[2025.8 Update] Compensation is here! Qualified claimants do not need to fill out a form—checks will be automatically mailed to your mailing address, and you can also choose e-payment for collection. To make changes, you need to log in with the ID and PIN from the notice you received.
In addition, if you closed your account before Oct. 2, or if the account is already closed, you may also receive an extra 15% compensation.
Background
Capital One agreed to pay $425 million to settle a nationwide lawsuit alleging that it failed to tell depositors they could move money to a higher-yield account, thereby deceiving savings account depositors. A preliminary notice of the settlement was filed in federal court in Alexandria, Virginia last Friday, and it still requires judge approval. If there is any class-action claim form content later, we will provide timely updates here.
Depositors said that Capital One promised a higher rate for its 360 Savings Account but did not disclose that a higher-yield 360 Performance Savings Account existed. The 360 Savings Account APY was held at 0.3%, while the 360 Performance Savings Account reached 4.35% earlier last year. Its rate is currently 3.6%.
Under the settlement, Capital One will pay $300 million to 360 Savings Account depositors as compensation for the 360 Performance Savings Account interest they could have earned. It will also pay an additional $125 million in interest to depositors who still hold 360 Savings Accounts.
Settlement details
The settlement covers all depositors who have held a 360 Savings Account since September 18, 2019. Attorneys’ fees will be paid out of the settlement funds. That said, Capital One did not admit any wrongdoing when entering into the settlement and did not respond immediately outside business hours.
Related litigation
The U.S. Consumer Financial Protection Bureau (CFPB) filed a similar lawsuit in January, before President Trump took office, but the case was withdrawn after the agency’s enforcement activity declined sharply in February. After that, New York Attorney General Letitia James filed a lawsuit against Capital One on behalf of the state’s 360 Savings Account depositors. Capital One denied James’s allegations and said it would defend itself in court.
Summary
This settlement highlights a flaw in how Capital One managed its savings accounts: depositors who could have earned higher returns did not receive the rates they should have. The matter has again raised concerns about transparency and customer service at large banks. While Capital One executives said they were willing to settle, the bank still did not admit any misconduct in court, leaving the issue controversial. Under ongoing public pressure, Capital One’s next steps and posture are worth watching.
