Surging demand for "inflation-proof" I-bonds crashes Treasury Department website

So many investors are rushing to buy Series I savings bonds ahead of an October 28 deadline to lock in a rate of 9.62% that it crashed a U.S. Treasury Department website selling the securities, which are considered a low-risk hedge against inflation. 

The Treasury Direct website froze up on Wednesday, while some users on social media reported delays accessing the service and getting their I-bond order processed. The delays could prevent some investors from completing their purchases before this week's deadline.

With the deadline fast approaching, the Treasury Department is opening more I-bond accounts each day than it typically creates in a year, according to an agency official. The website, TreasuryDirect, has been around for two decades and wasn't built for the spike in traffic it's receiving this week, the official added. Treasury has doubled its server capacity to handle the surge, but the site is still experiencing slowdowns, the agency said.