Millions of Capital One customers may soon be eligible for compensation following a $425 million class action settlement over the bank’s savings account practices.
The lawsuit alleged that Capital One froze interest rates on 360 Savings accounts at artificially low levels, despite advertising them as “high interest” accounts. According to filings, this practice deprived customers of more than $2 billion in potential interest earnings.
While a related lawsuit by the Consumer Financial Protection Bureau (CFPB) was dropped earlier this year, Capital One agreed to settle the class action independently, creating a massive payout fund for impacted account holders.
Who qualifies for the Capital One settlement?
Payments will go to current and former customers who held a Capital One 360 Savings account between September 18, 2019, and June 16, 2025.
How much will customers receive?
- Customers will be reimbursed for the interest they should have earned if their accounts had been paying at the same rate as Capital One’s 360 Performance Savings account.
- Current 360 Savings account holders will also see their future interest rate increase to at least twice the national average for savings deposit accounts, as calculated by the FDIC.
Deadline to file a claim
The deadline to submit a claim, opt out, or object to the settlement is October 2, 2025.
This settlement is one of the largest consumer banking payouts in recent years. With millions of Americans relying on savings interest rates to build financial stability, the case highlights growing scrutiny on how banks advertise and manage deposit accounts.
For full details on how to file a claim in the Capital One class action lawsuit settlement, customers can visit the official settlement website or contact the court-appointed administrator.
