Capital One $425M settlement: Are you eligible for compensation?

Capital One Settlement Overview

Customers of Capital One might be entitled to a share of a $425 million settlement.

If you had a Capital One 360 savings account from September 2019 to June 2025, you could be eligible for part of this settlement, as reported by various sources.

This settlement stems from a class action lawsuit submitted to Capital One last year. Earlier this year, the Consumer Financial Protection Bureau (CFPB) also took legal action against the company. This situation led to an increase in national interest rates while the company’s rates remained stagnant for years, resulting in over $2 billion in customer losses.

According to the CFPB, Capital One advertised its 360 savings account as offering “high interest” with variable rates, claiming it was one of the best options available. However, interest rates on the account were held steady at 0.3%. Meanwhile, the 360 Performance Savings account reached a peak rate of 4.3% after several interest rate hikes by the Federal Reserve.

The 360 Savings Account started with a 1% APY and initially opened with a 1.9% APY. When the 360 Performance Savings account was introduced, existing accounts were not converted, as noted by financial outlets.

Furthermore, the lawsuit indicated that Capital One failed to inform existing savings account holders about this new account type. The claims included that the CFPB would earn more interest than those in other accounts, which was described as “false or misleading.”

It’s worth noting that the Trump administration later dropped the CFPB case related to this matter, as reported by various financial news sources.

Eligibility for Class Action Settlement

If you maintained a Capital One 360 savings account between September 18, 2019, and June 16, 2025, you qualify for compensation.

Amount of Compensation

The amount a customer might receive depends on the interest earned from the 360 Performance Savings account.

Deadline for Settlement Approval

This settlement is still pending court approval, with a hearing scheduled for November 6.

According to the class action litigation website, no claim form is necessary to participate in the settlement. However, you can choose to receive payments via check or electronic transfer. For additional details about your payment options, there’s more information available on the litigation website.