Capital One has agreed to pay $425 million to settle claims of failing to raise the interest rate on its “360 Savings account.”
This settlement applies to customers who held a Capital One “360 Savings account” between September 18, 2019, and June 16, 2025.
Earlier this year, the Consumer Financial Protection Bureau (CFPB) sued Capital One, alleging that the bank froze the interest rate on the “360 Savings account” at a low level during a period of nationwide rate hikes, causing customers to lose over $2 billion in interest, equivalent to deceiving customers.
Several organizations and customers have filed lawsuits against Capital One regarding their “360 Savings account,” with a federal judge in Virginia currently reviewing these lawsuits.
While Capital One has not admitted to any wrongdoing, they have agreed to pay $425 million as a settlement for the class action lawsuit.
If you held a Capital One “360 Savings account” between September 18, 2019, and June 16, 2025, you may be eligible to receive a portion of the $425 million settlement. The bank will provide a list of eligible customers, with qualified individuals reportedly already notified.
You do not need to file a claim to receive compensation, but you must use the ID and four-digit PIN provided in the notice letter to select your payment method online. The deadline for choosing the payment method is October 2, 2025.
The settlement administrator indicates that if you choose a check payment and the amount is less than $5, you will not receive a check. However, if you opt for electronic payment, you will receive compensation regardless of the amount.
A portion of the $425 million settlement will be distributed to eligible account holders, with the total amount equivalent to the interest that would have been earned if the “360 Savings account” had been calculated based on the interest rate applicable to the “360 Performance Savings Account” at that time. It is reported that the bank concealed these rates.
Additionally, $125 million of the settlement will be specifically allocated to pay “additional interest” to eligible account holders. The bank has promised to provide “at least double the national average savings deposit interest rate calculated by the Federal Deposit Insurance Corporation (FDIC)” to customers who still maintain a “360 Savings account” until this $125 million is fully distributed.
Payments will be determined based on the account’s validity period and the amount of interest you would have received when you had a “360 Performance Savings Account,” multiplied by a certain factor. For users with active “360 Savings accounts,” the calculation process for the compensation amount is similar but without the multiplier.
If you continue to use the “360 Savings account” after October 2, 2025, you will receive the aforementioned “additional interest” without having to file a claim for this compensation.
According to the settlement website, if your account has been closed or converted to a “360 Performance Savings Account” or if you took any of these actions before October 2, you will receive a “Class Cash Payment,” which is expected to be 15% higher than the typical compensation amount.
The final hearing for this settlement case is scheduled for November 6, 2025. The amount of compensation per individual is yet to be determined.