Apple Card Savings Hits $10 Billion in Deposits

I’d just add that those services are regulated differently–and perhaps most importantly, given Apple’s secretive and extremely opaque corporate culture, regulated a lot more lightly–than banking.

My personal view is that it is unlikely Apple would ever buy or build its own bank because of the strict and intrusive regulatory requirements and the amounts of capital that would be tied up by reserve requirements and by operating the bank.