Millions of Capital One customers may be eligible for a payout after a judge approved a $425 million class-action settlement against the bank.
The lawsuit alleged that Capital One failed to raise interest rates on its 360 Savings accounts in line with rates offered on its newer 360 Performance Savings accounts once the latter launched in 2019. It also claimed the bank marketed the older accounts as high-yield options while failing to clearly disclose that a higher-interest account existed.
At one point, the annual percentage yield (APY) on 360 Performance Savings accounts was 4.3%. The APY on 360 Savings accounts was 0.3%.
“Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice,” New York State Attorney General Letitia James said in May 2025 when announcing the lawsuit.
The settlement comes after nearly two years of litigation. A U.S. District Court judge initially rejected an agreement in November, saying it did not adequately compensate account holders. The deal was renegotiated earlier this year, and Judge David Novak of the Eastern District of Virginia issued final approval of the settlement on Monday.
Who qualifies for the Capital One settlement?
Anyone who held a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, is eligible for payouts, according to the settlement website.
Eligible customers were not required to file a claim to receive payment but did have to choose a payment method by March 30. Those who did not make a selection will receive a check if their payment is $5 or more.
Payments will be issued only to the primary account holder on eligible 360 Savings accounts and will vary based on the interest that would have been earned if funds had been held in a 360 Performance Savings account. The amount will depend on several factors, including how long the account was held, account balances and the number of eligible customers sharing the $425 million settlement fund.
If no appeal is filed, payments are expected to be issued on or around July 21.
Disclaimer
Artificial Intelligence Disclosure & Legal Disclaimer
AI Content Policy.
To provide our readers with timely and comprehensive coverage, South Florida Reporter uses artificial intelligence (AI) to assist in producing certain articles and visual content.
Articles: AI may be used to assist in research, structural drafting, or data analysis. All AI-assisted text is reviewed and edited by our team to ensure accuracy and adherence to our editorial standards.
Images: Any imagery generated or significantly altered by AI is clearly marked with a disclaimer or watermark to distinguish it from traditional photography or editorial illustrations.
General Disclaimer
The information contained in South Florida Reporter is for general information purposes only.
South Florida Reporter assumes no responsibility for errors or omissions in the contents of the Service. In no event shall South Florida Reporter be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the use of the Service or the contents of the Service.
The Company reserves the right to make additions, deletions, or modifications to the contents of the Service at any time without prior notice. The Company does not warrant that the Service is free of viruses or other harmful components.
