Last month, Discover advised Discover It cardholders that their cards would be moving over to Capital One on July 27, 2026.
What we didn’t know was what would happen to Discover checking and savings account customers. We now have a better idea because Discover has started advising some savings account customers that their accounts will be moved to Discover on August 23, 2026.
The email sent to at least some Discover savings account holders says the following:
Discover is part of Capital One, and your Discover savings account will become a Capital One 360 Performance Savings account on August 23, 2026. Until then, continue to manage your account at Discover and we’ll reach out with additional info when it’s time.
Your new account will be distinct from any existing Capital One accounts you currently have.
The email also confirms that the account will continue to have no account minimums or fees, will have the same interest rate as Discover (although it is variable and is therefore subject to change in the future), and the account number will remain the same.
There will be some changes though:
- Cashier’s checks will now cost $10 and will only be available at Capital One locations.
- You’ll still be able to receive direct deposits, but Early Pay will no longer be available and so you won’t receive those funds up to two days early.
- Your routing number will change, even though your account number won’t. If you have any existing direct deposits or scheduled transfers set up, those will continue to go through using the old Discover routing number. However, for new transfers and wire transfers, you’ll need to provide the new Capital One routing number.
It’s not clear if all Discover checking and savings account customers will be moved over on August 23. My wife received an email about her Discover savings account becoming a Capital One 360 Performance Savings account, but I’ve not received notification about my savings accounts yet. Similarly, I’ve still not received any information about when my Discover It card will be migrated to Capital One, whereas my wife had also been advised that her Discover It card would be moved on July 27.
If you’ve never had a Capital One savings account before, it might be worth opening a new 360 Performance Savings account before your Discover savings account gets turned into another one. That’s because you can earn up to a $1,500 bonus when opening a 360 Performance Savings account with qualifying activity, but you’re not eligible for that bonus if you have, or have had, a savings account with Capital One before.
That said, I’m not 100% sure that you’ll be eligible for that bonus. One of the requirements for the bonus is that you deposit $20K or more and hold your deposit for 90 days beyond the initial 15 day funding period. By the time those 90 days are up, your Discover savings account will have been moved over and you’ll thus be an existing savings account holder. Perhaps you’ll get lucky though and Capital One will only look at your savings account status based upon the date when you opened the new account, not your savings account status on the 90th day.
If you haven’t yet received notification that your Discover savings account will be getting moved over, that might potentially mean that your account won’t get migrated until later in the year. If that is indeed the case, that could well give you the 90 days needed to qualify for the savings account bonus without having to worry about your Discover account impacting on that.
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