Capital One Financial Corporation has reached a $425 million settlement for eligible customers of its 360 Savings accounts. Payments will automatically begin around July 27, 2026, assuming no delays from appeals.
The settlement applies to individuals and businesses that held Capital One 360 Savings accounts between September 2019 and June 2025. Eligible customers will receive automatic payments without needing to file claims.
This lawsuit centers on significant disparities in annual percentage yields (APY) between the 360 Savings and 360 Performance Savings accounts. The newer account offered yields exceeding 4%, while the older product barely reached 0.30%.
As part of the settlement, $32 million is allocated for attorneys’ fees and $1.81 million for expenses. Class representatives will receive a service award of $10,000 for their contributions.
The settlement is administered by Epiq Class Action & Claims Solutions. Investors have expressed concerns regarding the reputational implications and regulatory pressure stemming from this case.
State officials accused Capital One of misleading customers about interest rates, further complicating its standing in the banking sector. The agreement includes provisions requiring future alignment between savings product rates.
Officials involved in the process have also warned customers to remain alert for scams related to the settlement. Despite the scale of this payout, Capital One shares showed little reaction, reflecting a view that the financial impact is manageable.
The settlement aims to compensate customers for estimated lost interest during the period in question. This resolution marks a significant legal conclusion for Capital One as it navigates ongoing scrutiny in the financial sector.
