Fear the Fed's rate raise? Savers can fight back with these 9.6% inflation-proof US bonds

With the Federal Reserve Board initiating its biggest single interest rate hike in 22 years, there's a move every investor can make to try to help compensate for credit card balances, car loans and mortgages becoming more costly.

Receiving far less attention than the Fed's action, the Treasury Department delivered a little gift to beleaguered savers on Monday. It raised the rate it pays on I Bonds to a whopping 9.6%.