Labor Day is a time to relax and enjoy a long weekend. For many people, the holiday plans involve grilling while the weather is still nice, hanging out with family and friends or simply spending time doing nothing at all. 

But however you plan to spend your Labor Day holiday, you may also want to make time to knock out a few smart money moves. After all, getting your finances in order can be a great way to reduce stress. And, as an added benefit, making one or more of these moves will help you grow your hard-earned money. 

See how much more you could be earning with a top savings account here now.

3 smart money moves to make this Labor Day

Here are three smart moves you may want to consider making this Labor Day:

Open a CD with a top APY

If you don't have at least some of your savings deposited into a certificate of deposit (CD), you may want to consider changing that this Labor Day. A CD is a low-risk investment option that offers a fixed interest rate over a specific period of time, which means you earn guaranteed returns on your money. 

And, this is a great time to invest in a CD, especially if you're looking for a short-term investment, because rates are much higher than they were this time last year. In fact, many short-term CD rates are well above 5%, providing an opportunity to earn significantly more interest than traditional savings accounts.

But while shorter-term CDs have some of the highest APYs right now, CDs actually come in various terms, ranging from a few months to several years. If you'd prefer a more long-term investment, that's an option too — so choose a term that aligns with your financial goals and timeline. 

Just keep in mind that while CDs offer safety and predictable returns, they usually come with penalties for early withdrawals. So, you should only invest money you can afford to leave untouched for the duration of the chosen term.

Learn more about your CD options here now.

Move your money to a high-yield savings account

If you still have your money in a regular savings account, you're missing out on an easy way to earn a high rate of interest — and your interest earnings likely aren't keeping up with inflation. Right now, the average regular savings account rate is just 0.43%, but there are much better options.

Consider moving your money to a high-yield savings account instead. These types of accounts are an excellent choice for keeping your emergency fund or short-term savings. With a high-yield savings account, you'll typically get all of the same benefits that you would with your regular savings account — but will earn a significantly higher interest rate. 

This Labor Day, it could benefit you to find a bank or financial institution that offers a high-yield savings account that fits your financial strategy. Many offer high-yield savings accounts with rates above 4.5% now — or about 10 times more than you'd earn with a regular savings account.

Online banks are a great place to start. These types of banks have lower overhead costs compared to traditional banks, allowing them to pass on the savings in the form of more interest to their customers. That makes them an appealing choice for those who want to earn more on their idle cash. But if you'd prefer access to a physical banking location, there are plenty of other good options from credit unions and brick-and-mortar banks, too.

Consider a money market account

A money market account is another option to consider if you're looking for a balance between safety and higher returns. Money market accounts are similar to savings accounts, but they often provide a higher interest rate. These accounts may come with check-writing privileges and debit card access, making them more flexible than traditional savings accounts.

Labor Day is a great time to explore different financial institutions' offerings and compare money market account interest rates. The rates on money market accounts are much higher than they have been in recent years, which makes opening one a wise move for most people. However, most money market rates are currently lower than what you'd get with a top CD or high-yield account.

That said, you should always do your homework before opening any type of account, including money market accounts. While these accounts are generally considered low-risk, it's still important to check whether there are any fees or minimum balance requirements associated with maintaining the account.

The bottom line

While you're enjoying some well-deserved rest this Labor Day, take a moment to evaluate your financial goals and consider making one or more of these smart moves to enhance your financial well-being. Whether you opt for a short-term CD, a high-yield savings account or a money market account, these simple moves can help you make the most of your savings and earn more interest on your hard-earned money. Just be sure to always do your research, compare rates and choose the option that aligns best with your financial situation and goals.