Major bank Capital One to fork over $425 million due to a savings account dispute settlement
Capital One 360 Savings Account Settlement Approaches Final Hearing
Capital One customers who held a 360 Savings account between September 2019 and June 2025 may be eligible for compensation, as part of a $425 million settlement over allegations of misleading customers about returns on their savings account.
The settlement, which awaits court approval with a final hearing scheduled for Nov. 6, 2025, covers all individuals or entities who held a 360 Savings account during the specified period. Eligible class members will receive a payout based on the interest they would have earned if their accounts had been paid the higher interest rate applicable to the 360 Performance Savings accounts.
The settlement amount is divided as follows:
- A $300 million Cash Settlement Fund will provide cash payments to all eligible 360 Savings accountholders. These payments are calculated relative to account balances and the difference in interest rates.
- $125 million is allocated for additional increased interest payments going forward to those who still maintain their 360 Savings accounts as of June 16, 2025. Account holders who have closed or close their accounts before October 2, 2025, will not receive this additional interest.
No claim form is required to receive payment. Checks will be mailed automatically if the amount is $5 or more, but smaller amounts will only be paid electronically if the class member opts in by October 2, 2025.
Eligibility Criteria and Estimated Payout Details
| Eligibility Criteria | Estimated Payout Details | |---------------------------------------------|---------------------------------------------------------| | Held a Capital One 360 Savings account anytime between 9/18/2019 and 6/16/2025 | Cash payout based on lost interest difference relative to 360 Performance Savings rates | | Maintain the account as of 6/16/2025 to receive additional future interest payments | $300 million cash fund + $125 million in additional future interest payments | | No claim form needed; automatic distribution | Checks mailed if payment ≥ $5; otherwise electronic payment if requested by 10/2/2025 |
The settlement follows a 2024 class action lawsuit filed by customers in federal court in Alexandria, Virginia. Although the Consumer Financial Protection Bureau (CFPB) dropped its case in February, the class action lawsuit moved forward, leading to the large settlement.
It is important to note that Capital One has denied wrongdoing in this case. However, the CFPB called Capital One's earlier advertising "false or otherwise misleading." National interest rates climbed rapidly during 2022, while Capital One's 360 Savings account rate remained at 0.3%. Customers who still maintain a 360 Savings account will see their interest rates raised.
The deadline to exclude oneself or object to the settlement is October 2, 2025. For more information, visit the settlement website at www.360SavingsSettlement.com.
- The Capital One 360 Savings account settlement, awaiting final court approval, covers both individuals and entities who held a 360 Savings account between September 2019 and June 2025, and they may be eligible for compensation from a $425 million fund, primarily aimed at personal-finance matters related to the account.
- Eligible Capital One customers who held a 360 Savings account during the specified period may receive a cash payout based on interest lost due to lower rates compared to the 360 Performance Savings accounts, and they also have the chance to receive additional interest payments going forward, if they maintain their account as of June 16, 2025, as part of the business settlement.
