Capital One is shelling out $425 million in a class action settlement, and if you had a Capital One 360 Savings account between September 18th, 2019, and June 16th, 2025, you may be eligible for a payout.
This legal battle stems from a class action lawsuit filed in federal court in Alexandria, Virginia. Customers alleged that Capital One misrepresented its 360 Savings account as a high-interest product, while quietly freezing the rate at just 0.3%, even as national interest rates climbed. The Consumer Financial Protection Bureau (CFPB) also went after the bank, claiming Capital One’s marketing misled consumers by saying the account offered “one of the nation’s best” variable rates.
The CFPB lawsuit was dropped in February, but the class action case continued. Capital One has now agreed to pay $425 million to settle the claims.
Kiplinger reported that while Capital One kept the 360 Savings rate low, it boosted rates on a newer product, the 360 Performance Savings account, which peaked at 4.3% in 2022. However, many customers weren’t informed of the new, higher-yielding option.
Those eligible for the settlement are current and former customers who held a 360 Savings account during the specified time. Payments will reflect the amount account holders “would have earned if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account.”
Additionally, the settlement mandates future rates on the 360 Savings account be “at least two times the national average rate for savings deposit accounts as calculated by the FDIC.”
A court hearing for final approval is scheduled for November 6. Claims and objections must be submitted by October 2nd.
