Which of the following best describes a joint tenancy account?

A joint tenancy account is a type of account that is owned by two or more individuals, where each person has an equal share of the account. In the context of withdrawals, joint tenancy accounts typically require the signatures of all account holders for any withdrawals to be made. This requirement is fundamental to the nature of joint tenancy, as it establishes that all parties must agree and cooperate in managing the account, which helps prevent any one party from unilaterally accessing or controlling the funds.

The distinction of requiring signatures from both holders reinforces the principle of equal ownership and shared responsibility among the account holders, ensuring that any financial decisions made regarding the account involve all parties. This contrasts with other types of accounts that may allow one individual to manage the account independently or may be restricted to business activities only, thereby highlighting the collaborative aspect of joint tenancy accounts.