- Capital One will pay $425 million to settle a class action alleging it offered lower interest rates on older 360 Savings accounts while marketing a higher-yield product.
- Eligible customers held a 360 Savings account between September 18, 2019, and June 16, 2025, and do not need to file a claim to receive a payment.
- Individual payouts, calculated on lost interest, are scheduled for disbursement around July 21, 2026, pending any appeals.
- The bank, which denied wrongdoing, also agreed to pay equal interest rates on both account types moving forward.
A federal judge approved the Capital One class action settlement on April 20, creating a $425 million fund for current and former 360 Savings account holders. The case centered on allegations the bank quietly offered newer customers a better product while paying lower rates on older, otherwise identical accounts.
Consequently, a court-appointed Special Master estimated reasonable damages between $742 million and $1.098 billion. The settlement therefore represents “between 38 and 57 percent of what Settlement Class Members could have obtained for their historical losses,” according to the review.
Eligibility includes anyone who held a 360 Savings account between September 2019 and June 2025. The settlement administrator noted, “The settlement administrator has not yet determined the amount of your class cash payment,” on its website.
Payments are individualized, based on the interest gap compared to the newer Performance Savings rate. Class Counsel called the cash fund and future rate parity “an excellent result for Settlement Class Members considering the significant costs, risks, and delay of trial and appeal.”
The Capital One settlement payment timeline targets disbursement around July 21, 2026. However, the settlement website clarifies, “If an appeal is filed, payments will be issued after the appeal is resolved.”
Ultimately, the agreement provides a one-time payout and mandates equal future interest rates for both account types. This resolves claims the bank avoided paying over $2 billion in interest to its customers during the six-year period.
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