New York – Capital One has decided to settle for $425 million over claims that it kept interest rates low on its 360 savings accounts.
This settlement covers customers who had a Capital One 360 savings account from September 18, 2019, to June 16, 2025.
Here’s what you should know.
What is the class action settlement?
Earlier this year, the Consumer Financial Protection Bureau took action against Capital One, arguing that the bank did not adjust savings account rates in line with national increases.
Multiple lawsuits have been filed concerning Capital One’s 360 savings accounts, which are now under the supervision of a federal judge in Virginia.
While Capital One has not acknowledged any wrongdoing, they have agreed to this significant settlement.
Who is eligible?
If you had a Capital One 360 savings account between September 18, 2019, and June 16, 2025, you can claim a portion of the $425 million settlement. Capital One will provide a list of qualifying customers and has already informed eligible account holders.
You won’t need to file a claim to receive your payment, but you will need to use the ID from the settlement notice along with a four-digit pin to select your payment options online. Just a reminder, the deadline for this is October 2, 2025.
Keep in mind that if you choose a check and your payment is less than $5, you won’t receive a physical check. Opting for electronic payment means you’ll get your funds regardless of the amount.
How much will you receive?
A share of the $425 million will be distributed among eligible account holders. If you had a 360 savings account, interest payments will be based on the duration of your account and the interest received, particularly if you were using a 360 performance savings account, which has higher rates than the standard savings account.
Of the settlement, $125 million is set aside for “additional interest payments” for eligible account holders. Capital One claims that its 360 savings accounts maintain interest rates at least double the national average for savings accounts, as calculated by the FDIC. These payments will continue until the funds are fully distributed.
For those with active accounts, payments will be calculated similarly, but without certain multipliers. If you have an Capital One 360 savings account open post-October 2, 2025, you’ll still receive the additional interest mentioned earlier without any filing needed.
If your account has been closed or changed to a 360 Performance Savings account, or if that’s done before October 2, you may see an estimated 15% increase in payments, according to the information provided on the payment site.
The confirmation hearing for this settlement is set for November 6, 2025. Specific amounts for individual payments haven’t been disclosed yet.
