Capital One Customers to Receive Payments from $425 Million Settlement

ARLINGTON, Va. — Certain Capital One customers will receive payments as part of a $425 million class-action lawsuit settlement. The payouts are available to individuals who held a Capital One 360 savings account from September 18, 2019, to June 6, 2025.

The lawsuit claimed that Capital One advertised these savings accounts as high-interest options. However, in 2022, the interest rate for these accounts remained at a low 0.3%. During the same period, a related Capital One 360 Performance Savings account saw interest rates reach up to 4.3% due to increases by the Federal Reserve.

The plaintiffs argued that Capital One failed to pay approximately $2 billion in interest to customers with the original 360 savings account and also did not inform them about the more profitable account. While the Consumer Financial Protection Bureau initially filed a lawsuit against Capital One on similar grounds, it was dropped in February.

Capital One has denied any wrongdoing but agreed to the settlement terms. According to the settlement details, the $425 million will be distributed, although how much each customer will receive has not been clarified yet. Customers who decide to close their accounts by October 15 are expected to get 15% more than those who keep their accounts open.

The settlement is awaiting final court approval, with a hearing scheduled for November 6.