A judge this week approved a $425 million capital one class action settlement over claims that the bank paid lower interest on its 360 Savings Account than on a newer, higher-yield account with nearly the same features. The deal covers eligible customers who held a Capital One 360 Savings account at any point between Sept. 18, 2019, and June 16, 2025.
Under the settlement, account holders who qualify will be automatically included unless they asked to opt out in writing by March 30, 2026. Payments are expected around July 21, 2026, by check or electronically for people who opted in for digital payment by the deadline. Cash payments will go only to primary account holders, though joint holders and co-holders are included in the class.
The case centered on Capital One’s 360 Savings Account and the 360 Performance Savings Account, which the bank introduced in 2019. Customers in the lawsuit said Capital One kept paying a higher return on the Performance account while the products were otherwise the same, and that it failed to make clear that the original 360 Savings was no longer the bank’s high-yield option. The settlement calculates payments based on the extra interest a customer would have earned if the balance had received the 360 Performance Savings rate.
The agreement also changes how the two products work going forward. Capital One savings customers in both account types will now receive the same interest rate, and the 360 Savings Account’s current 1.00% APY will rise to 3.20% APY. The 360 Performance Savings account currently pays 3.30% APY.
There is still one practical catch for some customers: payments under $5 will not be sent unless the person opted in to electronic payment before the March 30 deadline. The size of each payout will depend on how much additional interest a person would have earned during the covered period, up to the limits of the settlement terms.
For Capital One, the settlement closes a dispute that lingered for years over two savings products that customers said were nearly identical but treated differently. For account holders, the bigger change may be the rate alignment itself, which will affect future interest on balances held in either account.