Capital One $425 million settlement: See eligibility for payouts
Capital One 360 Savings account holders could receive a cash payout in a $425 million class action settlement.
A judge approved the settlement on Monday in a class action lawsuit filed in the U.S. District Court for the Eastern District of Virginia over Capital One 360 Savings account interest rates.
Current and former Capital One 360 Savings customers who had an account between Sept. 18, 2019 and June 16, 2025 qualify for payments. The amount of payment will be determined the interest the holder would have received if they’d had the 360 Performance Savings account. Account holders qualify automatically and there’s no need to fill out claims paperwork.
Capital One allegedly offered two savings accounts — the legacy 360 Savings account and the 360 Performance Savings account. The 360 Performance Savings account paid higher interest rates, but Capital One allegedly failed to disclose those rates to legacy account holders, according to the complaint.
Plaintiffs accused Capital One of misleading 360 savings account holders, causing them to lose millions of dollars of interest since September 2019.
The lawsuit argued Capital One violated its duty to deal fairly with customers by omitting details on the 360 Performance Savings account so customers would keep their accounts and not switch to others that paid higher interest rates.
In September 2019, Capital One paid a 1.9% annual percentage yield on 360 Performance Savings, compared to a 1% APY.
By 2022, the 360 Performance Savings rate increased while the 360 Savings rate dropped to 0.3%. Since then, 360 Performance Savings account reached a 4.35% APY while the 360 Savings remained at 0.3%.
The lawsuit was filed as a class action on behalf of all 360 Savings account holders who held accounts from Sept. 18, 2019 through June 16, 2025, the period beginning when Capital One created the 360 Performance Savings account, according to the settlement website.
Capital One denies any wrongdoing.
A settlement was previously reached but rejected by the judge, who said the $300 million payout plus $125 million in accrued interest did not reflect account holders’ historical balances. Capital One would have paid $300 million into the settlement fund and $125 million in accrued interest to 360 Savings account holders.
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:
Capital One settlement
What we 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.
Who Qualifies:
Capital 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.
