The Capital One settlement has been approved for $425 million in payouts to eligible 360 Savings customers. Payments will begin around July 27, 2026, assuming no appeals delay the process.
The lawsuit addresses differences in annual percentage yields (APY) between the 360 Savings and 360 Performance Savings accounts. The newer account offered yields over 4%, while the older product remained near 0.30%. Eligible customers will receive automatic payments without needing to file claims.
Key facts:
- The settlement covers individuals and businesses that held Capital One 360 Savings accounts between September 2019 and June 2025.
- $32 million is allocated for attorneys’ fees, with $1.81 million for expenses.
- Class representatives will receive a $10,000 service award for their role in the case.
- The settlement is administered by Epiq Class Action & Claims Solutions.
State officials accused Capital One of misleading customers regarding interest rates. Investors are concerned about reputational implications and regulatory pressure in the savings and retail banking segment. The settlement includes provisions requiring alignment between savings product rates going forward.
The agreement aims to compensate customers for estimated lost interest during the period in question. Officials involved in the process have also warned customers to remain alert for scams. Despite the scale of the settlement, Capital One shares showed little reaction, reflecting a view that the financial impact is manageable.
