Capital One has agreed to a $425 million settlement in a lawsuit alleging they provided lower interest rates on older savings accounts and failed to inform customers about higher-yield options. Customers who held a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, are automatically included and will receive payment without needing to file a claim.
A judge has signed off on a $425 million settlement in a lawsuit that accused Capital One of paying lower interest rates on older savings accounts and failing to let customers know there was a new high-yield option.
The settlement automatically includes any customers who had a Capital One 360 Savings account during a certain time period. Here’s what to know: According to the settlement website, the lawsuit accused Capital One of failing to raise interest rates on their 360 Savings accounts at the same rates it paid on the 360 Performance Savings account.
The major U.S. bank is also accused of concealing from customers that 360 Savings accounts were no longer Capital One’s high-yield online savings accounts, and also failing to tell customers about the 360 Performance Savings accounts with higher interest rates. RELATED: Shoppers could be eligible for payouts after Trader Joe's $7.4 million settlementCapital One customers who had a Capital One 360 Savings account at any time from September 18, 2019, through June 16, 2025, including joint and co-holders of 360 Savings accounts, qualify for the settlement.
RELATED: Here’s how to get money from Google’s $135M Android settlementIt’s unclear how many people are in the settlement class, and how much each person will get. The amount depends on how long you had the 360 Savings account, and how much interest you would have earned if you were given the same interest rate as the 360 Performance Savings accounts.
READ MORE: 30,000 student loan borrowers expected to receive discharges as the final deadline passesIf you qualify for the settlement, you will be paid automatically without having to file a claim – unless you exclude yourself from the settlement. RELATED: Trump looks to settle $10 billion lawsuit with IRSCustomers who qualify did have the option to opt for an electronic payment instead of a paper check, but the deadline for that was March 30.
Checks won’t be sent out if the amount is less than $5. Customers who are owed less than $5 had to sign up for electronic payment before the deadline. RELATED: Banks will have to collect citizenship data, Trump administration saysIf there is no appeal, payments will be issued on or about July 21, 2026.
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Capital One to Pay $425 Million Settlement to 360 Savings Account HoldersCapital One has agreed to a $425 million settlement resolving claims that it misled customers regarding higher-yield savings account options. Eligible account holders from September 18, 2019, to June 16, 2025, will automatically receive payments, with distribution expected by July 21.
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