The massive settlement seeks to resolve claims the bank misled customers by keeping older savings accounts at low interest rates.
WASHINGTON — The deadline for the $425 million class action lawsuit against Capital One is fast approaching.
Capital One customers who had a 360 Savings account between Sept. 18, 2019, and June 16, 2025, may be eligible for the settlement. The class action lawsuit stems from allegations raised in both a 2024 Consumer Financial Protection Bureau lawsuit and a separate class action that claims the banking giant froze interest rates on its 360 Savings account at just 0.3% for years while offering much higher rates, up to 4.3%, on a newer account called 360 Performance Savings.
The Consumer Financial Protection Bureau report claimed the bank deceptively marketed the older account as “high interest” and “one of the nation’s best.” while failing to tell customers about the newer and better higher yield saving option.
Regulators said the move “cheated” customers out of more than $2 billion in lost interest. While the CFPB dropped its case earlier this year, the class action continued, leading to the settlement.
Capital One, which has denied any wrongdoing, has agreed to pay $425 million to settle the claims.
Capital One class action settlement: How to file a claim
Eligible customers can submit a claim form by Oct. 2, 2025. Claims can be filed through the official settlement website.
According to the settlement website, consumers do not need to submit a claim to receive a payout. However, you will need to use the ID and four-digit PIN on your settlement notice to select your payment option online. The last day to make that selection is Thursday, Oct. 2.
Those who opt for a paper check will not receive a payment if the payout amount is less than $5. If you opt for an electronic payment, you will get your payout regardless of the amount.
Who is eligible for a payment from the settlement?
Current and former Capital One customers who maintained a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, are eligible. A 360 Savings account will be considered “closed” for settlement purposes if it was converted to a 360 Performance Savings account by Oct. 2, 2025.
How much can you get from the Capital One settlement?
The $425 million settlement is split into two parts. The first $300 million will be distributed as one-time, pro rata payments to all eligible current and former 360 Savings account holders, based on how much additional interest each person would have earned if their account had paid the higher 360 Performance Savings rate during the initial period.
Another $125 million will go toward higher interest payments for customers who still have a 360 Savings account. For a set period, Capital One must pay these account holders at least twice the national average savings rate, with the $125 million representing the extra interest compared to what they would have earned at the national average.
When can I expect my payment?
The settlement still requires final court approval. A hearing is scheduled for Nov. 6, 2025. Payment timelines will be posted on the official settlement website once the settlement has been finalized.