Capital One misled savings customers
The judge had earlier rejected a previous settlement in November because it did not fairly compensate customers. The main allegation was that Capital One misled customers by steering them away from higher-interest savings accounts.
The bank created two very similar accounts called 360 Savings and 360 Performance Savings, which confused customers. Because of the similar names, many customers did not realize they were in a lower-interest account.This confusion caused customers to lose out on millions of dollars in interest earnings.
The lawsuit says the 360 Performance Savings account launched in 2019 with around 1.9% interest, close to the older account’s 1% at that time. Over time, the interest rates changed a lot between the two accounts. The 360 Savings account rate dropped sharply to about 0.3% annual percentage yield. Meanwhile, the 360 Performance Savings account rate went as high as 4.35%, creating a big gap.
Who will get settlement money
The bank was also accused of not clearly telling customers they could switch to the higher-paying account. According to court documents, about three-fourths of affected customers are still stuck in the lower-interest account. The settlement covers customers who had a 360 Savings account between September 18, 2019, and June 16, 2025.
When customers will get paid
The payout each person gets will depend on how long they had the account, how much money they kept, and how many people are included. Eligible customers do not need to take any action to receive the money. Payments are expected to start coming within the next one to two months. The new settlement also forces Capital One to raise the interest rate on the 360 Savings account. The bank must now match the higher rate of the 360 Performance Savings account so customers don’t lose out again.
FAQs
Q1. Who will get money from the Capital One settlement?
People who had a 360 Savings account between Sept 2019 and June 2025 can get money.
Q2. Do I need to apply to get my settlement payout?
No, eligible customers will get payments automatically within a few weeks.
