The Biggest News Stories Of 2026

Updated April 23, 2026 12:00 PM

A judge has approved a $425 million settlement in a lawsuit accusing Capital One of offering lower interest rates on older savings accounts while promoting higher rates on a newer, similar product.

The approval clears the way for payments to be issued to eligible customers who held a 360 Savings account between September 18, 2019, and June 16, 2025.

Capital One has denied any wrongdoing in the case, which centers on two of its savings products. In 2019, the bank introduced its 360 Performance Savings account, which featured higher interest rates than the existing 360 Savings accounts. The lawsuit alleged that customers with the older accounts were not clearly informed about the newer option or that their accounts were no longer offering competitive rates.

Customers who had a 360 Savings account during the specified timeframe, including joint account holders, are eligible to receive a payment under the settlement.

Eligible customers do not need to file a claim to receive compensation. Payments will be issued automatically. However, customers had the option to select electronic payment instead of a mailed check if they made that choice before March 30.

Those who did not opt in for electronic delivery will receive a check by mail if their payment exceeds $5. Payments under $5 will only be distributed electronically.

Individual payouts will vary. The amount is based on how much additional interest each customer would have earned if their 360 Savings account had matched the higher rates offered by the 360 Performance Savings account during the same period.

The total settlement fund will be reduced by legal fees and administrative costs before the remaining funds are distributed among eligible account holders.

Following the judge’s approval on April 20, payments are expected to be sent around July 21, assuming there are no appeals that delay the process.

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