Discover (now Capital One, N.A.)
Discover (now Capital One, N.A.) Online Savings Account
A longtime HYSA favorite now closed to new customers after the Capital One merger
Insurance: FDIC insured up to $250,000; Discover Bank merged into Capital One, N.A. in May 2025
Features
- ▸Existing accounts continue to earn interest and operate normally
- ▸No monthly fees, no minimum balance requirements
- ▸Discover merged into Capital One on May 18, 2025; one company under Capital One, N.A.
- ▸Accounts are expected to migrate to the Capital One 360 platform over time
- ▸Existing customers still service accounts through Discover channels
- ▸New savers are directed to Capital One 360 Performance Savings instead
Pros
- +Existing holders keep a competitive 3.30% with zero fees
- +Deposits remain fully FDIC insured through the merged bank
- +Capital One 360 is a solid landing spot when migration happens
Cons
- −Closed to new applicants — you cannot open this account anymore
- −Platform migration to Capital One 360 creates account-number and autopay churn ahead
- −Capital One 360's headline rate is currently lower than legacy Discover's
Our Take
Discover's Online Savings was a top-tier HYSA for a decade, and existing customers should sit tight: 3.30% with no fees still beats most of the big names. But this is now a legacy product. New money should go to Capital One 360 Performance Savings or a true rate leader, and current holders should watch for migration notices rather than panic-moving funds.
Best for: Existing Discover customers riding out the Capital One migration
Open at Discover (now Capital One, N.A.) →Last verified 2026-06-11
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