A judge has signed off on a $425 million settlement in the Capital One lawsuit over savings account interest rates, bringing a long-running dispute with 360 Savings customers to a close. The deal covers account holders who had a Capital One 360 Savings account from Sept. 18, 2019, through June 16, 2025.
The settlement automatically includes customers who fit that time period, including joint and co-holders, and most will not have to file a claim to be paid. The amount each person receives will depend on how long they held the account and how much interest they would have earned at the higher 360 Performance Savings rate, according to the settlement details.
The case centered on allegations that Capital One paid lower interest rates on older 360 Savings accounts while not telling customers that a newer high-yield option was available. The lawsuit also accused the bank of failing to raise rates on 360 Savings accounts at the same pace it paid on 360 Performance Savings accounts and of concealing that the older accounts were no longer Capital One’s high-yield online savings product.
The settlement website is cited as the source for those allegations and the class details, which also say customers with qualifying balances will be paid automatically unless they exclude themselves from the deal. Customers could choose an electronic payment instead of a paper check, but the deadline for that option passed on March 30. Checks will not be sent if the amount owed is less than $5, and customers owed under that threshold had to sign up for electronic payment before the deadline.
If there is no appeal, payments are expected to go out on or about July 21, 2026. That puts the final question not on whether the money will be paid, but on how much each customer will get once the settlement administrator applies the account history and interest differences the lawsuit was built around.
