Anyone whose Discover checking account has been paying cash back on debit-card purchases is about to lose that perk. Capital One’s Discover checking page says Discover Cashback Debit accounts become Capital One 360 Checking accounts, and 360 Checking accounts do not offer Cashback Debit rewards. In exchange, Capital One says it will make a one-time deposit equal to the rewards earned over the prior 12 full calendar months.
How the rewards payout works
Two payments are involved. Any rewards not yet redeemed are paid out as a statement credit before the account becomes a Capital One account, the page says, as long as the account is open and in good standing.
The second payment is the one-time deposit. It equals the Cashback Debit rewards earned in the 12 full calendar months before the month of the conversion. Rewards from the partial month of the conversion itself are left out. Capital One says the deposit should arrive within 30 days of the account becoming a 360 Checking account.
The deposit is not automatic for everyone. Capital One says there is no deposit for an account that earned $0 in rewards during that stretch, or one that is in default, closed, suspended or otherwise not in good standing when the deposit is made. Discover Personal Checking accounts did not earn Cashback Debit rewards, so they will not get it.
No conversion date yet
The page gives no date for when checking accounts switch. It says the dates for the 12-month qualifying period will be sent separately, and the savings page adds that not all Discover accounts will be ready to manage with Capital One at the same time. Capital One’s Discover hub lists the account types that are moving: online savings, cashback debit checking, CDs, money market accounts and IRAs.
So a customer cannot yet count the 12 months or the payout date. What a Cashback Debit customer can do now is look at how many rewards the account earned over the last year, so the deposit can be matched against the amount when it lands, and watch the mailbox and email for the notice with the dates.
The 0.10% APY on Capital One 360 Checking is a variable rate, and Capital One says it can change at any time.
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What 360 Checking pays and charges
The checking page says 360 Checking accounts earn a variable, tiered rate of 0.10% APY on balances, across every tier from $0 to $100,000 and up. That rate took effect Sept. 10, 2026 and can change at any time. On $5,000, 0.10% comes to about $5 over a year, so the rate adds little next to the rewards that are ending.
The page also says the account has no monthly fees and no minimum balance to open or keep it. No-Fee Overdraft is available on eligible accounts, but it requires enrollment, and Balance+ customers are enrolled automatically. The current Discover debit card keeps working after the conversion, and customers get fee-free cash at 70,000 or more Capital One, MoneyPass and Allpoint ATMs.
Routing numbers change, account numbers do not
The account number stays the same. The routing number changes to a Capital One routing number after the conversion, the page says. The old routing number still works for checks and for transfers already scheduled through Discover, including direct deposits, so paychecks and Social Security payments keep arriving.
Wires are the exception. Wire transfers sent to the old routing number are returned, so anyone who gives out wire instructions should switch to the new number. Capital One also says customers should relink outside apps such as PayPal, Venmo and Robinhood so transfers keep going through.
What changes for Discover savings customers
The savings page lists changes too. Early Pay will no longer be available on savings accounts, and cashier’s checks now cost $10. The page says the account number from Discover stays the same, and that Capital One and Discover deposit accounts have been jointly insured since Nov. 18, 2025.
Anyone who relies on a cashier’s check for a car payment or a deposit on a rental will want to know the $10 charge before ordering one.
Getting ready for the switch
The free source is Capital One’s own set of Discover transition pages, which carry the rewards rules, the rate and the routing details for each account type. The dates will come in a notice sent to each customer, so it is worth confirming that Discover has a current mailing address and email on file.
Before the account converts, it helps to write down the rewards balance, the date of any statement credit and the amount of the deposit when it arrives. A short list of every bill, deposit and app linked to the account makes the routing-number change easier. Automatic bill payments pulled from the account and any outside app that connects to it are worth checking on the first day.
Capital One has not said when each group of customers will convert, and the notice each customer receives is where that date will appear.
More Financial Reading
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- The New $6,000 Senior Deduction and 15 More Tax Moves for Retirees
This article was produced with AI assistance and edited for accuracy against the sources linked above.
