Earning interest on the money in your savings account is a great way to pad your bank account. Some companies also offer more enticing rates than others. But what happens when a company isn’t delivering on the interest people were hoping for? This is exactly what happened with Capital One, which is now offering a payout to customers who were allegedly cheated out of extra money. Keep reading to learn more about the Capital One 360 savings accounts settlement, who is eligible and how you can receive payment.
What is the Capital One 360 savings account settlement?
In early 2025, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Capital One and its parent company, Capital One Financial Corp., claiming that customers were not receiving the interest earnings owed on their savings accounts. The lawsuit argued that those banking with Capital One were misled or left in the dark.
First, the company reportedly froze interest rates at a low level (0.3 percent) in 2022 for its 360 Savings accounts while rates increased elsewhere on a national level. This occurred despite the promise that a Capital One savings account offers some of the best rates.
The other issue was that a similar “360 Performance Savings” account option was launched in September 2019, but Capital One did not alert customers that it was being offered. This account paid a more significant amount in interest (4.35 percent), so those who did not make the switch were missing out on more money in their pockets.
The CFPB argued that this decision cost consumers more than $2 billion in lost interest and accused the company of hiding details about the Performance Savings account to avoid having to shell out more in interest.
Though Capital One has denied any wrongdoing, it has agreed to a $425 million payout to appease customers of its high-interest savings accounts. It must also “maintain an interest rate on its 360 Savings accounts that is double the Federal Deposit Insurance Corporation’s calculation of the national average for savings deposit accounts,” shares TopClassActions.com.
Who is eligible for the Capital One settlement?
If you had a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, you will be entitled to a portion of the payout. The company will also be offering an additional payment in interest to anyone who is still an account holder.
(Note: Customers who have already closed their accounts or do so before October 2, 2025, will not receive the extra money. Instead, they will only be included in the first part of the settlement.)
How much money you could receive from the settlement
As part of this particular settlement, class members will receive payments meant to compensate for the lost interest. More specifically, Capital One will pay them the amount of interest they would have earned had the interest rates on Capital One Savings accounts not been frozen.
Since this amount will differ for each account holder, it’s impossible to know how much every customer will receive. Payments are expected to vary–especially because current account holders will receive a second payment.
How to get your Capital One settlement payment
While many settlements require customers to complete a form to get a portion of the payout, this one’s easier. Unless you choose to opt out (which must be done by October 2), you’ll automatically receive a payment.
You do, however, have the option to get your money sent electronically. Instructions to sign up are provided on the settlement website. Class members are encouraged to choose this option as checks will only be mailed for payments above $5. If your payment is less than that amount and you don’t have an electronic option available, you won’t receive any part of the settlement fund.
The final approval hearing for the Capital One 360 savings account settlement is November 6, 2025. It’s expected that payments will be sent out after this time.
