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Do savings accounts have beneficiaries?

Yes, you can add beneficiaries on most savings accounts. Federal banking regulations allow account holders to designate beneficiaries on bank accounts so that another person can receive the funds in the event of death. Any person, charity, trust, or organization can be named a beneficiary. The naming has to be done through the financial institution’s beneficiary designation form.

Note: Some banks don’t allow you to add beneficiaries. It is, therefore, best to check with the institution.

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