Key Takeaways

• Customers who had a Capital One 360 Savings account between 2019 and 2025 are eligible for a payout covering lost interest.
• You don’t need to still have the account-but if you do, closing it by Oct. 2 could mean a considerably larger settlement check.
• Keeping the account past the deadline will still earn you compensation, but the payout will be smaller-and you’ll lose out on higher APYs elsewhere.
• Your settlement amount depends on how much money you held in the account and for how long.
• To maximize your payout,act before Oct. 2-and consider moving funds into a top high-yield savings account.

Capital One Accused of Misleading Its 360 Savings Customers

Capital One once touted its “360 Savings” account as offering a “great rate,” advertising a 1.00% APY in 2013. This was a competitive return at the time, especially considering that the Federal Reserve maintained rates near zero,and the national average savings account yielded only 0.07%.

However, according to a class-action lawsuit, Capital One allegedly launched a similar “360 Performance Savings” account in September 2019, offering a 1.90% APY, without informing existing 360 Savings customers.

The lawsuit alleges that Capital one ceased opening new 360 Savings accounts but allowed existing ones to continue, failing to notify customers about the higher-paying choice. It also claims that the removal of all references to 360 Savings Account from the bank’s website made it difficult for customers to realize they were earning significantly less.

The earnings gap reportedly widened over time. The 360 Performance Savings rate increased to 4.35% as the Fed raised interest rates, while the original 360 Savings rate decreased to 0.30% in late 2020 and remained there.

The CFPB’s Role-and Retreat

The Consumer Financial Protection Bureau (CFPB) initially sued Capital One in January 2025, alleging that its 360 Savings practices were deceptive and abusive. Though, the CFPB dropped the case shortly after President Donald Trump took office.

The $425 Million Settlement that Followed-And What It Could Mean for You

The important interest rate disparity between the two accounts led to a large class-action lawsuit. In February 2024, customers filed a case in federal court, asserting that Capital One misled account holders by freezing the 360 Savings rate at a low APY while offering new customers much higher yields. The suit argued that millions of individuals were deprived of billions in interest they should have earned.

The lawsuit progressed rapidly, and by May 2025, capital One agreed to a $425 million settlement without admitting wrongdoing. A federal judge still needs to approve the settlement.