How to Claim Part of Capital One’s $425M Settlement
(KPEL-FM) - If you had a Capital One 360 Savings account anytime between Sept. 18, 2019, and June 16, 2025, you could qualify for part of a $425 million class action settlement.
The settlement is a result of allegations raised in both a 2024 Consumer Financial Protection Bureau (CFPB) lawsuit and a separate class action. The claims are that Capital One kept interest rates for its 360 Savings accounts fixed at just 0.3% for years, even while offering a newer 360 Performance Savings account with higher rates as high as 4.3%.
Why Capital One Is Paying $425 Million
The CFPB said Capital One deceptively marketed the older account as "high interest" and "one of the nation's best," without telling customers about the newer, higher-yield option.
Regulators say this cost customers more than $2 billion in lost interest.
While the CFPB dropped its case earlier this year, the class action suit continued and resulted in the proposed $425 million settlement.
Who Qualifies for the Settlement
Anyone who had a Capital One 360 Savings account during the eligibility, from Sept. 18, 2019, to June 16, 2025, may be eligible.
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Accounts will be considered "closed" for settlement purposes if they were converted to a 360 Performance Savings account by Oct. 2, 2025.
How the Settlement Will Be Paid Out
The $425 million settlement is split into two pools:
- The first $300 million will be distributed as one-time, pro rata payments to all eligible current and former 360 Savings account holders. This distribution will be based on how much additional interest each person would have earned if their account had paid the higher 360 Performance Savings rate during the initial period.
- $125 million will go toward increased interest payments for customers who still hold a 360 Savings account. For a certain period, Capital One must pay these customers at least twice the national average savings rate, with the $125 million covering the difference from the national average.
Filing Your Claim Before the Deadline
Eligible customers must submit a claim form by Oct. 2, 2025, via the official settlement website.
When Payments Will Arrive
The settlement will still require final court approval. A hearing is taking place on Nov. 6, 2025. Once finalized, payment timelines will be posted on the official settlement website.
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