I'm 23, and my fiance and I are trying to get into a bigger apartment with our son. Our credit is really bad and the owner is thinking about letting us move in or not. Here is the question. He was talking about opening up a savings account with my mother, something called an AND account. What is that and is it possible to open if she lives in another state?
It sounds like the property owner is talking about an account that would require two signatures -- yours and your mother's -- on all withdrawals. If it is your fiance's suggestion to open the account, it may be because neither you nor he is having any success opening a bank account on your own, either individually or jointly. A savings account, particularly one with a joint owner with better credit, might be more acceptable to a bank in your area.
Getting such an account established with an out-of-state depositor could be a problem, and might not be practical if both owners' signatures would be required for all withdrawals. You'll need to discuss that with the banks you are considering. However, your mother should not put her name on an account as joint owner unless she fully understands the risk she would be assuming, since she'd be responsible for any account problems regardless of who caused them. If the two signature requirement applies, your mother would be better able to control the account, but there would still be some risks for her.
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It sounds like the property owner is talking about an account that would require two signatures -- yours and your mother's -- on all 