ALBANY, N.Y. (NEWS10) — Think a lot of money is needed to open a high-interest savings account? Think again! Two of the best online savings accounts—Marcus by Goldman Sachs and American Express National Bank, according to Nerdwallet—have no minimum balance.

The difference between regular and high-yield savings accounts sometimes called a high-interest rate savings account, is that the earnings are up to 10 times more. This makes them more ideal for savings towards a house, car, vacation, or an emergency fund, according to businessinsider.com.

According to the Federal Deposit Insurance Corporation (FDIC), the average rate for a savings account is .06%. The average rate for high-yield savings is .50% annual percentage yield (APY) or less.

Marcus by Goldman Sachs offers a .50% APY on its high-yield savings accounts, and American Express National Bank offers a .40%.

For example, if you had a $10,000 emergency fund and transferred it into a high-yield savings account with 1% interest, compounding daily for five years, you’d earn $520.01 in interest alone. Leave it for 10 years, and that $10,000 would grow to $11,067.05. Back in a regular account earning .05%, that same $10,000 would have only earned $50.82 over 10 years. 

Businessinsider.com

Bankrate.com also has a list of the best online high-yield savings accounts for September on its website. Unlike regular savings accounts, there are limits on how many withdrawals people can make from high-yield savings. Before signing up for one ask the bank if a high-yield savings account is the best option.