Discover (now Capital One)
Discover (now Capital One) Cashback Debit
The famous 1% cash back checking account, now closed to new applicants
Insurance: FDIC insured to $250,000 via Discover Bank; accounts migrating to Capital One, N.A. following the May 2025 merger
Features
- ▸1% cash back on up to $3,000/month in debit card purchases (up to $360/year)
- ▸No monthly fee, no overdraft fee, no insufficient-funds fee
- ▸Early Pay direct deposit up to 2 days early
- ▸60,000+ fee-free ATMs (Allpoint and MoneyPass)
- ▸Free checks and free replacement debit cards
- ▸U.S.-based 24/7 customer service
Pros
- +1% back on debit spend was unique among fee-free checking accounts
- +Zero fee schedule was among the cleanest in banking
- +Strong customer service reputation
- +Existing accountholders keep the product until migration completes
Cons
- −Closed to new applications since January 2026 after the Capital One merger
- −Existing accounts are being migrated to Capital One 360 during 2026
- −Capital One has no equivalent cash-back debit product
- −Never paid interest and never rebated out-of-network ATM fees
Our Take
Cashback Debit was the best answer for people who refuse to use credit cards but still want rewards, and there is no true replacement now that Capital One has closed it to new applicants. If you already have it, keep using it until the migration to Capital One 360 lands. If you are shopping for cash back on a debit card today, Upgrade's Rewards Checking Plus is the closest living substitute.
Best for: Existing Discover checking customers riding it out until migration
Open at Discover (now Capital One) →Last verified 2026-06-11
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