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Capital One 360 Class Settlement
The lawsuit alleges that Capital One:
- Failed to raise interest rates on the 360 Savings account commensurate with rates paid on the 360 Performance Savings account
- Deceptively marketed the 360 Savings account
- Concealed that 360 Savings was no longer Capital One’s high-yield online savings account
- Concealed the existence of the 360 Performance Savings account—and its higher interest rate—to 360 Savings accountholders.
A $425 million class action settlement has been reached for affected customers. Unlike other class settlements, with this settlement there is no need to submit any sort of claim. Payment will automatically be sent out to eligible accountholders and former accountholders.
Who Is Eligible?
Anyone who had a Capital One 360 Savings account at any time from September 18, 2019 through June 16, 2025 is eligible for payment.
How Much?
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Payment amount is yet to be determined.
- Payments of less than $5 will only be paid if you choose electronic payment.
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If your 360 Savings account is still open on October 2, 2025 you’ll get an estimated 15% less than if it’s closed. If the account remains open, you’ll get a smaller payment plus future “Additional Interest Payments.”
Important Dates
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October 2, 2025 – Deadline to choose electronic payment (and be eligible for payments lower than $5)
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October 2, 2025 – Last day to close account for 15% bonus
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November 6, 2025 – Final Approval Hearing
Our Verdict
We’ve written about this case before, and it now has a formal settlement website. This lawsuit got famous in the news over the past year with all the politics around the CFPB. Apparently, Capital One decided it in their best interest (pun intended!) to settle given all the bad press.
Interesting that this settlement will send out payments even without filing a claim, though it can be smart to add your details in order to get a payment of less than $5. If you’re eligible and still have a 360 Savings account which you don’t use, you might want to close it before the October deadline to get the extra 15%.
We don’t really know how much the payment will be. I’ll let people smarter than me crunch some numbers to get an estimate.
I got this to my Gmail spam folder, so you can check there for an email from: [email protected]. But again, they’ll send out the payment regardless, so you can just sit back and wait for a check.
I find it interesting that payment is divided evenly between 360 account holders, regardless of how much money was held in the 360 account. Personally, I got the email from Capital One, so apparently I still had an account during the effected time period, but I had almost no money in the accounts. Far as I can tell, I’m eligible for the same payment as someone who held millions of dollars there and was really affected by the lower interest. Strange. Payout is based on how much funds you had with Capital One, per the FAQ.
hat tip to reader Eric
