Interest rates on savings accounts are rising following rate increases from the Federal Reserve.

Despite that slight uptick, savings accounts generally do not offer the best return on investment.

A series I bond may be a better option for those who may not need to access their savings immediately.

The bonds will pay 9.62% percent through October. A new rate will be set in November.

The higher rate has made the bonds popular recently, with more than $17 billion sold from November to May. In all of 2020, $365 million were sold.

Financial planners remind potential investors that their money will be locked up for a minimum of one year. People can deposit anywhere from $25 to $10,000.

The bond is backed by the U.S. government, so it's generally risk-free.

People can obtain the bond by going to treasurydirect.gov.