Having a bank account won’t affect your Financial aid although it can if you keep lot of money in that account.
I am not sure where you are getting your (mis)information about assets and financial aid. But any amount a student has in an account is assessed at 20% of its value for the FAFSA EFC calculation. So…if a student has $100 in the bank…their FAFSA EFC would increase by $20. If $1000, it would increase by $200.
This absolutely COULD affect financial aid for some students. It could mean a reduction in Pell Grant amounts, or less institutional aid. There is no asset protection allowance for students.
Your other (mis)information was about what buying a primary residence would do in terms of assets for FAFSA purposes. You said that if the independent student spent their savings, they would only be transferring their asset from a liquid savings asset to equity in their home. NOPE. The primary residence is never considered on the FAFSA…no mention at all. For independent students, their home would be their primary residence…not an asset for FAFSA purposes.
Where are you getting your information?