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"Right now you can get 7.12% interest on I-Bonds - at zero risk to your principal. As close to a no-brainer as it gets."

If I understand them correctly, there's some fine-print to pay attention to.

First, you have to hold them 1-year at a minimum before redemption.
If held less than 5-years, then you forfeit the first 3-months' interest.
The annual rate of return can change over the holding period.

Further to the last point, the rate of return is actually a formula combining a "fixed-rate", plus an "inflation rate". The fixed-rate is fixed for the length of time you hold the bond. The inflation rate changes every 6-months - even on bonds you've already purchased. The current 7.12% "composite" rate is calculated by taking (fixed_rate + inflation_rate) * 2. The current fixed rate is 0.00%, and the inflation rate is 3.56%. The formula results in the 7.12% composite rate quoted.

What this means is you're NOT locking in a 7.12% rate of return. You're only sure to earn the 7.12% annualized rate of return until the next inflation rate adjustment.

You can see this explained in even greater detail at the US Treasury Direct website page explaining rate calculations, HERE.