Clark created a lot of excitement about Series I bonds last month. They were a great deal up until April 30. But as of May 1, Clark is no longer recommending them. That's because the government has reduced the fixed rate of return to 0%. That's just nuts! So you might want to dial back if you're on a payroll saving plans where you get Patriot Bonds or I bonds. Both are now practically useless as savings tools.

However, they will continue to be a decent deal if and only if you purchased before May 1. People who bought between last fall and April 30 are earning 4.28%. That will bump up to over 6% in November. And if you bought in the late '90s, wow, you're getting a phenomenal deal and should hold onto them for the full 30-year term. Remember that, as an added bonus, all savings bonds are exempt from state tax.

So let's reiterate what Clark wants you to know: If you already own I bonds, they remain a good deal. But if you are planning on buying them, stop! They are no longer a Clark Smart buy.