If you had a Capital One 360 savings account between September 2019 and June 2025, you may be entitled to part of a $425 million Capital One savings account settlement, USA Today reports. The payout stems from a Capital One 360 savings account lawsuit that alleged the bank kept interest rates low on older accounts while offering higher rates to new customers.
Capital One 360 Savings Account Lawsuit Background
According to USA Today, Capital One customers filed the Capital One 360 savings account lawsuit in 2024.
The Consumer Financial Protection Bureau (CFPB) also sued the bank and its parent holding company, Capital One Financial Corp., in January 2025, claiming it froze rates on the 360 Savings account at 0.3% for years despite rising national interest rates. The Bureau alleged that this cost customers more than $2 billion in lost earnings.
Per USA Today, the CFPB said Capital One marketed the 360 Savings account as “high interest” with a variable rate “among the nation’s best,” but these statements were “false or otherwise misleading.” At the same time, the bank’s newer 360 Performance Savings account offered rates as high as 4.3% in 2022 following Federal Reserve rate hikes.
The CFPB dropped its lawsuit in February 2025, but Capital One agreed to settle the class action case for $425 million, according to court documents from the U.S. District Court for the Eastern District of Virginia Alexandria Division.
Who Qualifies For A Payment?
USA Today reports that anyone who maintained a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, is eligible for compensation under the settlement.
Payments will be based on what customers “would have earned if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account,” according to the settlement cited by USA Today.
What Happens Next
Per USA Today, current account holders will also see a boost going forward. Their accounts will earn an interest rate at least two times the national average rate for savings deposit accounts, based on the Federal Deposit Insurance Corporation’s calculations.
The settlement is awaiting court approval, with a hearing set for Nov. 6. Eligible customers have until Oct. 2 to file a claim or object to the settlement, as reported by USA Today.
