How do I set up the needed external bank account so that I can easily transfer funds from bank account into Apple Savings? Do I need a particular type of external bank account?

You can setup an account for transferring funds by following these steps from the support article,

Add or delete a linked external bank account for Savings

1. On your iPhone, open the Wallet app and tap Apple Card.
2. Tap Savings account.
3. Tap the More button , then tap Account Details.
4. Scroll down and tap Bank Accounts.

• • To add a linked external bank account: Tap Add Another Bank Account, then follow the onscreen instructions.
  • To delete a linked external bank account: Tap Edit, tap the Remove button  next to the bank account that you want to delete, then tap Done.

If the above steps don’t work, please contact the support department for source of the funding ie bank, investment account etc. They must accept and be compatible with Apple Pay.

You can also transfer funds from your Apple Savings Account following the steps below.

Transfer money from Savings to Apple Cash or your external bank account

Transfer money from Savings to a linked external bank account

You need to add a linked external bank account to Savings before you can transfer money.

1. On your iPhone, open the Wallet app and tap Apple Card.
2. Tap Savings account.
3. Tap Withdraw.
4. Enter the amount that you want to withdraw, then tap Next.
5. Select or add the external bank account that you want to deposit money into.
6. Double-click the side button to confirm with Face ID, Touch ID, or your passcode.

If you transfer money from Savings to a linked external bank account, it typically takes 1-3 business days for the transfer to complete. You should check with your external bank for funds availability.