- A $425 million settlement for Capital One 360 Savings customers was approved on April 20, 2026.
- Eligible customers will receive automatic payments around July 27, 2026, with no claim form required.
- Payout amounts are based on lost interest from a period between September 2019 and June 2025.
- The bank must now align interest rates for old and new savings accounts moving forward.
A federal judge has approved a monumental $425 million settlement for millions of Capital One customers, resolving a years-long lawsuit over unfair interest rates. This deal, confirmed on April 20, 2026, compensates anyone who held a 360 Savings account between September 2019 and June 2025.
Eligible customers will receive the Capital One 360 settlement payout automatically, according to reports, with funds arriving on or around July 27, 2026. The lawsuit accused the bank of quietly offering new customers rates as high as 4.35% while legacy accounts earned just 0.3% APY. Capital One denied all allegations of wrongdoing throughout the legal process.
New York Attorney General Letitia James stated, “Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice.” Consequently, a judge previously rejected an earlier settlement for underpaying customers, forcing the bank to increase the total compensation pool.
The final payout per person depends on the specific interest each account missed, with lawyer fees reducing the distributed total. Meanwhile, the settlement also mandates that Capital One must now align the interest rates on all 360 Savings accounts. This crucial change will apply automatically, so existing account holders do not need to take any action.
Attorney General James added, “Today we are delivering justice for those customers nationwide and ensuring that they will receive the higher interest rates they were originally promised.” However, the payout date could be delayed if an appeal is filed against the court’s final approval. Customers should contact the official settlement administrator with any questions.
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