If you had a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, you might be eligible for a share of a $425 million settlement. This class action lawsuit alleges that Capital One misled customers by offering higher interest rates on its newer 360 Performance Savings accounts while keeping older 360 Savings accounts at much lower rates. Here’s a breakdown of what this means for you.
Background: What Happened?
Capital One introduced the 360 Savings account in 2013, marketing it as a high-yield online savings option. However, in September 2019, the bank launched the 360 Performance Savings account, offering significantly higher interest rates. Despite this, existing 360 Savings account holders continued to earn the same low rates, leading to claims that Capital One failed to inform them about the better-performing account and kept their rates artificially low.
The lawsuit, filed in the U.S. District Court for the Eastern District of Virginia, alleges that Capital One’s actions resulted in customers losing over $2 billion in potential interest earnings. Capital One denies any wrongdoing but agreed to the settlement to resolve the claims.
Who’s Affected?
You may be eligible for a payout if you:
- Held a Capital One 360 Savings account between September 18, 2019, and June 16, 2025.
- Are a U.S. resident.
- Received a notice from the settlement administrator containing a unique ID and PIN.
If you meet these criteria, you are automatically included in the settlement and don’t need to file a claim form. However, you must update your payment information by October 2, 2025, to receive your share.
Timeline of Key Events
- September 18, 2019: Capital One introduced the 360 Performance Savings account.
- June 16, 2025: The cutoff date for account eligibility in the lawsuit.
- October 2, 2025: Deadline to update payment information or opt out of the settlement.
- November 6, 2025: Final approval hearing for the settlement.
What’s at Stake?
The $425 million settlement is divided into two parts:
- $300 million will be distributed as one-time cash payments to eligible customers. The amount each person receives will depend on how long they held their 360 Savings account and the interest they missed out on.
- $125 million is allocated for additional interest payments to customers who maintain their 360 Savings accounts. Capital One has agreed to pay these customers at least twice the national average savings rate until the $125 million is exhausted.
If you close your account before October 2, 2025, you’ll receive a one-time cash payment, which may be approximately 15% higher than if you keep your account open.
What to Watch Next
- October 2, 2025: Final day to update your payment information or opt out.
- November 6, 2025: Final approval hearing for the settlement.
- Post-November 6, 2025: Payments will be distributed, and further instructions will be provided on the official settlement website.
FAQs
Am I eligible for the settlement?
You are eligible if you held a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, and received a notice with a unique ID and PIN.
Do I need a lawyer to claim my share?
No, you don’t need a lawyer. The settlement is being administered by a third-party administrator, and you can update your payment information directly on the official settlement website.
When will I receive my payment?
Payments will be distributed after the final approval hearing on November 6, 2025. The exact timeline will be posted on the official settlement website.
Can I opt out of the settlement?
Yes, you can opt out by submitting a request by October 2, 2025. If you opt out, you won’t receive a payment but will retain your right to sue Capital One individually.
What if I don’t update my payment information?
If you don’t update your payment information by October 2, 2025, you may not receive your share of the settlement.
How can I check my eligibility?
Visit the official settlement website and enter your unique ID and PIN to check your eligibility and update your payment information.
For more information and to update your payment details, visit the official settlement website: capitalone360savingsaccountlitigation.com.
Oliver Johnson is LawScroller’s Senior Legal Correspondent specializing in civil litigation, class actions, and consumer lawsuit coverage. He breaks down complex settlements and court decisions into clear, practical guidance for readers.