They're advertising 5.00% APY on money put aside in "savings envelopes" in their online banking accounts.

We already use them for invoicing. Leaving excess money there until it's needed instead of immediately transferring it to our traditional bank doesn't sound like the worst idea.

Anybody know of a catch I'm not aware of?

I started using it to set aside my excess cash, kind of the Profit First mindset. Haven't been doing it long so can't really say if it's good or bad and I haven't read the fine print so to speak. I will say it takes about four days for cash to be swept from your primary account to that one. Also if you have multiple envelopes you would initiate a separate draft for each of them. Just something to know. If you use QBO for invoicing and take credit cards and ACH through that system consider letting the deposits land in the account as well. If I think about it I'll read the fine print sometime this week.

Nothing exciting in this knowledge base article. They do pitch their "smart sales tax envelope" where you can tell the system to automatically pick off your sales tax deposits and hold them there. That's a pretty cool idea.

https://quickbooks.intuit.com/learn-support/en-us/help-article/payments-account/create-envelopes-set-funds-aside/L9hEbUdMW_US_en_US