A federal judge approved a $425 million settlement from Capital One in a lawsuit surrounding its savings accounts.
The approval was granted on April 20. If there is no appeal, settlement payments are set to go out around July 27, 2026. If an appeal is filed, payments will be postponed until it is resolved.
The $425 million settlement involves the bank’s popular 360 Savings accounts, which a lawsuit alleges was “deceptively marketed,” “cheating” millions of customers out of more than $2 billion in interest.
What happened?
The Consumer Financial Protection Bureau accused Capital One of failing to raise interest rates on its 360 Savings account, instead freezing interest rates at a “low level while rates rose nationwide.”
“Around the same time, Capital One created a virtually identical product, ‘360 Performance Savings,’ that differed from 360 Savings only in that it paid out substantially more in interest — at one point more than 14 times the 360 Savings rate,” the CFPB said.
Capital One denied the allegations in the lawsuit, but agreed to settle.
“Capital One denies all claims asserted against it in the Action, denies all allegations of wrongdoing and liability, and denies all material allegations of the Complaint,” the complaint states. “The Court has not determined that Capital One did anything wrong; instead, the Plaintiffs and Capital One have decided to settle the lawsuit.”
Who is included in the lawsuit?
Anyone who had a 360 Savings account between Sept. 18, 2019 and June 16, 2025 was eligible for the lawsuit.
Those included did not need to file a claim for the lawsuit, however, those who wished to be excluded were required to do so by an Oct. 2, 2025 deadline.
How much money is each check worth?
There is no set amount. Your payment will be based on how much extra interest you would have earned — the difference between what your 360 Savings account actually paid and what the 360 Performance Savings account was paying during that period.
From that $425 million pool, lawyers’ fees of up to 15% will come out first, along with administrative costs. That could lessen the fund by $63.75 million or more before a single check goes out. The remaining money gets divided among all eligible customers.
