If you held a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, you may be eligible for compensation as part of a $425 million settlement.
The case stems from allegations that Capital One misled customers by freezing interest rates on its 360 Savings account while promoting newer accounts with significantly higher yields.
Background: Why Capital One Is Paying
- 2019–2025: Capital One allegedly froze the 360 Savings account rate at 0.3%.
- At the same time, its newer 360 Performance Savings account increased rates to as high as 4.3% in 2022, following Federal Reserve rate hikes.
- Customers of the 360 Savings account were reportedly not notified about the higher-yield option.
- The Consumer Financial Protection Bureau (CFPB) estimated that customers lost over $2 billion in interest.
Although the CFPB dropped its lawsuit in February 2025, Capital One agreed to resolve a related class action lawsuit for $425 million.
Who Qualifies for Payment
| Eligibility Requirement | Details |
|---|---|
| Account Type | Capital One 360 Savings account |
| Time Period | Held an account between Sept. 18, 2019 – June 16, 2025 |
| Status | Both current and former account holders qualify |
How Much Will Customers Receive?
Payouts are designed to compensate customers for lost interest.
| Payment Category | Details |
|---|---|
| Back Payments | Customers will receive what they would have earned if their account had matched the 360 Performance Savings rate. |
| Future Payments | For customers still holding a 360 Savings account, interest will be adjusted to at least 2x the FDIC national average. |
Settlement Timeline
| Event | Date |
|---|---|
| Claim / Objection Deadline | October 2, 2025 |
| Court Hearing for Approval | November 6, 2025 |
| Payments Begin | After final approval and claim processing |
Why This Case Matters
This lawsuit highlights the importance of truthful financial advertising and protecting consumers from deceptive practices.
Capital One marketed its 360 Savings account as a “high-interest account”, but froze rates at low levels while promoting other accounts at much higher returns.
FAQ
Q: Who is eligible for payment?
A: Anyone who had a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025.
Q: How much will I get?
A: Payments vary. You’ll receive what you would have earned if your account had matched the 360 Performance Savings rates.
Q: Do current customers get extra benefits?
A: Yes. Current account holders will earn an adjusted rate of at least 2x the FDIC national average savings rate.
Q: Do I need to file a claim?
A: Yes. Eligible customers must submit a claim by October 2, 2025 (details will be on the official settlement website once live).
Q: When will payments be sent?
A: Payments will begin 6–9 months after court approval, which is scheduled for November 6, 2025.
