Capital One to pay $425 million in settlement. Who qualifies and how to claim your cash.
A recent development in the financial world has seen a judge approving a massive $425 million settlement in a class action lawsuit against Capital One. The lawsuit revolves around the interest rates that Capital One paid to its savings account customers, specifically related to the 360 Savings Account and the 360 Performance Savings Account.
Originally, Capital One offered the 360 Savings Account before introducing the 360 Performance Savings Account in 2019, which was a high-yield savings account. The crux of the lawsuit lies in the fact that Capital One allegedly paid a higher return on the 360 Performance Savings Account compared to the 360 Savings Account, even though both accounts were essentially the same. Additionally, customers claimed that the bank did not adequately disclose that the original 360 Savings Account was no longer considered the high-yield option and that the 360 Performance Savings Account was available.
With the settlement now greenlit, eligible Capital One account holders can look forward to receiving payments soon. To qualify for the settlement, account holders must have held a Capital One 360 Savings Account between September 18, 2019, and June 16, 2025. This includes joint holders and co-holders, although only primary account holders will receive cash payments.
If you meet the eligibility criteria, you are automatically included in the settlement and will receive a payment without needing to take any action. However, if you wished to opt out of the settlement, you needed to submit a written request by March 30, 2026.
Payments are scheduled to be distributed around July 21, 2026, either by check or electronically. To receive your payment electronically, you must have opted in by the March 30 deadline; otherwise, you will receive a mailed check. If your payment amount is less than $5, you will not receive anything unless you had opted into electronic payments beforehand.
The amount you receive as part of the settlement will be based on the details of your 360 Savings Account. Your claim will be calculated based on the additional interest you would have earned if you had been paid the rate offered on the 360 Performance Savings Account. This calculation takes into account factors such as attorney fees, administrative expenses, and the number of eligible account holders who opted out or do not claim their payments.
In addition to the financial restitution, ongoing Capital One savings customers will benefit from equalized interest rates on their savings accounts. Both the 360 Savings Account and the 360 Performance Savings Account will now receive the same interest rates, with the 360 Savings Account’s APY increasing from 1.00% to 3.20%.
This settlement marks a significant development for Capital One customers and serves as a reminder of the importance of transparency and fairness in financial institutions.
