It is very interesting to observe how some claimed "experts" can have different views on obvious things. As reported in Bankrate, savings bond "expert" Dan Pederson believes that the new rates for both I-series and EE-series savings bond make them a good buy.

I will seriously challenge the argument. On the I bond side, it will take more than 5 years to recoup the difference of the teaser rate ((5.73% - 1%) * 6 / 12 / (1.40% - 1.00%)). An apparent better choice to hedge against inflation will be TIPS -- also available from Treasury Direct.

On the EE bond side, how can an investor be satisfied with 3.7% fixed rate for 20 years? Hello?!

The new I bond has a fixed-rate component of 1.4 percent and an inflation-adjusted component of 1 percent, for a combined rate of 2.4 percent. That compares with the previous combined rate of 6.73 percent, which consisted of a 1 percent fixed rate and a 5.73 percent adjustable rate.

Savings bond expert Dan Pederson, author of "Savings Bonds -- When to Hold, When to Fold, and Everything In-Between," says the higher fixed rate makes the new I-bond much more attractive than those purchased in the past year.

"Even though the overall interest rate is much lower, people who buy this bond will get 40 basis points more than people who bought the bond last month. You miss out on the teaser rate, but this is actually better over the long term."

...

The other savings bond that has a semiannually adjusted rate is the Series EE. That bond received a 50-basis-point boost May 1 to 3.7 percent, up from 3.2 percent. The EE is a fixed-rate bond. If you buy the current bond you'll receive 3.7 percent annually for as long as you own the bond. The bond's interest rate is based to some degree on the 10-year Treasury, but there are other determining factors that allow the Treasury to set it somewhat arbitrarily.

"It (the increase) surprises me," says Pederson, "because they promise that in 20 years the EE will be worth face value, and at 3.7 percent it will exceed face value in 20 years. Both of these moves are good news for bond owners because it makes the products more competitive. Sometimes (the Treasury) has sat and not been tuned in to the competitive aspect."