A judge approved a $425 million settlement on April 20, resolving a lawsuit alleging Capital One paid lower interest rates on older 360 Savings accounts while offering higher rates on a newer 360 Performance Savings product. Capital One denies wrongdoing.
Eligibility
Settlement payments are available to Capital One customers who held a 360 Savings account (including joint and co-holders) between September 18, 2019, and June 16, 2025.
Claim Process
Customers do not need to file a claim to receive payment. Those who opted for electronic payment (by March 30) will receive funds electronically. Others with a payout exceeding $5 will receive a check by mail. Payments under $5 are only sent electronically.
Payout Calculation
Each account holder's payout is based on the extra interest they would have earned if their 360 Savings account had paid the higher 360 Performance Savings rate. After deducting legal fees and administrative costs, the remaining $425 million is divided among eligible customers.
Payment Timeline
With the settlement approved on April 20 and barring appeals, payments are expected to be sent on or about July 21.