3 Smart Things to Do Now That Capital One and Discover Have Merged

By Pune Media On May 20, 2025

On May 18, Capital One and Discover completed their merger. This comes after the two banks announced their intentions to merge in February 2024.

Capital One and Discover are both large banks that serve many customers, so this merger is leaving many consumers wondering what to expect going forward.

We spoke to two financial professionals about what customers should do next now that Capital One and Discover have successfully merged.

1. Update your contact info to prepare for future changes

Since the two companies just merged, it will be some time before consumers start seeing the effects of the merger.

Adrianna Adams, CFP® professional and head of financial planning at Domain Money, says that she wouldn’t expect to see any changes within the first month of the merger. “Things tend to move slowly, so just keep an eye on it, but there’s no reason to speculate or jump into switching anything.”

James Angel, finance professor at Georgetown University, says that the time it takes for the two banks to integrate is hard to guess. “I tend to think of Capital One as a fairly well-run bank, and it’s been working on this acquisition for a very long time. So I would guess that, now that the deal is closed, they’re going to move pretty quickly, but banks are complex critters, and you really don’t want to make mistakes with people’s accounts.”

Despite significant changes being unlikely in the near future, there are still things you can do now to avoid being taken by surprise later on, especially if you have a Capital One credit card or other financial product with either company.

Adams says that, as a customer, it’s important to ensure your contact information is up-to-date so the company can reach out if high-yield savings accounts or credit cards change. Updating those details now can help keep you informed down the line when you might have forgotten about the merger entirely.

Some of the most obvious changes you can expect to see going forward are branding-related. “Sometimes companies, when they merge with another business, keep the other brands and operate it as different product lines,” says Angel. He says that brands could also choose to keep one of the brands and ditch the other entirely.

“I don’t know what they’re doing there, but that will probably be the most noticeable change to customers, if there’s a rebranding of their existing product,” says Angel.

New branding won’t require action on your part, but you should be aware of potential branding changes so you don’t accidentally miss communication from the bank.

2. Move your money if it’s over the FDIC insurance limit

That being said, you can likely expect some changes from Capital One as time goes on. One major change will be to your FDIC insurance. Discover’s website says that, for six months, your accounts will have the same FDIC coverage they had before, with your Discover bank accounts and Capital One bank accounts each having their own coverage.

But once that six-month period ends, your bank accounts will no longer have separate coverage (with a few exceptions, like some CDs). If you have more than $250,000 for single depositors or $500,000 for bank accounts between two people in your Discover and Capital One accounts, the excess won’t be covered by FDIC insurance anymore. You’ll probably want to move some money over to a new bank to maintain coverage.

The other changes are smaller, but they could still impact your accounts. Since Capital One and Discover are both known for having some of the best credit cards, you might see some changes to what cards the corporation offers as time goes on.

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3. Use the merger to ensure your financial setup is solid

Mergers like this can be a good time to take stock of your finances and make sure your banking products are working for your savings goals.

“It’s probably a good time for them to just evaluate the benefits they’re getting from their current cards,” says Adams. “I typically recommend that my clients look at this on an annual basis, especially if you’re paying a fee for a credit card. You want to make sure that you’re at least getting that money back in rewards or benefits.”

Adams says that this could also be a good time to consider consolidating your bank accounts, debit cards, and credit card accounts in one place, especially if the other company offers a bank account you’re interested in.

Capital One’s savings rates are strong for a company that offers in-person banking options. But if you’re looking for the highest possible rate on a high-yield savings account, you’ll probably want to go with a completely online financial institution.

Kit Pulliam

Banking reporter

Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years. ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Life and Milestone Moments series with Business Insider.ExpertiseTheir expertise includes:

Certificates of deposit
Savings accounts
Checking accounts
CD rates
Bank reviews

EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.