Capital One 360 Savings account holders face an imminent deadline to claim funds from a $425 million settlement linked to longstanding account practices. The settlement concerns how interest rate adjustments were handled across different types of savings products. According to The U.S. Sun, the case centers on discrepancies between rates applied to 360 Savings and 360 Performance Savings accounts over a multi-year period.
The company has not admitted any fault, but it has agreed to a resolution involving financial compensation. Eligible customers have until October 2 to take action before the claims window officially closes.
Eligibility, Timeline, and How to Claim
The settlement applies to individuals who held a 360 Savings account between September 18, 2019, and June 16, 2025. Eligible customers may have already received a notice from Capital One or the settlement administrators, which includes a unique claim ID and a four-digit PIN. These are required to select your preferred method of payment.
Claims must be finalized by October 2. Importantly, no form needs to be filled out—you only need to update your payment method on the official settlement site using your claim ID and PIN.
Electronic payments are available to all claimants, regardless of the amount. However, if you wish to receive a paper check, that option is only available if your payout exceeds $5, as confirmed by the settlement administrators.
Those who miss the deadline will not be eligible for any compensation.
How Payments Are Calculated and Structured
According to the settlement, payments will be calculated based on how long each customer maintained their 360 Savings account, and how much interest they would have earned “if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account.”
In addition to the main compensation, a $125 million portion of the settlement will be distributed as “additional interest payments”, designed to benefit account holders going forward.
Specifically, Capital One will
Maintain an interest rate on the 360 Savings account of at least two times the national average rate for savings deposit accounts as calculated by the FDIC.
These enhanced interest rate payments will continue until the $125 million is fully depleted. That commitment is contractual and tied to the court settlement.
However, the actual multiplier and interest rate figure have not yet been determined. Customers who wish to receive these additional benefits must keep their 360 Savings accounts open beyond October 2.
