This is big news for millions of Capital One bank customers across the United States. If you held a Capital One 360 Savings account between September 2019 and June 2025, you now have the opportunity to recover years of lost interest. The bank recently agreed to a massive $425 million settlement after being accused of paying significantly lower interest rates on older 360 Savings accounts while offering much higher rates on newer 360 Performance Savings accounts. This harmed customers, and the bank profited from this disparity.
This article explains the settlement in simple terms—who is eligible, how to file a claim, how much you might receive, and what to watch out for.
Table of Contents
Capital One Settlement: What’s the Whole Story?
This case started with a simple interest rate difference and escalated to billions of dollars in losses. Between 2019 and 2025, interest rates fluctuated significantly in the US. During this time, Capital One launched its new 360 Performance Savings account, offering an APY of over 4%. Meanwhile, older customers’ 360 Savings accounts continued to earn interest at rates ranging only between 0.3% and 1%.
This meant that customers with thousands of dollars in savings were earning significantly less interest year after year, while the bank was offering better rates to new customers. This disparity angered many, and eventually, the Consumer Financial Protection Bureau (CFPB) intervened. The investigation revealed that customers were not adequately informed, and this was deemed an “unfair banking practice.“
Following this, the bank agreed to a $425 million settlement to compensate affected customers for their lost interest.
Key Settlement Information at a Glance
| Topic | Details |
|---|---|
| Settlement Amount | $425 Million |
| Eligible Customers | Holders of 360 Savings accounts between Sept 18, 2019 – June 16, 2025 |
| Claim Deadline | October 2, 2025 |
| Final Court Approval | November 6, 2025 |
| Total Estimated Lost Interest | Approximately $2 billion |
| Claim Method | Use the ID & PIN received by mail to submit your claim online |
| Payment Options | Direct Deposit or Mailed Check |
| Bonus Interest | Available if the 360 Savings account remains open after October 2, 2025 |
| Official Website | capitalone360savingsaccountlitigation.com |
Why Such Huge Losses? The Real Story Behind Interest Rates
Often, we are satisfied simply knowing our savings are safe in the bank, but this case clearly demonstrates how crucial interest rates are. APY, or Annual Percentage Yield, indicates how quickly your money is growing each year. When the 360 Performance Savings account was offering 4.35% APY and your old account was only earning 0.3%, that difference cost you money year after year.
Let’s say someone had $10,000 deposited.
- At 4.35% APY = approximately $435 per year
- At 0.3% APY = only $30
This difference impacted millions of customers who were unaware that a better-paying option was available for their account.
Who is eligible? How eligibility is determined
If you held a Capital One 360 Savings account at any time between September 18, 2019, and June 16, 2025—even if the account is now closed—you are eligible.
The amount you receive will depend on:
- The average balance in your account
- How long have you held the 360 Savings account?
- How much you lost compared to the performance savings rates during that period
How much can you expect to receive?
An average customer who maintained a balance of $5,000–$10,000 could receive an estimated $250 to $700.
Some customers may receive even more.
And those who keep their account open after October 2, 2025, will also receive a bonus interest payment from a separate $125 million fund.
How to claim your settlement? Step-by-step process
Capital One has made it very easy for every eligible customer to claim their money:
1. Check your mail.
- You should have already received a letter containing your ID and PIN. This is your entry pass.
2. Go to the official website.
3. Log in
- Enter your ID and PIN to access the claims portal.
4. Choose your payment method.
- Direct Deposit (fastest)
- Mailed Check
5. Carefully review the information.
- Any errors could delay your payment. 6. Don’t forget the deadline.
- October 2, 2025, is the final deadline. Missing it means you’ll forfeit your entitlement.
7. Take advantage of bonus interest.
- If you keep the account open after October, you’ll also receive additional interest.
- If you haven’t received the email or it’s been lost:
- 📞 Helpline: 1-855-604-1811
- ✅ A contact form is also available on the website.
Beware of Fraud: Protect Yourself
With such a large settlement, scammers also become active. Therefore, only use the official website and phone number.
Remember:
- Never pay any fees.
- Do not share your password or SSN.
- Report suspicious calls or emails immediately.
Is this amount taxable?
Generally, settlement money is taxable, especially if it falls under the category of interest. However, it’s best to consult a tax professional for accurate advice.
If you disagree with the settlement
You can:
- File an objection.
- Exclude yourself from the entire settlement.
Instructions for this are provided in the notice you received in the mail.
How did Capital One’s interest rates change? A look back
During 2019–2023, when the Federal Reserve raised interest rates, high-yield savings accounts in the market surged. Capital One’s Performance accounts also benefited, but older 360 Savings accounts remained stuck with slower rates.
This disparity caught the attention of the CFPB, and the matter went to court.
Previous large bank settlements in the US
Capital One’s settlement is not unique:
- Wells Fargo: $142M (2023)
- JPMorgan Chase: $270M (2021)
These cases show that even large banks are held accountable for unfair practices.
What to expect next?
Following this settlement, Capital One is expected to:
- Increase transparency.
- Clearly explain changes in interest rates.
- Improve customer experience.
Many experts believe this decision sends a strong message to banks.
Conclusion: This is your chance—don’t miss it.
This $425 million settlement is not just a legal case but justice for millions of customers who unknowingly kept their money parked at low interest rates for years. If you had a 360 Savings account, now is the time to complete your claim process and get back the money you’re entitled to. The deadline is set, the process is simple, and the payout is definitely worthwhile.
Check your email today, visit the website, and claim your funds.
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