Capital One Settlement: Who Qualifies for a Payout?

Capital One customers could receive a substantial payout following a judge’s approval of a $425 million class-action settlement against the bank. The lawsuit alleged that Capital One did not adjust interest rates on its 360 Savings accounts to match the rates offered on its newer 360 Performance Savings accounts after the latter launched in 2019. Furthermore, it was claimed that the bank marketed the older accounts as high-yield options without clearly disclosing the existence of a higher-interest account.

At one point, the annual percentage yield (APY) on 360 Performance Savings accounts was 4.3%, while the APY on 360 Savings accounts was only 0.3%. New York State Attorney General Letitia James accused Capital One of promising high returns without any catches, only to later disappoint their customers. Despite denying any wrongdoing, Capital One has agreed to the settlement after nearly two years of litigation.

The settlement is available to anyone who held a Capital One 360 Savings account between September 18, 2019, and June 16, 2025. Eligible customers do not need to file a claim but had to select a payment method by March 30. Payments will be issued to the primary account holder and will vary based on factors such as account balances, length of account ownership, and the number of eligible customers sharing the $425 million fund. If no appeal is filed, payments are expected to be distributed around July 21.

In other news, Money has highlighted five class-action settlements to watch this spring, including potential refunds from Google and LastPass. Additionally, the article explores companies’ responses regarding tariff refunds and whether Costco plans to share these refunds with its shoppers. Stay informed with Money for more updates on financial settlements and refunds.