The little-known type of bond that's paying 7.12% in interest right now

$SPDR S&P 500 ETF(SPY.US)$ $Dow Jones Industrial Average(.DJI.US)$ $S&P 500 Index(.SPX.US)$ The devil is in the details with I Bonds. The fixed rate of I Bonds now is 0%. So if there is a deflationary period you will get 0% interest. This has happened a couple of times in the last ten years. Then again, if you bought your bonds back in 2000 when the fixed rate was 3.4% you'll be getting better than 10% interest accrual the next 6 months.