dated before May 1995 and held for at least five years, are calculated each May 1 and November 1. The market-based rate is set at 85% of the average of these yields for the applicable earning periods. The market-based rate is rounded to the nearest one-hundredth of one percent for bonds issued May 1989 and later, and for bonds/notes which entered an extended maturity period on or after that date; otherwise, the rate is rounded to the nearest one-quarter of one percent. The rounded rate is applied to the entire period for which the bond/note is entitled to market-based earnings.

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