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A lawsuit filed against Capital One alleging that it paid higher interest rates on new accounts than on similar existing ones has reached a $425 million settlement. The settlement, approved by a judge, means people who had a certain savings account during a four-year period will be issued settlement payments on or about July 21, as long as there is no appeal. Capital One has denied any wrongdoing, and the settlement doesn’t determine fault. Anyone who had a Capital One 360 Savings account at any time from Sept. 18, 2019, through and including June 16, 2025, including joint and co-holders of 360 Savings accounts, is part of the settlement class unless they request to be excluded.Unless you opt out of the settlement, you are automatically eligible to receive a check or an electronic payment for your Class Cash Payment. You don’t need to file a claim.The case concerns two types of savings accounts offered by Capital One. The company started offering “360 Savings” accounts in 2013. In 2019, it began offering a new savings account, 360 Performance Savings, and stopped offering new 360 Savings accounts. Existing accounts stayed open. Since then, Capital One paid a higher – sometimes significantly higher – interest rate on the Performance Savings accounts than on the 360 Savings accounts. The plaintiffs in the case alleged that the two accounts are otherwise the same.When the new accounts were introduced in 2019, they offered 0.9% higher interest than the old 360 Savings accounts. Between April 2024 and September 2024, Capital One paid a 4.35% APY on 360 Performance Savings compared to a 0.30% APY paid on 360 Savings.Under the settlement, Capital One will send cash payments to settlement class members based on the approximate amount of interest they would have earned if their 360 Savings account(s) had paid the interest rate that then applied to the 360 Performance Savings account. It will also begin paying the interest rate for the 360 Performance Savings account to holders of the 360 Savings account going forward, making the interest rates on the two accounts identical.More information is available on the settlement website.
A lawsuit filed against Capital One alleging that it paid higher interest rates on new accounts than on similar existing ones has reached a $425 million settlement.
The settlement, approved by a judge, means people who had a certain savings account during a four-year period will be issued settlement payments on or about July 21, as long as there is no appeal. Capital One has denied any wrongdoing, and the settlement doesn’t determine fault.
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Anyone who had a Capital One 360 Savings account at any time from Sept. 18, 2019, through and including June 16, 2025, including joint and co-holders of 360 Savings accounts, is part of the settlement class unless they request to be excluded.
Unless you opt out of the settlement, you are automatically eligible to receive a check or an electronic payment for your Class Cash Payment. You don’t need to file a claim.
The case concerns two types of savings accounts offered by Capital One. The company started offering “360 Savings” accounts in 2013. In 2019, it began offering a new savings account, 360 Performance Savings, and stopped offering new 360 Savings accounts. Existing accounts stayed open.
Since then, Capital One paid a higher – sometimes significantly higher – interest rate on the Performance Savings accounts than on the 360 Savings accounts. The plaintiffs in the case alleged that the two accounts are otherwise the same.
When the new accounts were introduced in 2019, they offered 0.9% higher interest than the old 360 Savings accounts. Between April 2024 and September 2024, Capital One paid a 4.35% APY on 360 Performance Savings compared to a 0.30% APY paid on 360 Savings.
Under the settlement, Capital One will send cash payments to settlement class members based on the approximate amount of interest they would have earned if their 360 Savings account(s) had paid the interest rate that then applied to the 360 Performance Savings account.
It will also begin paying the interest rate for the 360 Performance Savings account to holders of the 360 Savings account going forward, making the interest rates on the two accounts identical.
More information is available on the settlement website.
