The window for getting the high yields on I bonds closes this week

With another painful inflation report showing rapidly increasing prices for rent, food, medical care, electricity and heating fuel in September, people are searching for a safe place for their savings.

If you have money to spare — parked in a low-paying savings account — the Treasury Department's Series I savings bond is paying 9.62% right now, the highest yield since the bond debut in 1998.

But you only have until the end of October to take advantage of the rate. Savers who want to lock in that rate for an additional six months have until Friday, Oct. 28, to make their I bond purchase to ensure that it will be issued by the Oct. 31 deadline.

Here's why that cutoff period is important.

There are two components to the return for an I bond: a fixed rate and an inflation-adjusted rate. The fixed rate of return and the semiannual inflation rate are announced by the Treasury Department at the start of May and November every year.

While the fixed rate stays the same for the life of the 30-year bond (and is zero right now), the inflation rate adjusts every six months based on changes in the consumer price Index for all Urban Consumers.

Although inflation is still at historically high levels, the latest numbers show a slight slowdown, according to data from the Bureau of Labor Statistics earlier this month.

However, investors who buy I bonds before Nov. 1 will still get the 9.62% rate for the first six months they hold the bonds. But you have to get your confirmation email for the purchase of your I bond by 11:59:59 p.m. Eastern time on Oct. 28 to ensure you lock in the rate.

To buy an electronic I bond, you must first set up an account at TreasuryDirect.gov.

If you have trouble setting up a TreasuryDirect account on your first try, you are unlikely to be able to meet the Oct. 28 deadline to take advantage of the 9.62% rate.

But with inflation still high, I bonds will continue paying significantly more than a savings account or certificate of deposit even after the rate resets in November. So don't give up if you hit a snag in the process.