A judge has signed off on a $425 million settlement tied to claims that Capital One offered lower interest rates on older savings accounts while promoting higher rates on a newer product.
The approval clears the way for payments to go out to eligible customers who held a 360 Savings account at any point between Sept. 18, 2019, and June 16, 2025.
The case centers on two savings products from the bank. In 2019, Capital One introduced its 360 Performance Savings account, which came with higher interest rates than the existing 360 Savings accounts.
According to the lawsuit, the bank did not clearly inform customers with 360 Savings accounts about the newer, higher-yield option—or that their current account was no longer the most competitive choice. Capital One has denied any wrongdoing.
Am I eligible for a payment?
The settlement applies to customers who held a 360 Savings account during the period from Sept. 18, 2019, to June 16, 2025. This also includes joint account holders and co-owners, based on details from the settlement website.
Do I need to file a claim?
Most eligible customers won’t need to take any action to receive their payment. Cash payouts will be sent automatically.
Customers did have the option to choose electronic payment instead of a mailed check, but that decision had to be made by March 30.
Those who didn’t opt in for electronic delivery—and are owed more than $5—will receive a check by mail. If the payment amount is under $5, only customers who selected electronic delivery will get paid.
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How much money could you get?
Payouts will vary for each account holder. The amount depends on how much additional interest they could have earned if their 360 Savings account had matched the higher rate offered by the 360 Performance Savings account over the same time period.
From there, the total settlement fund will be reduced to cover legal fees and administrative costs. The remaining amount will then be distributed among eligible customers.
When will payments be sent?
With the court approving the settlement on April 20—and assuming no appeals are filed—payments are expected to go out on or around July 21, according to the settlement website.
