In response to a class action lawsuit, Capital One has agreed to pay a total of $425 million to settle claims made by customers who were negatively affected by its savings account policies. This settlement addresses allegations that the bank misrepresented the 360 Savings account as a high-yield product while maintaining its interest rate at a low level, leading to substantial financial losses for affected customers.
According to Marca, the lawsuit stems from customers not being informed of a higher-interest alternative, which may have resulted in missed opportunities to earn more. Here’s a breakdown of the key points related to the settlement and what it means for you.
Who is Eligible for Compensation?
The settlement applies to current and former customers who held a Capital One 360 Savings account between September 18, 2019, and June 16, 2025. If you held an account during this period and were unaware of the existence of a higher-interest alternative, the 360 Performance Savings account, you may be entitled to compensation.
Capital One marketed its 360 Savings account as a “high-yield” product, but its interest rate remained frozen at 0.3% for years, despite the rise in national interest rates. Meanwhile, the 360 Performance Savings account offered much higher interest rates, at times reaching up to 4.3%. Customers who were not informed about this alternative and continued to earn less are eligible for compensation under the settlement.
How Much Compensation Can You Expect?
The amount of compensation you could receive depends on the difference between what you earned with your 360 Savings account and what you would have earned had your account been given the same rates as the 360 Performance Savings account. Essentially, the compensation seeks to make up for the interest loss customers experienced due to the lower rate on their 360 Savings accounts.
In addition to the monetary compensation, customers who still have an active account will benefit from an improved interest rate. The new rate for active customers will be at least twice the national average for savings accounts, according to data from the FDIC. This ensures that current customers will receive a more competitive interest rate moving forward.
How to File Your Claim
To be eligible for the settlement, you must file a claim by October 2, 2025. The claims process is available online, and customers will need to verify that they had a 360 Savings account during the specified period.
Once your claim is submitted, the court must approve the settlement, with a hearing scheduled for November 6, 2025. If the settlement is approved, payments will begin to be distributed to eligible customers shortly after.
It’s important to act before the deadline to ensure you don’t miss out on your chance to recover lost interest. If you wish to object to the settlement, you can write to the court before the hearing. However, most customers are likely to submit their claims and accept the compensation offered.
