I put $52,000 into I-bonds in 2021 and 2022 when the composite rate hit 9.62%. Here's my honest retrospective.

The timing was genuinely great — I locked in about $4,800 in interest over the holding period above what a HYSA would have paid. The required 1-year hold and the 3-month interest penalty for cashing before 5 years were acceptable frictions given the rate differential.

The downsides I hadn't fully appreciated: the $10,000/person/year purchase limit means this strategy has a hard ceiling on scale. The purchase process through TreasuryDirect is genuinely clunky. And I-bond rates are now in the 4-5% range, which isn't dramatically better than a good HYSA.

Was it worth it? Yes, for the windfall conditions of 2022 inflation. As a long-term cash management strategy, the limits and friction probably don't justify it over a competitive HYSA or short-term Treasuries.