More Than $10 Billion Deposited in Apple Card Savings Accounts

[lindros2]

Huge amount. Waiting for the savings account to be available outside USA

As discussed elsewhere, banking products - savings and checking - are rarely if ever similar across countries.
Regulations, central bank rates, and oversight dictate this. See: ING DIRECT fire sale to CapOne (USA) and Scotia/Tangerine (CA).
Very different from credit cards, which are loan products, but regulated differently (this is why CapOne operates in US, UK, and CA).
And no one else wants to drop their shorts to play ball with Apple.
And why it’s not just like building headphones for sale in 20 countries.

 

[lindros2]

aaaannndd.... (From The WSJ today)

When Goldman Sachs and Apple AAPL launched their joint savings account in April, Goldman held a town hall at its headquarters, where bank executives talked it up. One executive had a different message shortly afterward. “We should have never done this f—ing thing,” the Goldman partner told colleagues.

Many Goldman employees agree, and the bank has reversed course on its ill-fated foray into consumer lending. On Tuesday, when Goldman reports earnings, one big question will be how quickly the retreat is proceeding.