We are loading a list with the same account listed multiple times but with different contact names. Is there a way to import the records such that if the account and contact BOTH do not exist that it only adds ONE new account with all of the new contacts vs. creating multiple (duplicate) new accounts each with one contact?
Yes. This can be done using the "Limit New Account Duplicates by Field" option in the Final Matching conditions. This option is available when "Create New Contact/New Account" is selected. When the option is checked matching criteria can be specified to look for duplicate NEW Accounts in the input data, so that only one new Account will be created with multiple new Contacts linked to it.
More information on Final Matching Conditions including this option can be found here.