next year i am going to college and i want to open a bank account but my mom keeps telling me not to..?

Question

because she says the more money I have in the bank the less loans I can get. Is that true? Should I open a bank account? I am 18.

Answer 1

I find it surprising that you have never had a bank account. Personally, I have 3 in 2 different banks.

I would strongly recommend that you put your money in the bank instead of keeping it at home (or wherever else it is right now) because it is more secure, and insured up to $100,000 by the federal gov't.

Unfortunately, what your mother said is not at all true. In fact, the more money you have in a bank, the more likely the bank will approve you for a loan because it is clear that you can pay it back.

Hope this helped and good luck finding a great bank!

Answer 2

Hate to disagree with a mother but it's never a bad idea to save money. If you don't spend it, you don't have to make it. If you save it. . . well, you get the idea.

Answer 3

Please go to the bank and ask for clarification.Take the decision after that.Your mom will not misguide you as she has the best safeguards for you.