Capital One settlement overview:
- Who: Capital One reached a $425 million class action settlement with savings account customers.
- Why: Plaintiffs claim Capital One misled customers by keeping interest rates low on 360 Savings accounts while offering higher rates on a similar product.
- Where: The class action settlement was approved in Virginia federal court.
A federal judge approved a $425 million class action settlement resolving claims that Capital One misled customers about interest rates on its 360 Savings accounts.
The settlement stems from allegations that Capital One kept interest rates on its 360 Savings accounts at artificially low levels while interest rates were rising nationwide. At the same time, the bank allegedly offered a nearly identical product — 360 Performance Savings — that paid significantly higher interest rates.
According to the claims, the difference between the two accounts resulted in customers losing out in potential interest earnings that collectively ran into billions of dollars.
Capital One denied wrongdoing but agreed to settle the lawsuit. The agreement states the court did not determine liability, and the parties chose to resolve the dispute to avoid continued litigation.
Capital One settlement payments expected in July 2026
The settlement received final approval on April 20. If no appeals are filed, payments are expected to be distributed around July 27, 2026.
If an appeal is filed, payments could be delayed until the appeal process is resolved.
The settlement covers individuals who held a 360 Savings account between Sept. 18, 2019, and June 16, 2025. Customers who only had 360 Performance Savings accounts are not included.
Class members do not need to submit a claim to receive payment, though those who wished to opt out were required to do so by an October 2025 deadline.
Payment amounts will vary depending on how much additional interest each customer would have earned if their funds had been in the higher-yield account. The total payout will be reduced by attorneys’ fees and administrative costs before distribution.
The remaining funds will be divided among eligible class members based on their individual account activity.
What do you think about this Capital One settlement? Let us know in the comments.
The plaintiffs are represented by Chet B. Waldman of Wolf Popper LLP.
The Capital One class action lawsuit is In re: Capital One 360 Savings Account Interest Rate Litigation, Case No. 1:24-md-03111-DJN, in the U.S. District Court for the Eastern District of Virginia.
Don’t Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
- Roku, TCL face class action over software updates that allegedly ‘brick’ smart TVs
- Kenvue seeks dismissal of class action alleging baby oil misrepresents ingredients
- Chime class action claims company failed to prevent April 2026 data breach
- Kia recalls over 141,000 Carnival vehicles due to fuel leak risk
