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Home > Beneficiary vs. Joint Owner

Beneficiary vs. Joint Owner


Beneficiary vs. Joint Owner

Do you know the difference between having a joint owner and a beneficiary on all of your accounts?

We break it down for you in simple terms here:

Joint Owner

A joint owner on your account is someone with whom all funds are shared during your lifetime. This is a great option for two people who want to share an account and funds. For example, a couple could have a joint account to save together for a common goal or to pay household bills.



A beneficiary named on your account allows you to choose who will have access to your funds after your passing. This is a great option for providing your loved ones with your clear intentions after you are gone.


Naming a joint owner or beneficiary is easy, contact the credit union today for details.

Augusta Branch: (207) 623-3857 • Winslow Branch: (207) 872-2636

Disclaimer: Any reference made in this blog to a specific product, process, or service does not constitute or imply an endorsement by Connected Credit Union of the product, process, or service, or its producer or provider.

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