NEW YORK (WPIX) — Capital One has agreed to a $425 million settlement to resolve claims that it failed to raise interest rates for 360 Savings accounts.
The settlement includes customers who maintained a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025.
Here’s what to know.
What is the class action settlement about?
Earlier this year, the Consumer Financial Protection Bureau sued Capital One over its savings accounts, accusing the company of freezing its rate at a low level for several years, despite rising rates nationally, “cheating” customers out of more than $2 billion in lost interest payments as a result.
Multiple lawsuits have been brought against Capital One over the 360 Savings accounts, which are now being overseen by a federal judge in Virginia.
Capital One, which has not admitted to wrongdoing, has agreed to pay a $425 million class action settlement.
Who qualifies?
If you had a 360 Savings account with Capital One between September 18, 2019, and June 16, 2025, you may qualify for a portion of the $425 million settlement. Capital One will provide a list of those customers for the settlement but qualifying members have also received a notice.
You do not need to file a claim to receive a payout. However, you’ll need to use the ID and four-digit PIN found on the settlement notice to select your payment option online. The deadline to make your selection is October 2, 2025.
Settlement administrators note that, if you opt for a paper check, you will not receive one if your payout amount is less than $5. If you opt for an electronic payment, you’ll receive your payout regardless of how much it is.
How much will I receive?
Part of the $425 million settlement will be dispersed to qualifying account holders, totalling what they “would have earned if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account.” The latter are accounts that did see rising rates, but that were allegedly hidden from those with 360 Savings accounts.
A portion of the settlement, $125 million, is earmarked for paying qualifying account holders “additional interest payments.” According to the settlement website, Capital One will “maintain an interest rate on the 360 Savings account of at least two times the national average rate for savings deposit accounts as calculated by the FDIC” to those who still have 360 Savings accounts. Those payments will continue until all of the $125 million has been dispersed.
Payouts will be determined based on the life of the account and how much interest you would have received if you had a 360 Performance Savings account, “multiplied by a to-be-determined value.” Payouts for those who still have an active 360 Savings account will be calculated nearly the same, except without a multiplier.
You will also receive the aforementioned “additional interest payments” if you keep your Capital One 360 Savings account open after October 2, 2025. You do not need to file a claim for these payments.
If your account has already closed or been converted to a 360 Performance Savings account — or you do either before October 2 — “you will receive a Class Cash Payment that is currently estimated to be approximately 15% larger,” the settlement site explains.
The final approval hearing for the settlement is scheduled for Nov. 6, 2025. Individual payment amounts will vary and have not yet been specified.
The Associated Press contributed to this report.
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