Sometimes procrastination pays.

On April 25, I suggested that anyone interested in purchasing inflation-indexed U.S. Savings Bonds wait until May 3, as the new bonds might well be more generous than the ones issued before then.

That’s what’s happened. The new I bonds – any issued from May 3 through the end of October – will pay 3.39 percent for the first six months, compared to 2.19 percent for those issued from last November through April.

But before you rush out to buy them, consider the other type – the EE bond.

Those issued from May 3 through October pay 2.84 percent, up from 2.61 percent during the previous six months.

Sure, you can earn a bit more with the I bond, but that’s only for the six months beginning on the day you buy.

After that, rates paid by each type of bond will adjust, and the EE bonds are likely to be more profitable in the long run.

On the first business day of every May and November, the rates on previously issued EE bonds are moved up or down to equal 90 percent of the current rate paid by five-year U.S. Treasury notes.

Rates on I bonds are adjusted at the same time, but with a different system broken into two parts: a fixed rate that stays the same for the life of the bond; a floating rate that moves up or down to match inflation.

Starting May 3, new I bonds carry a 1 percent fixed rate, compared to 1.1 percent for the I bonds issued in the previous six months.

The floating rate of 2.38 percent – the inflation rate for the past six months – brings the I bond rate to 3.38 percent for the first six months after purchase. Then the floating rate will be readjusted.

With the fixed rate at 1 percent, I bonds will always pay 1 percentage point more than the inflation rate.

But over long periods, EE bonds typically pay 2 percentage points above the inflation rate.

So EE bonds are generally the better bet when the fixed rate on I bonds is below 2 percentage points, as it is now.

Savings bonds can be purchased through many banks or directly from the government at its Web site, http://www.treasurydirect.gov/.

Keep in mind that a savings bond cannot be redeemed until it’s been owned for at least 12 months, and you lose three months’ interest if you redeem within five years of the purchase date. Savings bonds are no good if you need steady income, as the interest earnings are only received when a bond is redeemed.

Jeff Brown is a business columnist for The Philadelphia Inquirer.