Capital One’s $425 Million Settlement: Here’s Who Gets the Money

A federal judge has approved a $425 million settlement from Capital One in a lawsuit involving its savings account products. The money will go to customers who held a 360 Savings account; the bank was offering a higher interest rate to other people who signed up for a similar product. Capital One denies any wrongdoing.

Here is what the settlement means, who qualifies and how to get your share.

What is the Capital One settlement about?

In 2019, Capital One created a new savings account product called 360 Performance Savings. That offering paid a higher interest rate than the older 360 Savings account. The bank stopped offering new 360 Savings accounts but kept existing ones open and paid those customers lower interest rates. 

For example, from April 2024 to September 2024, Capital One paid 4.35 percent on the newer account and just 0.30 percent on the older one, according to the settlement’s FAQ page. That means customers with the older account were earning a fraction of what they could have been getting on the same type of account at the same bank.

A class action lawsuit alleged that Capital One never told 360 Savings customers the newer, higher-rate account existed. This $425 million settlement resolves that lawsuit. 

Who is eligible?

Anyone who held a Capital One 360 Savings account at any point from Sept. 18, 2019, to June 16, 2025. Joint and co-holders of those accounts are included. 

What do you need to do?

Nothing. You do not have to file a claim. If you are eligible, a check will be mailed automatically to your last known address, as long as your payment is $5 or more.

The deadline to sign up for electronic payment instead of a check was March 30, 2026. If your share comes out to less than $5 and you did not sign up for electronic payment before that deadline, you will not receive anything. 

How much money will you get?

There is no set amount. Your payment will be based on how much extra interest you would have earned — the difference between what your 360 Savings account actually paid and what the 360 Performance Savings account was paying at the same time. 

From that $425 million pool, lawyers’ fees of up to 15 percent will come out first, along with administrative costs. That could reduce the fund by $63.75 million or more before a single check goes out. What remains gets divided among all eligible customers. 

If you are due a check, when will the check arrive?

If no one appeals the settlement, payments are expected to go out on or around July 21, 2026. If an appeal is filed, the payments will be delayed until it is resolved. 

Is there any other benefit?

Yes, and this one is ongoing. As part of the settlement, Capital One must pay 360 Savings account holders the same interest rate as 360 Performance Savings customers from now on. If you still have a 360 Savings account open, your rate will go up automatically.  

Still have questions?

Call the settlement administrator at 1-888-832-2704 or visit capitalone360savingsaccountlitigation.com.

For broader guidance on protecting your savings and getting the most from your bank accounts, visit AARP’s Money section.