A class action lawsuit against Capital One finally provides a chance for customers to claim overdue earnings. The bank is poised to settle for $425 million after being accused of offering misleading interest on its 360 Savings accounts. The allegation claims that Capital One failed to notify customers about a newer high-yield version—360 Performance Savings—and left many missing out on significantly higher interest.
If you held a Capital One 360 Savings account between September 18, 2019, and now, you may qualify for compensation under the Capital One Bank Settlement. Although court approval is still pending, a hearing set for mid‑June 2025 will determine next steps. Here’s what you should know—especially if you’d like to check your payment status or eligibility.
Capital One Bank Settlement
The Capital One Bank Settlement centers on the bank’s introduction of the 360 Performance Savings account in 2019. The class action charges that customers of the older 360 Savings were not informed or automatically transferred to the new, significantly better-paying program. While the lawsuit asserts customers lost billions in missed interest, Capital One denies wrongdoing but agreed to settle to avoid a drawn-out trial.
Once finalized, the settlement will provide payments to class members based on the difference between their actual interest and what they would have earned had they been in the Performance Savings account. A separate fund will ensure ongoing fair interest rates for existing 360 Savings account holders.
Overview Table
| Category | Details |
| Settlement Total | $425 million |
| Paid to Former Account Holders | $300 million |
| Ongoing Rate Adjustment Fund | $125 million |
| Coverage Period | Sept 18, 2019 – Present |
| Eligible Accounts | 360 Savings, active or closed |
| Claim Criteria | Held eligible accounts during the period |
| Payout Determination | Difference in earned vs. potential Performance Savings interest |
| Court Approval Hearing | Mid-June 2025 |
| Settlement Status | Pending final approval |
What charges are made in the lawsuit against Capital One?
Customers were welcomed with the 360 Savings account in early 2019, pitched as a top-rate savings option. But that changed quickly—by September 2019, the bank introduced the 360 Performance Savings account at a higher APY, without encouraging or switching existing customers to the new rate.
Original 360 Savings accounts began paying just 0.3–1% APY, while the Performance account climbed much higher—up to 4.3% during 2022. The lawsuit argues that Capital One withheld this significant upgrade, causing many customers to earn far less while the bank profited.
Acquisition History & Account Structure Transformation
In 2012, Capital One acquired ING Direct USA, bringing with it the 360 Savings product. The account quickly became one of the better online savings options at the time. However, with rising market rates, Capital One launched the higher-yield Performance Savings product in 2019.
This competitive shift left many original customers out of the loop. Those who didn’t notice or take action were stuck with low-yield accounts, while newer account holders benefited. The lawsuit contends this lack of transparency caused financial harm.
Who is eligible for the compensation?
To qualify under the Capital One Bank Settlement:
- You must have held a Capital One 360 Savings account between September 18, 2019, and today.
- The account may still be open or may have been closed since then.
- All eligible accounts share in the $300 million claim fund.
- Compensation is calculated based on missed interest: what you actually earned versus what you would’ve earned at Performance Savings rates.
Separately, the $125 million fund ensures current 360 Savings accounts maintain an interest rate at least double the national average.
Capital One Bank Settlement 2025 Amount Breakup
The settlement breaks down into two main parts:
- $300 million fund for claimants. This fund covers the difference in interest rates between the two accounts, adjusted for the time you held your 360 Savings account and prevailing Performance Savings rates.
- $125 million fund to raise ongoing interest rates on existing 360 Savings accounts, securing a minimum yield tied to FDIC national averages.
This dual strategy compensates for past losses and protects current savings, offering both backpay and added value moving forward.
Payment Date and Your Next Approach
Currently, no payout date is confirmed. The mid‑June court hearing is expected to either approve or reject the settlement. Once approved, a specified payment schedule will be announced.
Settlement administrators will then notify eligible participants—via mail or email—about payment timing and amounts. Stay alert for notices to ensure you don’t miss your chance to claim what’s owed.
How to Check Your Eligibility
You don’t need to apply — eligibility is automatic based on account records. But you should:
- Keep your mailing address current with Capital One.
- Watch for notices after settlement approval.
- Read communications carefully to confirm eligibility and payout details.
- Avoid missing any response windows set by settlement managers.
What Happens After Court Approval?
Once the settlement is approved:
- A claims administrator will begin verifying eligible accounts.
- Notifications outlining your settlement share will be sent.
- Funds will be distributed per court‑approved timing—either via direct deposit or check.
- Performance Savings accounts will adjust rates automatically to meet the $125 million ongoing rate fund.
It’s important to follow instructions and respond quickly when you receive your settlement notice.
FAQs
1. Who is included in the Capital One Bank Settlement?
Anyone who held a 360 Savings account between Sept 18, 2019 and now, whether the account is still active or has been closed.
2. What is the total settlement amount?
The total is $425 million—$300 million allocated for interest shortfall claims and $125 million for rate adjustments.
3. Do I need to file a claim to receive payment?
No. Settlement eligibility will be confirmed automatically. You just need to update your contact info and watch for communications.
4. When can I get my money?
It depends on court approval in mid‑June 2025. Payment timelines will be shared shortly afterwar
5. How will the compensation be calculated?
Based on the interest you actually earned from your account versus what you’d have earned if you were in the 360 Performance Savings plan during the same timeframe.
Final Thought
The Capital One Bank Settlement offers a fair fix for long-standing issues with the 360 Savings product. Customers likely impacted are poised to receive meaningful compensation—based on what they missed out on when the Performance Savings account launched.
Though some waiting is still required for court approval, Capital One account holders should stay informed by watching mail, emails, and perhaps logging into their accounts. A significant payout could be coming—and it’s important to be ready to claim what you deserve.
