Discover has announced that its IRA portfolio will transfer to Axos Bank on September 21, 2026. If you have a Discover IRA, you can allow the transfer to occur or consider transferring your IRA to another financial institution before Discover’s published deadline.
IMPORTANT: The deadline to initiate a transfer to a non-Axos institution is September 11, 2026. Be aware that you will need to act quickly if this is an option you’d like to pursue.
For customers comparing IRA CD options, TAB Bank offers Traditional and Roth IRA CDs with fixed rates, multiple term options, and no monthly maintenance fees.
Before transferring an IRA, account holders should compare APYs, fees, maturity terms, customer service offerings, transfer processing requirements, beneficiary provisions, and other account features across multiple institutions.
Note: TAB Bank (Member FDIC) is not affiliated with Discover, Capital One, or Axos Bank. TAB Bank does not provide tax, legal, investment, or financial advisory services.
What is happening to Discover IRA accounts?
Discover has announced that its IRA portfolio is being sold to Axos Bank effective September 21, 2026. Unless a customer selects another available option and completes the required steps in advance, Axos Bank will become the custodian of the IRA.
According to Discover, existing Discover IRA CDs transferring to Axos will retain their account type, balance, accrued interest, APY, term, maturity date, beneficiary designations, and FDIC insurance coverage at the time of transfer.
Do I have to move my Discover IRA to Axos?
No. Discover states that customers may choose to transfer their IRA to a different financial institution instead of allowing it to transfer automatically to Axos Bank.
Choosing where to maintain an IRA is an individual decision. Before taking action, review the applicable account terms, rates, fees, tax considerations, and transfer requirements for any institution you are considering.
What is the deadline to transfer a Discover IRA elsewhere?
Discover states that customers who want to transfer a Discover IRA to another financial institution before the Axos transition must ensure Discover receives the required, correctly completed documentation no later than September 11, 2026 at 11:59 p.m. ET.
Requests received after that deadline will not be accepted by Discover. Customers who still want to transfer after the transition will need to submit a new request through Axos Bank after the account has transferred.
Because transfer processing requires documentation from the receiving institution, customers considering another bank should begin the process as soon as possible. Requests received on or after September 10 may not be able to meet the Discover deadline.
Can I transfer a Discover IRA CD without an early withdrawal penalty?
Based on publicly available information as of 9/4/2026, Discover has indicated that IRA CD transfers associated with the Axos transition will not incur an early withdrawal penalty. Customers should confirm current requirements directly with Discover.
This waiver applies only to Discover’s early withdrawal penalty during the transition. Other tax consequences or account requirements may apply depending on how retirement funds are moved. Consult a qualified tax professional regarding your individual circumstances.
Can I transfer a Discover IRA to TAB Bank?
You may be able to transfer an eligible Traditional or Roth IRA from Discover into a TAB Bank IRA CD. Eligibility, account type, documentation, and transfer requirements must be confirmed as part of TAB Bank’s account-opening and transfer process.
TAB Bank’s New Accounts team can explain TAB’s available IRA CD options and the information required to complete an eligible institution-to-institution transfer.
Does TAB Bank offer Traditional and Roth IRA CDs?
Yes. TAB Bank offers both Traditional IRA CDs and Roth IRA CDs. IRA CD funds are held in a certificate of deposit with a fixed rate for the selected term rather than invested in stocks, bonds, mutual funds, or other securities.
TAB Bank currently offers IRA CD terms ranging from 12 to 60 months, with a $1,000 minimum opening deposit. Rates and APYs are subject to change, so review TAB Bank’s current IRA CD rates before opening an account.
Does TAB Bank charge monthly IRA CD maintenance fees?
TAB Bank IRA CDs currently have no monthly maintenance fees. Early withdrawal penalties may apply when funds are withdrawn before maturity outside an applicable grace period. See account disclosures for details. Additional tax implications may also apply to IRA withdrawals.
Review TAB Bank’s account disclosures and current IRA CD terms before opening or transferring an account.
What should I consider before moving an IRA CD?
Before transferring an IRA CD, compare the receiving institution’s current APY, available terms, minimum opening deposit, monthly maintenance fees, early withdrawal penalties, account eligibility requirements, and transfer documentation process.
For IRA accounts, customers should also consider potential tax implications and consult a qualified professional about their individual circumstances.
How do I start an IRA transfer to TAB Bank?
If you are interested in transferring an eligible IRA to TAB Bank:
- Contact TAB Bank. Complete the IRA CD interest form or call 1-800-215-7128 during standard business hours.
- Speak with the New Accounts team. A TAB Bank representative can explain available IRA CD terms, current rates, and TAB’s transfer requirements.
- Complete the required paperwork. TAB will explain what account and transfer documentation is needed.
- Coordinate the transfer. For Discover IRA customers seeking to act before the transition, make sure Discover receives the required correctly completed documentation by its published deadline of September 11, 2026 at 11:59 p.m. ET.
Ready to Learn More About TAB Bank IRA CDs?
Explore TAB Bank’s Traditional and Roth IRA CD options, current rates, and available terms.
Information about the Discover IRA transition is based on publicly available information published by Discover/Capital One and is subject to change. Customers should confirm current deadlines and requirements directly with Discover.
TAB Bank is not affiliated with Discover, Capital One, or Axos Bank. TAB Bank does not provide tax, legal, investment, or financial advisory services.
Consult a qualified professional regarding your individual circumstances. IRA CD accounts are subject to eligibility requirements, account terms, applicable penalties, and tax rules.
Member FDIC.