If you’ve held a Capital One savings account in recent years, you may soon receive a payment after a U.S. judge approved a $425 million settlement this week.
Better yet: You don’t need to take any action to claim your share in the class action lawsuit originally filed against the McLean, Virginia-based bank in 2024.
Who Qualifies for a Payment?
To be eligible, you must have had a Capital One 360 Savings account at any time from mid-September 2019 through mid-June 2025.
Why Was Capital One Sued?
The lawsuit accused Capital One of deceptive marketing and interest payment practices related to its 360 Savings account product. During the nearly six-year period in question, the bank offered two similarly named accounts with drastically different interest rates:
- 360 Performance Savings (higher rate)
- 360 Savings (lower rate)
The gap widened significantly after the Federal Reserve began raising interest rates in 2022. By December 2023, 360 Performance Savings account holders earned a 4.35% APR, while 360 Savings account holders received just 0.30% APR, according to Wolf Popper, the law firm representing plaintiffs.
"Since Capital One did nothing to advise its legacy accountholders that they would have to switch to the new account to earn a competitive interest rate, 360 Savings accountholders across the country have lost out on interest payments Capital One should have paid them."
Wolf Popper did not immediately respond to a request for comment about the settlement.
How Much Will Customers Receive?
Payments will be individually calculated based on the interest you would have earned if your account had matched the 360 Performance Savings rate. However, exact amounts vary by account activity.
Payments are scheduled to begin around July 21.
Settlement Timeline and Market Impact
The case faced delays after a U.S. judge initially rejected the $425 million settlement in November, citing different terms. The revised agreement was later approved.
Meanwhile, Capital One’s stock has dropped nearly 22% this year, underperforming the broader S&P 500, which is up about 4% in the same period.
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