Bottom Line To name a beneficiary on a bank account, you have to convert the account into an informal trust, then name a person, group or organization as Payment on Death beneficiary.

A joint bank account is simply a bank account that has two or more co-owners. Each account owner has the ability to deposit funds, make withdrawals, write checks and review the transaction history.

For example, banks and building societies may ask for a certified copy of your Certificate of Incorporation on Change of Name, which is issued by Companies House. What else do I need to be aware of?

There are a few types of bank accounts, and each has pros and cons. Learn about the most common types of bank accounts and how to pick the right one for you.