Anyone who had a particular account through Capital One could soon be receiving money as part of a multi-million dollar class action settlement.
The $425 million settlement involves the bank’s popular 360 Savings accounts, which a lawsuit alleges was “deceptively marketed,” “cheating” millions of customers out of more than $2 billion in interest.
A settlement agreement was reached and a key deadline was met earlier this month. A final approval hearing for the settlement will soon take place, marking a pivotal moment in the proceedings as consumers await payments.
Here’s what to know:
What happened?
The Consumer Financial Protection Bureau accused Capital One of failing to raise interest rates on its 360 Savings account, instead freezing interest rates at a “low level while rates rose nationwide.”
“Around the same time, Capital One created a virtually identical product, ‘360 Performance Savings,’ that differed from 360 Savings only in that it paid out substantially more in interest — at one point more than 14 times the 360 Savings rate,” the CFPB said.
Capital One denied the allegations in the lawsuit, but agreed to settle.
“Capital One denies all claims asserted against it in the Action, denies all allegations of wrongdoing and liability, and denies all material allegations of the Complaint,” the complaint states. “The Court has not determined that Capital One did anything wrong; instead, the Plaintiffs and Capital One have decided to settle the lawsuit.”
Who is included in the lawsuit?
Anyone who had a 360 Savings account between Sept. 18, 2019 and June 16, 2025 was eligible for the lawsuit.
Those included did not need to file a claim for the lawsuit, however, those who wished to be excluded were required to do so by an Oct. 2, 2025 deadline.
How much will be paid and when?
The final settlement still needs to be approved by a judge, with a hearing slated to take place on Nov. 6.
The $425 million is broken into two parts. The first $300 million will go toward “class cash payments” and other fees and costs, with payouts determined by the estimated amount of interest each accountholder would have earned if they had been given the applicable rates compared to the 360 Performance Savings accounts.
The remaining $125 million will be paid as “additional interest” to those who continue to have a 360 Savings account. These customers will be given an interest rate of at least two times the national average for savings deposit accounts until the full funds have been used.
Because of this, each accountholder will likely receive differing amounts.
For each 360 Savings account that existed during the timeframe referenced in the lawsuit, the total amount will be calculated as “the approximate amount of additional interest that would have been earned on the account during the Class Period had the account received the interest rate of the 360 Performance Savings product.” That number will then be multiplied by a a “to-be-determined value,” which was estimated to be around a 15% increase, though that number was subject to change based on attorney fees.
For each account that remained open, the claim will be calculated using “the approximate amount of additional interest that would have been earned on the account during the Class Period had the account received the interest rate of the 360 Performance Savings product” plus a “pro rate class cash payment” from the $125 million fund.
How will the settlement be paid?
Unless you opt out of the settlement, you are automatically eligible to receive a check or electronic payment for your Class Cash Payment. No claims were required.
Those whose totals amount to less than $5 will not receive their funds unless they opted to receive an electronic payout before Oct. 2. Totals of more than $5 will be sent in a check “mailed to your last known address,” or via your preferred electronic method if you opted for an electronic payment before Oct. 2.
Those who still have a 360 Savings account after Oct. 2 will also automatically receive payments of “additional interest” in their accounts “going forward.”
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