--- title: What Is The Difference Between a Joint Owner vs. Beneficiaries? description: There are different advantages of having a joint owner or beneficiaries. Live Oak Bank explains the importance of knowing the difference between the two. image: https://www.liveoak.bank/hubfs/small-business-difference-between-joint-owner-vs-beneficiaries-live-oak-bank.jpg --- ![FDIC-Insured - Backed by the full faith and credit of the U.S. Government](https://www.liveoak.bank/hubfs/LiveOakBanking_July2020/fdic-digital-sign-whitetxt.svg) [![Live Oak Bank](https://www.liveoak.bank/hubfs/raw_assets/public/LiveOakBanking_July2020/images/live-oak-logo-full-color.svg "Live Oak Bank")](https://www.liveoakbank.com/) Log In - Business - [Loans](https://www.liveoak.bank/business-loans/) - [SBA](https://www.liveoak.bank/business-loans/sba-loans/) - [USDA](https://www.liveoak.bank/business-loans/usda-loans/) - [Live Oak® Express](https://www.liveoak.bank/business-loans/live-oak-express/) - [Banking](https://www.liveoak.bank/business-banking/) - [Checking](https://www.liveoak.bank/business-checking/) - [Savings](https://www.liveoak.bank/business-savings/) - [CDs](https://www.liveoak.bank/business-cd-accounts/) - Personal - [Banking](https://www.liveoak.bank/personal-banking/) - [Savings](https://www.liveoak.bank/personal-savings/) - [CDs](https://www.liveoak.bank/personal-cd-accounts/) - [Commercial](https://www.liveoak.bank/commercial/) [![Live Oak Bank](https://www.liveoak.bank/hubfs/raw_assets/public/LiveOakBanking_July2020/images/live-oak-logo-full-color.svg "Live Oak Bank")](https://www.liveoakbank.com/) - Business - [Loans](https://www.liveoak.bank/business-loans/) - [SBA](https://www.liveoak.bank/business-loans/sba-loans/) - [USDA](https://www.liveoak.bank/business-loans/usda-loans/) - [Live Oak® Express](https://www.liveoak.bank/business-loans/live-oak-express/) - [Banking](https://www.liveoak.bank/business-banking/) - [Checking](https://www.liveoak.bank/business-checking/) - [Savings](https://www.liveoak.bank/business-savings/) - [CDs](https://www.liveoak.bank/business-cd-accounts/) - Personal - [Banking](https://www.liveoak.bank/personal-banking/) - [Savings](https://www.liveoak.bank/personal-savings/) - [CDs](https://www.liveoak.bank/personal-cd-accounts/) - [Commercial](https://www.liveoak.bank/commercial/) - [Log In](https://www.liveoak.bank/?modal=signIn) - [Get Started](https://www.liveoak.bank/get-started/) Sign In × Personal Banking & Small Business - Tidal Business Checking - Business Savings & CDs - Personal Savings & CDs [Sign In](https://secure.liveoak.bank/login) [Open a New Account](https://www.liveoak.bank/get-started/) Commercial Banking - Business Plus Checking - Business Plus Savings & CDs - Treasury Management [Sign In](https://online.liveoak.bank/DigitalBanking/login?iid=LOBNC) [Contact Us](https://info.liveoakbank.com/business-plus-form) Business Loans - Manage Payments - Get Statements - Continue an Application [Sign In](https://loan-servicing.liveoak.bank/login) [Contact a Loan Specialist](https://www.liveoak.bank/get-started/form-contact-loan-specialist/) # You are about to leave the Live Oak Bank website. **Disclaimer:** This link will take you to a website outside of the Live Oak Bank site. The new site may offer a different privacy policy and level of security. Live Oak Bank is not responsible for the products or services that are offered or expressed on other websites. Yes, I understand. Please Continue [Resource Center](https://www.liveoak.bank/blog) / [Manage My Business](https://www.liveoak.bank/blog/tag/manage-my-business) # What Is The Difference Between a Joint Owner vs. Beneficiaries? Written by Live Oak Bank ![What Is The Difference Between a Joint Owner vs. Beneficiaries?](https://www.liveoak.bank/hubfs/small-business-difference-between-joint-owner-vs-beneficiaries-live-oak-bank.jpg) Let’s break down the differences between a joint owner and beneficiaries. It sounds complex but is actually quite simple – the distinction is based on whether the person has access to funds now or later. ### Joint account A joint owner or co-owner means that both owners have the same access to the account. As an owner of the account, both co-owners can deposit, withdraw, or close the account. You most likely want to reserve this for someone with whom you already have a financial relationship, such as a family member. This level of access means they can do everything you can do with the account, so be vigilant about who has access. One of the benefits of having a joint account is the additional FDIC insurance coverage. Joint accounts are FDIC insured for up to $250,000 per account owner. That means a joint account with two owners is covered for up to $500,000 in FDIC insurance. Other benefits include: - Couples can share an account to cover shared expenses or save for a common goal, such as buying a house. - Adults can have direct access to funds to help their elderly parents manage their finances. - Joint accounts can allow for the other co-owner to have immediate access to funds when a co-owner dies. Typically, you cannot remove a co-owner from an account once the joint account is established. If you change your mind, financial institutions may require that you close the account rather than remove the co-owner. Check with your financial institution for details on their joint account policy.   ### Beneficiary A POD (Payable on Death) beneficiary is someone that you name as a recipient of the funds within your account upon death. As the account owner, you control the money, and you can add, modify or remove beneficiaries at your discretion. Beneficiaries have no ownership or right to the funds in the account while the account holder is alive. You can have multiple beneficiaries and allocate different percentages to each one. The FDIC insures these accounts separately from single and joint accounts. A POD account, also known as a Revocable Trust account, is insured for up to $250,000 for each unique beneficiary, per account owner, for up to five beneficiaries. There may be different advantages and disadvantages of having a joint owner or beneficiaries. Remember to consider your financial situation when making this decision. If you are thinking of opening a joint or POD account to gain additional FDIC insurance, make sure you choose a financial institution that is FDIC insured. #### Small Business Loans With Live Oak, you get a partner who believes in your success, and is willing to take the journey alongside you. We provide small business loans tailored to your goals. 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