Capital One customers with a 360 Savings account between September 18, 2019, and June 16, 2025, are eligible for a portion of a $425 million settlement. The deadline to choose your payout option is Thursday, October 2, 2025, so eligible account holders need to act quickly.
Why Capital One Agreed to the Settlement
The settlement stems from complaints by the Consumer Financial Protection Bureau (CFPB) and subsequent lawsuits. Capital One was accused of keeping interest rates on 360 Savings accounts lower than market levels while offering better rates through newer “Performance” accounts. Customers missed out on estimated interest earnings of around $2 billion. Capital One has not admitted wrongdoing but agreed to the settlement to resolve the claims.
Who Qualifies
To be eligible, you must have:
- Held a Capital One 360 Savings account (not the 360 Performance Savings account)
- Had the account open anytime between September 18, 2019, and June 16, 2025
- Received a notice by mail or email with instructions on logging into the settlement site
Customers who only had 360 Performance Savings accounts are not eligible.
How to Claim Your Payment
You do not need to file a formal claim. Instead, log in to the settlement website using the ID and four-digit PIN from your notice. You can then select your preferred payment method:
- Electronic payment via direct deposit, PayPal, Venmo, Zelle, or similar platforms
- Paper check, only issued if the payout is $5 or more
If you do not select a payment option, you may still receive a check automatically if the amount exceeds $5. Electronic payments are faster.
How Much You Will Receive
The payout is calculated based on:
- How long you held your 360 Savings account during the eligible period
- The difference between what you earned and what you would have earned if your account had received the higher 360 Performance Savings rate
- An adjustment multiplier applied to the payout
Active account holders after October 2 will also receive additional interest payments from a separate $125 million pool, with Capital One required to maintain rates at least double the FDIC’s national average until the fund is depleted. Closed or converted accounts will receive a one-time payment roughly 15% higher than active accounts.
Important Dates
- October 2, 2025: Deadline to select your payout method
- November 6, 2025: Final court approval hearing
- Payments will be distributed after court approval
Why This Settlement Matters
This is one of the largest banking settlements related to savings account practices. Beyond payouts, it ensures that Capital One aligns interest rates more closely with market averages, benefiting current and future customers.
Frequently Asked Questions
Do I need to file a claim to get paid?
No, eligible customers are automatically included, but you must log in with your notice ID and PIN to choose a payment method.
What if my payment is under $5?
Payments under $5 will be made electronically; no paper checks will be issued.
Can I get money if I closed my 360 Savings account?
Yes, you will receive a one-time payout, approximately 15% higher than what active account holders receive.
