What is Bitcoin Improvement Proposal (BIP) 44?

Bitcoin Improvement Proposal (BIP) 44 improves on BIP 32's hierarchical-deterministic (HD) wallet structure by creating a specific hierarchy that allows for multiple accounts to be held on the same wallet. BIP 44 allows two or more separate accounts on the same wallet to hold the same cryptocurrencies in different amounts. These separate accounts can be used for different purposes and coexist in a way similar to checking, business, and savings accounts at legacy banks.