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Consumers who had a Capital One 360 savings account at any point between September 18, 2019, and June 16, 2025, may be eligible to receive a cash payment from a newly proposed $425 million class action settlement. The court granted preliminary approval of the revised settlement on Jan. 12, 2026.
Capital One N.A. and Capital One Financial Corp. have agreed to pay $425 million to settle a class action lawsuit alleging that the bank paid lower interest rates on its 360 savings accounts compared to the otherwise identical 360 Performance savings accounts, and failed to adequately inform customers about the existence of the higher-yield account or the interest rate differences.
On Nov. 6, 2025, the judge denied the motion to grant final approval to a previously proposed Capital One settlement. The judge directed counsel and parties to engage in further settlement negotiations in order to improve the actual settlement benefit for class members. On Dec. 23, 2025, class counsel submitted a revised settlement to the court for approval.
Under the terms of the new settlement, instead of paying $300 million to class members and an additional $125 million in interest going forward to those who still have Capital One 360 savings accounts, Capital One will pay $425 million to class members and 360 savings account holders will receive the same interest rate paid to 360 Performance savings account holders for at least two years. According to the settlement website, new notice of the revised settlement will go out to class members on Feb. 13, 2026.
Who is eligible to receive a Capital One payout?
Class members are individuals or entities that maintained a Capital One 360 savings account at any time from September 18, 2019, through June 16, 2025. This includes current and former account holders.
The settlement also applies to joint and co-holders, but only the primary account holder will receive any available settlement payment for each account.
How much can class members get?
- Pro rata cash payment: Eligible class members will receive a cash payment based on the additional interest that would have been earned if their 360 savings account had received the same interest rate as the 360 Performance savings account during the class period.
- Payments under $5 will only be issued to class members that submit an electronic payment request.
- Interest rate match: Current 360 savings account holders will automatically receive the same interest rate as the 360 Performance savings account.
Example pro rata cash payment calculation
- If a class member's account would have earned $100 more in interest at the higher rate, and the total recognized claims for all class members is $100,000,000, their individual share is 0.0001, or 0.01%.
- If the net settlement fund after deductions is $350,000,000, the class member's payment would be $350 (0.0001 x $350,000,000).
No claim form required
- Class members do not need to file a claim to receive a payment. However, payments under $5 will only be issued electronically.
- To select electronic payment or update address information class members can submit the request online using the Unique ID and PIN from their settlement notice.
- The deadline to submit a payment selection is March 30, 2026.
- Class members that previously submitted an electronic payment selection do not need to resubmit.
Payout options
- Electronic payment
- Paper check mailed to the address on file with Capital One, only available for payments of $5 or more
$425 million Capital One settlement fund
Breakdown of the $425,000,000 settlement fund:
- Settlement administration costs: Estimated at $5,000,000
- Attorneys' fees: Up to $63,750,000
- Attorneys' expenses: Approximately $1,600,000
- Service awards to class representatives: $10,000 each, $260,000 total
- Payments to eligible class members: Remaining settlement funds
Important dates
- Deadline to choose payment method: March 30, 2026
- Deadline to opt out: March 30, 2026
- Final approval hearing: April 20, 2026
When is the Capital One 360 savings account interest rate payout date?
Payments will be issued to eligible class members approximately 90 days after the court grants final approval of the settlement. New interest rates for current 360 account holders will go into effect approximately 44 days after the court grants final approval of the settlement.
Why was there a class action settlement?
The class action lawsuit alleged that Capital One paid lower interest rates on its 360 Savings accounts compared to its 360 Performance Savings accounts, even though the accounts were otherwise identical. Plaintiffs claimed that Capital One did not adequately inform 360 Savings account holders about the existence of the higher-yield account or the lower rates they were receiving.
Capital One denied the allegations but agreed to settle in order to avoid the expense and risks of further litigation and a possible trial.
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