Capital One $425M Settlement Approved: Who Qualifies?

The class action lawsuit against Capital One centered on the claim that the bank paid lower interest rates on its 360 Savings accounts compared to its 360 Performance Savings accounts, despite the accounts being essentially the same. The plaintiffs argued that Capital One did not adequately inform customers that the 360 Savings account was no longer the high-yield option after the 360 Performance Savings account was introduced in 2019.

Who This Affects Most: This settlement primarily affects individuals who maintained a 360 Savings account with Capital One during the specified period and did not receive the same interest rates as those with a 360 Performance Savings account.

How to Prepare:

Capital One has denied any wrongdoing but agreed to the settlement to avoid further legal costs and the uncertainty of a trial. As part of the settlement, Capital One is also adjusting interest rates to ensure that both 360 Savings and 360 Performance Savings accounts receive the same rates going forward. This change benefits current Capital One savings customers by potentially increasing the APY on their 360 Savings accounts.

Anyone who held a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, is eligible.

No, eligible members will automatically receive their payment.

Payments will be sent either by check or electronically around July 21, 2026. Electronic payments require opting in by March 30, 2026.

The payment amount depends on the amount of interest you would have earned if your 360 Savings account had the same interest rate as the 360 Performance Savings account.

Do you think this settlement is fair? Share your thoughts in the comments below!

Share this article with others who need to stay ahead of this trend!