New York Attorney General Letitia James stated, “Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice.” This comment follows a federal judge’s approval of a $425 million class-action settlement for Capital One 360 Savings customers on April 20, 2026.
The settlement covers anyone who held a 360 Savings account between September 18, 2019, and June 16, 2025. Eligible customers will receive the payout automatically, meaning no claim form is required. The payout date is scheduled for July 27, 2026, assuming no appeals are filed.
Payments will vary based on the interest missed during the specified period. The lawsuit accused Capital One of misleading customers about interest rates on its savings accounts. Previously, older accounts earned just 0.3% APY while newer accounts offered up to 4.35% APY.
Key financial details:
- Legal fees of up to $32 million allocated from the total settlement
- $1.81 million designated for administrative expenses
- Each class representative will receive a $10,000 service award
The court’s approval marks a critical milestone in this long-running dispute. The settlement administrator is Epiq Class Action & Claims Solutions. Furthermore, Capital One will align the interest rates on its 360 Savings accounts with those on the 360 Performance Savings going forward.
This case is separate from a previous Capital One data breach settlement. The outcome aims to provide substantial financial compensation to customers affected by the alleged misrepresentation of interest rates.
