As the new year begins, many Americans are prioritizing their financial goals for 2024. It is a common practice to focus on improving one's finances at the start of a new year, as it sets the tone for financial success. There are various ways to achieve this, such as investing in stocks, bonds, or gold, or putting money into a certificate of deposit (CD) with a high interest rate. However, one of the simplest options is to transfer savings from a regular savings account to a high-yield savings account.

While high-yield and regular savings accounts function similarly, there is one significant difference: the annual percentage yield (APY) that can be earned on the money. Currently, traditional savings accounts offer an average rate of just 0.46% APY, whereas high-yield savings accounts offer much higher rates. To maximize potential earnings, it is important to find high-yield savings accounts with top rates and account requirements that align with one's finances.

For those looking to start earning more interest on their money, there are several great high-yield savings accounts to consider in January 2024. Some of the options include BECU, which offers a 6.17% APY on the first $500 deposited, Digital Federal Credit Union with a 6.17% APY on the first $1,000 deposited, Milli with a 5.50% APY and no minimum balance requirement, and MyBankingDirect with a 5.35% APY and a $500 minimum opening deposit requirement. Other options include Ivy Bank, Total Direct Bank, Popular Direct, RBMAX, and Salem Five Direct.

Moving savings to one of these top high-yield savings accounts can result in returns that are 11 times higher or more compared to traditional savings accounts. By taking advantage of these higher rates, individuals can start 2024 on a strong financial footing.

In addition to high-yield savings accounts, individuals can also consider opening a certificate of deposit (CD) to maximize returns on their savings. The Federal Reserve's rate hikes over the past two years have led to higher interest rates on interest-bearing accounts, including CDs. Opening a CD provides a fixed rate of interest for the entire CD term, protecting against future rate drops. Currently, shorter-term CDs are offering some of the highest rates available.

For those interested in 1-year CDs, there are several options to consider in January 2024. These include CIBC Bank USA with a 5.66% APY, Lending Club and Popular Direct with a 5.55% APY, Marcus by Goldman Sachs and Citizens with a 5.50% APY, Bask Bank with a 5.40% APY, First Internet Bank of Indiana with a 5.35% APY, Quontic Bank with a 5.30% APY, and America First Credit Union with a 5.25% APY.

It is important to act quickly to take advantage of these high CD rates, as they may not remain as high in the future. By locking in a CD now, individuals can ensure consistent returns throughout the entire CD term.

Overall, there is no need to settle for low rates on savings accounts or CDs. With the current high-rate environment, individuals have the opportunity to earn significant returns on their money. By considering high-yield savings accounts and CDs with top rates, individuals can make the most of their savings and achieve their financial goals in 2024.