Capital One 360 Savings Account $425 Million Settlement

Customers who held a Capital One 360 Savings account at any point between Sept. 18, 2019, and June 16, 2025, may qualify to receive a cash payment from a class action settlement.

Capital One N.A. and Capital One Financial Corp. agreed to pay $425 million to resolve a class action lawsuit alleging they misrepresented the 360 Savings account, failed to increase interest rates on 360 Savings accounts to match those offered on newer 360 Performance Savings accounts and did not inform customers about the higher-yielding 360 Performance Savings option.

Who are the class members?

The class includes both current and former customers who maintained a Capital One 360 Savings account at any time from Sept. 18, 2019, and June 16, 2025. This includes:

• Individuals and entities who held a 360 Savings account during the class period
• Joint and co-holders of 360 Savings accounts as identified in Capital One’s records

How much can class members receive?

There are two main groups within the class:

• Those who closed or will close their 360 Savings account on or before Oct. 2, 2025
• Those who keep their 360 Savings account open after Oct. 2, 2025

All class members an receive a cash payment from a $300 million fund, which will also pay for settlement administration costs, attorneys' fees and costs and service awards to class representatives. Those who keep their Capital One 360 Savings accounts open after Oct. 2, 2025, will receive additional interest payments from a separate $125 million fund.

The cash payment amount is calculated to reflect the additional interest each class member would have earned if their account received the same interest rate as the 360 Performance Savings account during the class period. The amount is determined on a pro rata basis, meaning each person’s share is based on their individual recognized claim compared to the total recognized claims of all class members.

• Closed accounts (on or before Oct. 2, 2025):
• Receive a cash payment estimated to be about 15% higher than those with open accounts because these members will not receive future additional interest payments.

• Open accounts (after Oct. 2, 2025):
• Receive a cash payment based on the same formula but without the 15% increase
• Receive additional interest payments credited to their account over time calculated as the difference between the interest paid at a minimum of twice the Federal Deposit Insurance Corp. national average and what would have been paid at the national average until the $125 million pool is exhausted

No action needed to receive payment

Class members do not need to submit a claim to receive their payment. Payments will be sent automatically either by check or electronic payment. However, class members are encouraged to select electronic payment, especially if their payment is less than $5 as checks will not be issued for these amounts.

Class members can select their payment method or update their address via the online payment selection page. To log in, they must have their unique ID and PIN, which is found on the settlement notice they received indicating they are part of the settlement class. Those who did not receive a notice or misplaced it should contact the settlement administrator by calling 1-888-832-2704 (toll-free) for assistance.

Payout options

• Electronic payment (recommended, especially for payments under $5)
• Check (only for payments of $5 or more if electronic payment is not selected)

$425 million settlement fund breakdown

The $300,000,000 settlement fund covers:

• Settlement administration costs: $5,000,000
• Attorneys’ fees: Up to $85,000,000
• Attorneys’ expenses: Approximately $1,600,000
• Service awards to class representatives: Up to $10,000 each to 26 representatives ($260,000 total)
• Settlement fund: Remainder of the fund

Capital One agrees to also credit $125,000,000 to open 360 Savings accounts until this amount is exhausted, making the total settlement fund $425,000.

Important dates

• Exclusion deadline: Oct. 2, 2025
• Deadline to select payment method: Oct. 2, 2025
• Final approval hearing: Nov. 6, 2025

When is the Capital One 360 Savings account interest rate litigation payout date?

Payments will be distributed approximately 60 days after the court grants final approval of the settlement and any appeals are resolved.

Why did this class action settlement happen?

This class action lawsuit alleged Capital One failed to increase interest rates on the 360 Savings account in line with the 360 Performance Savings account.

Capital One denies any wrongdoing, but both sides agreed to settle to avoid the costs and uncertainty of litigation and to provide timely compensation to class members.

Sources

1. Settlement agreement
2. Class notice
3. Settlement FAQ