Capital One $425 Million Class Action Settlement – Are You Eligible?
If you maintained a Capital One 360 Savings Account between September 2019 and June 2025, you may be able to be part of a large settlement. A $425 million class action settlement is currently being finalized against Capital One. The case was filed in United States federal court, Alexandria, Virginia, in 2024.
The Consumer Financial Protection Bureau (CFPB) accused Capital One of keeping the interest rate on its 360 Savings Account artificially low for several years while national interest rates rose. According to the Bureau, customers lost more than $2 billion in the form of missed interest payments.
Capital One advertised its 360 Savings Account as a “high interest” account, with a variable rate described as the “nation’s best.” But the truth was that customers did not receive the promised benefits. The CFPB said this marketing was misleading. The CFPB dropped its lawsuit in February, but Capital One agreed to a $425 million settlement in a separate class action case.
Capital One Accusations And Interest Rate Controversy
According to finance news outlet Kiplinger, Capital One promoted the 360 Savings Account as a high-interest savings account, but in reality its interest rate was frozen to just 0.3%. On the other hand, a new account, “360 Performance Savings,” was launched, whose interest rate peaked at 4.3% in 2022 after Federal Reserve rate hikes.
The biggest thing was that the old 360 Savings account holders were neither informed about the new scheme nor were they given the benefit of a higher interest rate. This created a trust gap among the customers, and the bank was accused of deceptive practices.
Capital One $425 Million Class Action Settlement Eligibility
If you maintained a Capital One 360 Savings Account between September 18, 2019, and June 16, 2025, you may be eligible for a settlement claim. Under the terms of the settlement, account holders will be paid the same amount they would have received if their 360 Savings Account interest rate was equal to the then-current 360 Performance Savings Rate.
Customers who still maintain their 360 Savings Account have another benefit—their accounts will now earn two times more interest than the minimum FDIC national average savings deposit rate.
Capital One $425 Million Class Action Settlement Payout Details
Under this settlement, claimants will receive cash payments that can be received electronically or by check. If your payout is less than $5, you will receive it only if you choose the electronic payment option.
If your 360 Savings Account is already closed, or you close your account by October 2, 2025, you will receive approximately 15% more payment as compared to keeping the account open. But if you close after October 2, you will receive a smaller Class Cash Payment, as well as the benefit of additional interest payments in the future.
If your 360 Savings account is converted to 360 Performance Savings by the End Date, it will be considered closed for calculation purposes.
Capital One $425 Million Class Action Settlement Deadlines
This settlement is awaiting court approval, and a final hearing is scheduled for November 6, 2025. But if you are eligible and want to file your claim, you have until October 2, 2025. You can also file an objection in court until this date if you have an issue with the terms of the settlement.
This is a rare opportunity for Capital One 360 Savings account holders to get some of their lost interest back. So if you come in this eligibility window, do not forget to fill out the claim form.
Capital One Class Action Settlement—What does it mean for you?
This case is a reminder that you should always check the interest rates, terms, and conditions of your bank accounts. Sometimes banks ignore old customers to promote their new products, which is unfair. The Capital One $425 Million Class Action Settlement is one such example where customers secured compensation by legally enforcing their rights.
If you are eligible, it is not just a financial benefit but a symbol of justice—because you are getting what was your right.
Disclaimer:
This article is for informational purposes only. We are not giving any kind of legal advice. For settlement, verify eligibility, amount, and payment details on official court documents and the settlement website.
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