A federal judge has approved a $425 million class action settlement for Capital One 360 Savings account holders. The settlement resolves allegations that the bank paid lower interest rates on older accounts while offering a superior product to new customers without notifying existing ones. Eligible individuals, who held accounts between September 2019 and June 2025, will receive automatic payments estimated for July 2026, with future interest rates being standardized across the account types.
A federal judge approved the Capital One class action settlement on April 20. The $425 million fund covers current and former holders of the bank’s 360 Savings account.
The case centered on allegations that Capital One paid lower interest rates on older 360 Savings accounts. The bank allegedly marketed a newer, higher-yielding 360 Performance Savings product without informing existing customers.
Court filings described the two accounts as otherwise identical. The lawsuit claimed the bank avoided paying over $2 billion in interest to 360 Savings customers between 2019 and 2025.
A court-appointed Special Master estimated reasonable damages between $742 million and $1.098 billion. The $425 million settlement represents between 38 and 57 percent of that estimated range.
Eligibility includes anyone who held a 360 Savings account between September 18, 2019, and June 16, 2025. No claim filing is required for most recipients to receive a payment.
Individual payout amounts will be calculated based on interest differentials during the class period. “Class Counsel believes that the Settlement Fund of $425 million… is an excellent result for Settlement Class Members,” according to court filings.
Payments are currently scheduled to go out around July 21, 2026. The settlement also requires Capital One to pay the same interest rate to both account types going forward.
