Capital One has agreed to a $425 million class action settlement over its 360 Savings accounts. This settlement resolves claims that the bank failed to raise interest rates on these accounts, potentially costing customers billions in lost interest. If you had a Capital One 360 Savings account between September 18, 2019, and June 16, 2026, you may qualify to receive a payout.
What Is the Capital One 360 Class Action Settlement About?
Earlier in 2026, the Consumer Financial Protection Bureau filed a lawsuit against Capital One, alleging that the company froze interest rates on its 360 Savings accounts while national rates were rising. The agency claimed that this practice cheated customers out of more than two billion dollars in potential interest payments.
Multiple lawsuits over the 360 Savings accounts were consolidated and are now overseen by a federal judge in Virginia. Capital One has not admitted any wrongdoing, but the bank has agreed to a $425 million settlement to resolve these claims.
Who Qualifies for the Settlement?
You may qualify for the Capital One 360 class action settlement if you held a 360 Savings account at any time between September 18, 2019, and June 16, 2026. Capital One will provide a list of qualifying customers, and those included have also received a settlement notice.
Calculate Your 2026 COLA Increase →You do not need to file a claim to receive a payout. However, you must use the ID and four-digit PIN provided in the settlement notice to select your payment option online. The deadline to make this selection is October 2, 2026.
Settlement administrators note that paper checks will not be issued for payouts under five dollars. Electronic payments will be made regardless of the amount.
How Much Will I Receive?
Payouts from the $425 million settlement will depend on the life of your 360 Savings account and the interest you would have earned if your account had received the higher 360 Performance Savings account rate. A portion of the settlement, $125 million, is reserved for additional interest payments to qualifying account holders.
Capital One will maintain an interest rate on active 360 Savings accounts of at least two times the national average rate for savings accounts, as calculated by the Federal Deposit Insurance Corporation (FDIC). These payments will continue until all $125 million is fully distributed.
If your account is already closed or has been converted to a 360 Performance Savings account before October 2, 2026, you will receive a Class Cash Payment that is estimated to be approximately 15 percent higher than the standard payout.
Those who keep their 360 Savings account open after October 2, 2026, will continue to receive the additional interest payments without filing a claim.
Take note of this days
- Settlement Selection Deadline: October 2, 2026
- Final Approval Hearing: November 6, 2026
Individual payout amounts will vary, and the settlement website provides guidance on calculating the exact figures.
How to Check Your Eligibility and Select Payment
- Locate your settlement notice from Capital One.
- Use the ID and four-digit PIN provided to access the settlement website.
- Choose your payment method: electronic payment or paper check.
- Submit your selection before October 2, 2026 to ensure timely processing.
By following these steps, you can claim your share of the $425 million settlement and continue to receive additional interest payments if your account remains open.
