Capital One has agreed to pay $425 million to settle a class action lawsuit involving customers who maintained a 360 Savings account from September 2019 to June 2025.

Capital One customers filed the complaint against the bank in 2024, according to the notice filed in the U.S. District Court in Alexandria, Virginia.

It’s not the first time the company has faced legal problems. In January, the Consumer Financial Protection Bureau sued the Richmond, Virginia-based financial institution for cheating customers out of more than $2 million in lost interest payments.

According to the Bureau, Capital One promised to provide its customers with a savings account that was “one of the nation’s best” and “highest” interest rates. Instead, the bank froze the interest rate at a low level while rates continued to increase nationwide. The company marketed the 360 Savings account, promising customers that they would earn more interest than any average savings account. The Bureau found this to be untrue.

“The CFPB is suing Capital One for cheating families out of billions of dollars on their savings accounts,” CFPB Director Rohit Chopra said in a news release. “Banks should not be baiting people with promises they can’t live up to.”

USA Today reported that the CFPB dropped the lawsuit in February, but Capital One has agreed to pay affected Capital One members $425 million in the class action settlement.

Here’s what Capital One customers should know about the settlement, including the allegations, who’s eligible for payment, how much they may receive, and when to expect it.

What is Capital One accused of?

According to financial outlet Kiplinger, Capital One told its customers that the bank’s 360 Savings account would provide them with more interest than any other savings account.

The company later froze rates at 0.3%. In contrast, rates on its newer, similarly-named 360 Performance Savings account rose and peaked at 4.3% in 2022 when the Federal Reserve began a rapid series of rate hikes.

Capital One first launched the 360 Savings account in February 2019, with its high-interest savings pitch. However, it was quietly discontinued in September of that year, removing all references to the account and stopping the offering to new customers. When the bank introduced the new 360 Performance Savings account, customers were unaware of it.

Who is eligible for payment?

Current and former customers who held a Capital One 360 Savings account between September 2019 and June 2025 are eligible for payment.

How much will customers receive?

There are two components to the settlement: In the first one, Capital One will pay around $300 million to make “pro rata payments to settlement class members relative to the approximate amount of interest each settlement class member would have earned if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account,” according to the settlement.

In the second, Capital One will pay $125 million to customers who still maintain a 360 Savings account. According to the settlement, their accounts will earn an interest rate “at least two times the national average rate for savings deposit accounts,” as calculated by the FDIC.

Lawsuit