Millions of current and former Capital One customers may get money back after a federal judge approved a $425 million class‑action settlement tied to the bank’s 360 Savings accounts.
The settlement resolves claims that Capital One misled customers by paying significantly lower interest rates on its older 360 Savings accounts while offering much higher yields on a newer, similar product—the 360 Performance Savings account.
Capital One has denied all allegations of wrongdoing.
Why It Matters
Interest rates as well as transparency around them can affect consumers’ savings over time. According to the lawsuit, customers who stayed in Capital One’s older 360 Savings accounts earned far less interest than those who opened the newer 360 Performance Savings accounts, despite the products being otherwise similar.
The settlement is intended to compensate affected customers for interest they may have missed out on during that period.
Who Is Eligible?
You may qualify for a payout if you were an account holder, joint holder, or co‑holder of a Capital One 360 Savings account at any time between September 18, 2019, and June 16, 2025.
Customers who meet those criteria are included in the settlement and may receive a cash payment and interest-rate adjustments going forward.
Customers who only held a 360 Performance Savings account are not eligible.
Do You Need to File a Claim?
No. Eligible customers do not need to file a claim to receive payment.
Settlement administrators will calculate payments based on Capital One’s account records. Customers who previously selected electronic payment will be paid that way. Others will receive a paper check if their payment meets the minimum threshold.
How Much Money Will You Get?
There is no fixed payout amount.
Individual payments will vary based on factors including how long you held a 360 Savings account and your account balance during the covered period.
The goal of the settlement is to compensate customers for the difference in interest they would have earned had their funds been held in a 360 Performance Savings account instead.
“The argument made was these customers felt they missed out on interest rates they assumed they were getting,” Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. “And while Capital One denies these allegations, the settlement being provided should help to alleviate these potential discrepancies going forward.”
When Will Payments Go Out?
Payments are currently scheduled to be distributed by late July, and payouts are expected to arrive by July 27.
“Those account holders affected will see a boost to their 360 Savings earning rates based on the settlement, and there is fortunately no form or required timeframe to qualify,” Beene said.
However, if the court’s decision is appealed, the timeline could change.
Why Capital One Agreed to the Settlement
The lawsuit accused Capital One of presenting two savings products as effectively the same while paying drastically different interest rates.
According to the complaint, customers who remained in the older 360 Savings account earned far less than those who moved to the newer Performance Savings product despite the accounts being similar in structure.
“As usual, this settlement ends with the gigantic corporate bank admitting no wrongdoing and paying a settlement that is likely a fraction of what the bank earned on the ‘oversight,’” Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek. “Big banks will continue to roll merrily along, occasionally receiving a wrist-slap from the regulators, while Main Street Americans will continue to pay the price.”
What Happens Next
Affected customers should watch their mail or bank account for settlement communications and also make sure Capital One has their current address and contact information.
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