What Is the Capital One Settlement?
Capital One has agreed to pay $425 million to resolve class-action and regulatory claims that it failed to raise interest rates on its 360 Savings accounts while simultaneously offering a nearly identical product — the 360 Performance Savings account — at dramatically higher rates. At one point, the 360 Performance Savings paid 4.3% APY while the 360 Savings account sat at just 0.3% APY. A federal judge approved the settlement, and payments are expected on or around July 21, 2026. No claim filing is required for most eligible customers.
Key Takeaways
- The $425 million settlement resolves claims that Capital One “deceptively marketed” its 360 Savings account while hiding a higher-rate product from existing customers.
- Eligible customers are those who held a Capital One 360 Savings account at any point between September 18, 2019, and June 16, 2025.
- No claim filing is required — eligible customers are automatically included.
- Payments are expected on or around July 21, 2026. If an appeal is filed, payments will be delayed until it is resolved.
- Payment amount is based on how much more interest you would have earned if your 360 Savings account had paid the 360 Performance Savings rate during the eligible period.
- Lawyers’ fees of up to 15% (approximately $63.75 million) come out of the $425 million before customer payments are calculated.
- As part of the settlement, 360 Savings account holders will now receive the same interest rate as 360 Performance Savings customers going forward — an ongoing benefit.
What Is the Lawsuit About?
In May 2025, the Consumer Financial Protection Bureau (CFPB) sued Capital One, accusing the bank of freezing interest rates on its 360 Savings accounts at a low level for several years — despite rising interest rates nationally — effectively “cheating” customers out of more than $2 billion in lost interest.
The core allegation: around the same time Capital One held 360 Savings rates artificially low, it created a virtually identical product — the 360 Performance Savings account — that offered substantially more interest. Customers who already had 360 Savings accounts were not clearly notified that a higher-rate option existed.
New York State Attorney General Letitia James stated at the time: Capital One “assured high returns with no catches, then pulled the rug out from under their customers.”
Capital One denied all allegations but agreed to settle.
Who Qualifies for the Capital One Settlement?
You are eligible if you held a Capital One 360 Savings account at any point between September 18, 2019, and June 16, 2025. This includes:
- Primary account holders
- Joint and co-holders of eligible accounts
You are not eligible if you only had a 360 Performance Savings account (not a 360 Savings account) or if you formally excluded yourself from the settlement before the March 30, 2026 deadline.
Do I Need to File a Claim?
No. Eligible customers do not need to file a claim. If you met the eligibility criteria and did not actively opt out, you are automatically included in the settlement and will receive payment.
The deadline to select electronic payment (via direct deposit) was March 30, 2026. If you did not opt in by that date, you will receive a paper check mailed to your last known address — provided your payment amount exceeds $5.
If your payment is less than $5 and you did not select electronic payment, no money will be distributed to you.
How Much Will You Receive?
There is no fixed dollar amount per person. Your payment will equal the additional interest you would have earned if your 360 Savings account had paid the 360 Performance Savings rate during your eligible period.
Payments are calculated after deducting:
- Lawyers’ fees of up to 15% (up to $63.75 million)
- Administrative costs
- Any remaining funds divided proportionally among all eligible customers
The actual per-customer amount depends on how long you held a 360 Savings account during the eligible period, the balance you maintained, and how many total eligible customers are in the settlement class. Customers who held larger balances for longer periods will receive larger payments.
When Will Capital One Settlement Payments Arrive?
Payments are scheduled to go out on or around July 21, 2026. This assumes no appeals are filed. If an appeal is filed, payments will be postponed until the appeal is resolved.
If you opted for electronic payment before March 30, 2026: funds will be delivered via direct deposit or digital transfer around July 21.
If you did not opt in: a paper check will be mailed to your last known address around the same date, provided your payment exceeds $5.
The Ongoing Benefit: Rate Parity Going Forward
In addition to the one-time payment tied to the Capital One $425 million settlement, Capital One has agreed that 360 Savings account holders will now receive the same interest rate as 360 Performance Savings customers going forward. Based on current rates, this means many 360 Savings account holders could see their APY increase from 1.00% to 3.20% — matching the rate currently offered on 360 Performance Savings accounts.
This ongoing rate adjustment may be worth more than the one-time settlement payment for customers who maintain significant balances.
360 Savings vs. 360 Performance Savings
| Account | Rate at Peak Disparity | Rate Going Forward | Access to New Customers |
|---|---|---|---|
| Capital One 360 Savings | 0.30% APY | 3.20% APY (matching Performance) | Existing customers only |
| Capital One 360 Performance Savings | 4.30% APY | 3.20% APY | New and existing customers |
Expert Tip
If you still have a Capital One 360 Savings account open, the rate increase to 3.20% APY is automatic you do not need to switch accounts or take any action. However, in light of the Capital One $425 million settlement, it may be worth comparing this rate against current high-yield savings account options. Several online banks and credit unions currently offer 4.00–4.50% APY. If your balance is substantial, the difference in interest earnings between 3.20% and 4.50% on a $50,000 balance is approximately $650 per year meaningful even after taxes.
FAQ
Who qualifies for the Capital One $425 million settlement?
Anyone who held a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, qualifies automatically. Joint and co-holders are included. Only primary account holders receive cash payments.
Do I need to file a claim to get my Capital One settlement money?
No. Eligible customers are automatically included. No claim form is required. However, the deadline to choose electronic payment was March 30, 2026 — if you missed it, you’ll receive a paper check if your payment exceeds $5.
When will Capital One settlement checks be mailed?
Payments are expected on or around July 21, 2026, assuming no appeals. If an appeal is filed, the distribution will be delayed until the appeal is resolved.
How much will I receive from the Capital One settlement?
Your payment equals the interest your 360 Savings account would have earned if it had paid the 360 Performance Savings rate during your eligible period. The exact amount depends on your balance, how long you held the account, and the total number of eligible customers.
What if I only had a 360 Performance Savings account?
You are not eligible for the settlement payment. The settlement covers only 360 Savings account holders — not 360 Performance Savings account holders.
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