Capital One agreed to a $425 million settlement to resolve a class action lawsuit alleging that the bank secretly kept interest rates on its Capital One 360 Savings accounts artificially low while offering much higher rates to new customers under a different product name. If you had a Capital One 360 Savings account any time from September 18, 2019 through June 16, 2025, you may be entitled to an automatic payment with no claim form required. Register at capitalone360savingsaccountlitigation.com by March 30, 2026.
Status: Approved — Automatic Payments | Deadline: March 30, 2026 | Official Site: capitalone360savingsaccountlitigation.com
What Did Capital One Do?
The lawsuit alleged that Capital One engaged in a deceptive bait-and-switch scheme. The company offered its Capital One 360 Savings account to millions of customers, marketing it as a high-yield savings alternative. But when the Federal Reserve raised interest rates between 2022 and 2023 — the most aggressive rate-hiking cycle in decades — Capital One did not pass those rate increases on to its existing 360 Savings account holders.
Instead, Capital One quietly launched a new product called the Capital One 360 Performance Savings account, which paid significantly higher interest rates. New customers who opened accounts were steered toward the higher-rate product, while existing 360 Savings account holders were left earning far less — often as little as 0.30% while the Performance Savings account paid 4.35% or more. Capital One did not proactively notify existing 360 Savings customers about the better-paying product or automatically upgrade their accounts.
Who Is Eligible?
- You held a Capital One 360 Savings account (not the 360 Performance Savings account) at any time between September 18, 2019 and June 16, 2025
- You are a U.S. account holder
- No minimum balance requirement — any 360 Savings account qualifies
Capital One has complete records of all 360 Savings account holders, so you do not need to gather any documentation to qualify for this settlement.
Do You Need to File a Claim?
No claim form is required. Capital One will calculate each eligible account holder’s payment automatically based on account balance history and the interest rate differential during the class period. However, you should visit the official settlement website to:
- Select your payment method — choose PayPal, Venmo, Zelle, check, or other available methods to receive your payment electronically
- Update your contact information — ensure Capital One and the settlement administrator have your current address and email
- Register by March 30, 2026 — if you do not register for electronic payment by this date, the settlement administrator will mail a check to the address on file if your payment is $5 or more
How Much Will You Get?
Individual payment amounts will vary based on the average balance you maintained in your Capital One 360 Savings account during the class period and the interest rate differential between what you earned and what you would have earned in the 360 Performance Savings account. Customers who maintained higher balances over longer periods will receive larger payments. With $425 million to distribute, payments for customers with significant savings balances could be meaningful.
Why This Case Matters
This settlement is significant because it challenges a practice that affects tens of millions of savings account holders at banks across the country. When the Federal Reserve raises interest rates, banks benefit immediately — their loan rates go up and their borrowing costs reflect current market rates. But many banks are slow to pass those rate increases on to depositors, particularly existing customers who are less likely to shop around.
Capital One was particularly aggressive in this practice by creating a parallel savings product that paid dramatically higher rates, marketing it to new customers, and leaving existing 360 Savings account holders earning a fraction of market rate without their knowledge.
Case Details
| Defendant | Capital One Financial Corporation |
| Allegation | Deceptively keeping 360 Savings interest rates artificially low while offering higher rates to new customers under a different product name |
| Settlement Amount | $425 million |
| Class Period | September 18, 2019 to June 16, 2025 |
| Who Qualifies | U.S. holders of Capital One 360 Savings accounts (not 360 Performance Savings) |
| Claim Form Required | No — automatic payments; register at capitalone360savingsaccountlitigation.com |
| Registration Deadline | March 30, 2026 |
| Official Website | capitalone360savingsaccountlitigation.com |
| Status | Approved — automatic payments distributing |
See the Capital One 360 Savings settlement details on OpenClassActions.com.
By Steve Levine | Published: February 24, 2026
Legal Disclaimer
This article is for informational purposes only and does not constitute legal advice. OpenClassActions.org is not a law firm. Visit capitalone360savingsaccountlitigation.com for official information.