A federal judge has granted final approval to a $425 million Capital One settlement tied to its 360 Savings accounts.
Millions of current and former customers will receive compensation automatically — no claim form is required.
Consumers should still verify their account and contact details to avoid delays in receiving payment.
A federal court has given final approval to a $425 million class-action settlement resolving claims that Capital One misled customers about interest rates on its 360 Savings accounts, clearing the way for payments to begin later this year.
The ruling, issued by a judge in the U.S. District Court for the Eastern District of Virginia, follows years of litigation alleging the bank failed to raise rates on older 360 Savings accounts, while offering significantly higher yields on similarly named 360 Performance Savings accounts.
What the lawsuit alleged
Plaintiffs claimed Capital One marketed its 360 Savings accounts as “high-yield” while quietly maintaining much lower interest rates than newer accounts, causing customers to miss out on substantial earnings.
The bank denied wrongdoing but agreed to settle, with the revised deal increasing the total payout to $425 million and adding provisions to align interest rates going forward.
Who is eligible for compensation
The settlement covers consumers who held a Capital One 360 Savings account at any point between September 18, 2019, and June 16, 2025.
Both current and former account holders are included, with payments based on factors such as account balance and how long the account was open.
Unlike many class-action settlements, most eligible consumers do not need to file a claim to receive compensation. Payments will be issued automatically using Capital One’s records.
However, there are still a few key steps consumers should take:
- Check your eligibility. Log in to your Capital One account or review past statements to confirm you held a 360 Savings account during the covered period.
- Make sure your contact information is current. Payments may be sent by check or electronically, so an outdated mailing address or payment preference could delay delivery.
- Watch for official communications. Settlement administrators may send notices or updates, including payment timing or instructions. Ignoring these could lead to missed payments.
- Be aware of deadlines that have already passed. The deadline to select electronic payment or update details was March 30, 2026, meaning consumers who did not act may receive payment by check if eligible.
When payments will arrive
If there are no appeals, payments are expected to begin around July 2026, though timing may vary depending on processing and verification.
With final approval now secured, the Capital One 360 Savings settlement is moving into the payout phase. While no claim is required, consumers should take simple steps — like confirming account details and watching for updates — to ensure they receive any money they’re owed.