Account holders allege that the bank froze interest rates on their existing 360 Savings accounts at just 0.3%, while simultaneously offering much higher rates—up to 4.35%—on its new 360 Performance Savings accounts, without adequately notifying existing customers.
Capital One denies any wrongdoing but settled to resolve the claims.
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What does the $425M cover?
**$300 million** will be distributed as pro rata payments to class members—based on what they would have earned at the higher 360 Performance Savings rate.
**$125 million** is earmarked as additional interest for class members who still hold their legacy 360 Savings account.
Capital One must also maintain a 360 Savings account rate at least double the national average for savings accounts, per FDIC benchmarks.
Who qualifies and what’s the timeframe?
To qualify, you must have held a Capital One 360 Savings account at any time between September 18, 2019 and June 16, 2025.
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Do you need to file a claim?
No, claim filing is not required.
If you do not opt out, you’re considered part of the class and will receive payment automatically.
You can choose a payment method or update your address/payment info on the settlement website—by no later than October 2, 2025.
Key deadlines
Deadline What You Need to Do
October 2, 2025 Last day to opt out, or update payment method/address
November 6, 2025 Scheduled court hearing for final approval of settlement.
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What exactly will you receive?
The payout equals the difference between what you actually earned and what you would have earned had your account been a 360 Performance Savings account during the class period.
If you’ve closed your account (or do so before October 2, 2025), you typically receive about 15% more in a lump-sum cash payment than those with open accounts.
Keeping the account open means you get a smaller immediate payout—but you’ll also receive additional interest payments credited to your existing account.
Why this matters
1. Financial impact: Affected customers lost out on potentially significant interest—estimations suggest over $2 billion in total lost interest.
2. Consumer fairness: The case emphasizes the responsibility banks have to treat existing customers equitably, not just favor new product launches.
3. Legal precedent: It’s a reminder that failing to properly communicate changes or offer equivalent benefits can lead to costly legal challenges—even if a company denies wrongdoing.
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Quick summary
Settlement amount: $425 million
Eligible timeframe: Sept 18, 2019 – June 16, 2025
Action needed: None required—but update payment details by October 2, 2025 if desired
Final court hearing: November 6, 2025
