Capital One reached a $425 million settlement. See if you qualify for payout
A federal judge has approved a $425 million settlement regarding a class-action lawsuit against Capital One Bank.
In 2019, Capital One created a product called “360 Performance Savings” accounts, in place of its previous “360 Savings” accounts. The bank stopped offering 360 Savings accounts but kept the already existing ones open.
The issue was the interest payment on the 360 Performance Savings product is higher than the previous product. According to the settlement website, Capital One paid 350 Performance Savings Accounts 4.35% interest rates, while it paid 360 Savings accounts a 0.3% interest rate.
The class-action lawsuit claimed Capital One never alerted its 360 Savings customers that the new higher interest rate existed.
The $425 million payout will take care of money lost, but also Capital One must pay both 360 Performance Savings accounts and 360 Savings accounts the same interest rate from now on.
Who is eligible for payout?
Any Capital One customer who held a 360 Savings account from Sept. 18, 2019, to June 16, 2025, will be eligible for payout. This also includes co-holders or joint owners.
Customers do not need to sign up for the payout. If you are eligible, a check will be mailed to your last filed address with Capital One as long as your payout is over $5. The choice of a digital payment deadline was in March.
How much money will 360 Savings account customers get?
The payout will vary per customer.
Payouts are dependent on how much extra interest you have earned, which is the difference between what your 360 Savings account has paid and what the 360 Performance Savings account was paying at the same time.
When will customers receive the settlement?
As long as there are no appeals, payments are expected to be made by June 21, 2026.
There will be a delay if an appeal is made before then.