A judge this week approved a $425 million capital one 360 settlement in a class action lawsuit over how Capital One paid interest to savings account customers. The case centers on holders of the old 360 Savings Account, who said they were paid less than customers with the newer 360 Performance Savings Account.
Capital One originally offered the 360 Savings Account before introducing the 360 Performance Savings Account in 2019. Account holders in the lawsuit said the bank kept paying a higher return on 360 Performance Savings while hiding that 360 Savings was no longer its high-yield option, and that the better-paying account was available to them.
The settlement covers eligible account holders who had a Capital One 360 Savings account at any point between Sept. 18, 2019, and June 16, 2025. Joint holders and co-holders are included, but cash payments will go only to primary account holders. People are automatically in unless they submitted a written request to opt out by March 30, 2026, and no claim form is required for those who meet the eligibility rules and did not exclude themselves.
Payments are scheduled to go out by check or electronically around July 21, 2026. To get paid electronically, an eligible account holder had to opt in by March 30, 2026. Those who do not opt in will receive a mailed check, though amounts under $5 will not be paid unless the person chose electronic delivery before the deadline.
The payment amount will depend on account details and is tied to the extra interest a saver would have earned if the money had been in 360 Performance Savings instead of 360 Savings. In one example from the case, a $10,000 balance left for a year during the eligible period at 0.30% APY would have earned $30 in 360 Savings and $330 in 360 Performance Savings, a gap that shows why the settlement matters to customers who say they were misled about the accounts.
The settlement also has to absorb lawsuit costs such as attorney fees and administrative expenses, and it will be reduced by the number of people who opt out or never cash their checks. Capital One now says 360 Savings and 360 Performance Savings will carry the same interest rate, with the older account’s 1.00% APY rising to 3.20% APY, the rate offered today on 360 Performance Savings. That closes the immediate pricing gap, but it does not erase the argument at the heart of the case: that customers kept money in the lower-paying account for years without being clearly told they had a better option.
