“Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice,” said New York Attorney General Letitia James. The Capital One 360 settlement represents a significant financial restitution for customers misled about interest rates. A federal judge approved a $425 million class-action settlement on April 20, 2026.
Key details of the settlement:
- The settlement covers anyone who held a 360 Savings account between September 18, 2019, and June 16, 2025.
- Eligible customers will receive the payout automatically, with no claim form required.
- The payout date is set for July 27, 2026, assuming no appeals are filed.
- Payments will vary based on the interest missed during the specified period.
The lawsuit accused Capital One of misleading customers about interest rates on its savings accounts. The court allocated $32 million for attorneys’ fees and $1.81 million for expenses. Each settlement class representative will receive a $10,000 service award.
Capital One will align the interest rates on 360 Savings accounts with those on the newer 360 Performance Savings going forward. Legal fees of up to 15% and administrative costs will be deducted from the $425 million before distribution.
The case is separate from a previous Capital One data breach settlement. This class-action lawsuit began in 2023 when customers raised concerns about lower rates offered to existing account holders after the launch of the new savings account product in 2019.
Philip Black, an attorney involved in the case, called it “a great result for the class.” The settlement aims to compensate customers for estimated lost interest during the period in question. The court’s approval marks a critical milestone in the long-running dispute.
