Question

What is the difference between a single account and a joint account?

Single accounts have a designated beneficiary, while joint accounts do not.
Single accounts can be considered retirement accounts but joint accounts cannot.
Single accounts are held by one person, while joint accounts have two or more holders. single accounts are insured by the FDIC up to $250,000, while joint accounts are insured up to $500,000.​

Answer 1

Single accounts are held by one person, while joint accounts have two or more holders.

Step-by-step explanation:

The main difference between a single account and a joint account lies in the ownership of the account, that is, in how many people can be owners of said account. Thus, single accounts can only have one owner, that is, a single account owner. On the other hand, joint accounts can have more than one holder, with which the bank account can be shared by several people at the same time.