Capital One agreed to pay $425 million to settle claims that it secretly kept interest rates artificially low on 360 Savings accounts while paying higher rates to new customers under a different product name. If you had a Capital One 360 Savings account between September 2019 and June 2025, you may be entitled to a payout — and no claim form is required.
⚡ Quick Facts
- Settlement Fund: $425 million
- Claim Form Required: No — automatic payout for eligible accountholders
- Who Qualifies: Capital One 360 Savings account holders, Sept. 18, 2019 – June 16, 2025
- Estimated Payout: Based on account balance and duration
- Status: Settlement approved — watch for payment
What Is the Capital One 360 Savings Settlement?
The Capital One $425 million settlement resolves claims that the bank engaged in deceptive interest rate practices targeting existing 360 Savings customers. According to the lawsuit, Capital One launched a new high-yield product — the 360 Performance Savings account — in 2019 and quietly began paying that account a much higher interest rate. Meanwhile, existing 360 Savings customers were kept on an artificially suppressed rate with no notification or easy migration path.
At the peak of the discrepancy, 360 Performance Savings accounts were earning over 4.5% APY, while legacy 360 Savings accounts were earning as little as 0.30% APY. On a $10,000 balance held for a year, that's a difference of over $420 in interest — money that should have gone to customers but did not.
Who Qualifies — And Do You Need to File Anything?
This is the rare settlement where you do not need to file a claim form. Eligible class members are those who held a Capital One 360 Savings account (the original product, not 360 Performance Savings) with a non-zero balance at any point between September 18, 2019, and June 16, 2025.
Capital One's own records identify eligible accountholders. The settlement administrator will use those records to calculate and distribute payments automatically.
What if You Closed Your Account?
Former accountholders are still eligible. If you had a 360 Savings account during the qualifying window and later closed it, you should still receive payment. Make sure your mailing address is current — if Capital One has an outdated address, your check will not reach you.
How Much Will Each Person Receive?
Payouts are calculated based on the interest differential — the difference between what you actually earned on your 360 Savings account versus what you would have earned at the 360 Performance Savings rate during the same period.
Customers who held $20,000+ in their 360 Savings account for multiple years during the 2020–2023 period — when the rate differential was widest — may receive the most significant payments. Individual payouts range from a few dollars for short-term small-balance holders to several hundred dollars for customers with substantial, long-term balances.
The Timeline: When Will You Get Paid?
The settlement has received preliminary court approval. Following final court approval without appeals, payments are expected to begin in 2026. Watch your mail and your email for correspondence from the settlement administrator.
Do not ignore any letters or emails referencing "Capital One 360 Savings Settlement" — those will contain important instructions about your payment or options.
What Happens if You Do Not Cash the Check?
Settlement checks typically have a 60-to-90 day expiration window. If you receive a check and do not cash it within that window, it may be voided and redistributed to other class members. Cash your check immediately when it arrives.
Key Takeaways
- Capital One agreed to pay $425 million to resolve interest rate manipulation claims
- You qualify if you had a 360 Savings account between Sept. 18, 2019 and June 16, 2025
- No claim form required — distribution is automatic
- Payout size depends on your average balance and how long you held the account
- Keep your mailing address current with Capital One
