In 2025, Capital One agreed to a $425 million settlement to resolve a class action lawsuit concerning how it handled interest rates on its legacy 360 Savings accounts.
The dispute centered on Capital One allegedly keeping interest rates low (around 0.30%) on older 360 Savings accounts while offering higher rates (up to ~4.35%) on newer 360 Performance Savings accounts, without adequately informing customers.
To settle this, the bank will distribute funds in two main portions:
| Portion of the $425M | Purpose / Target Recipients |
|---|---|
| $300 million | “One-time” cash payments to eligible (current or former) 360 Savings account holders. |
| $125 million | Additional interest payments for those who continue to maintain 360 Savings accounts. |
Capital One denies any wrongdoing but agreed to settle to avoid lengthy litigation.
Who Qualifies? (Eligibility Criteria)
You may qualify for compensation under the Capital One $425M settlement if you meet specific conditions.
Key eligibility points:
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You held (or co-held) a Capital One 360 Savings account anytime between September 18, 2019, and June 16, 2025.
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Includes current and former account holders, including joint accounts.
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If your estimated payment is less than $5, you must elect electronic payment to receive it.
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If you close your 360 Savings account (or convert it to a 360 Performance Savings) by the deadline, you may qualify for a 15% bonus on your cash payment portion.
If you had a 360 Savings account during that period, you likely meet the eligibility for the Capital One $425M settlement.
What You Need to Do (Claim Steps)
One benefit of this settlement is that no claim form is required for most people. The process is largely automatic, but a few steps can help ensure you receive your payout properly.
Step-by-Step Guide:
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Watch for your notice – Settlement notices are being mailed or made available to class members.
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Choose your payment method – If your payment is ≥ $5, you’ll get a check unless you select electronic payment. If it’s < $5, you must opt for electronic payment.
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Update contact or bank details – Ensure your address and payment details are correct to avoid delays.
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Close or convert your account before the deadline – Closing or converting before the deadline can increase your payout by about 15%.
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Wait for final court approval and payment distribution – Payments are expected within roughly 60 days after court approval.
For most, there’s no need to file a claim, but timely action ensures you receive the full amount owed.
Critical Deadlines & Dates
Mark these important deadlines to ensure you don’t miss your payout.
| Event | Date | Description |
|---|---|---|
| Deadline to elect payment or opt out | October 2, 2025 | Update payment preferences, address, or close your account to qualify for bonuses. |
| Final approval hearing | November 6, 2025 | The court decides whether to approve the settlement. |
| Payment distribution period | ~60 days after approval | Payments are sent once the settlement is finalized. |
Missing the October 2, 2025 deadline could mean losing your eligibility for bonuses or not receiving smaller payments.
What You Can Expect (Payment Amounts)
While the exact payout will vary, here’s what you can expect:
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Payouts are based on how much extra interest you would have earned if your 360 Savings account matched the Performance Savings rate.
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Closing your account before the deadline can increase your payout by 15%.
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Keeping your account open means you’ll receive smaller upfront cash payments but ongoing interest benefits.
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Payments under $5 require electronic transfer—no physical checks will be issued.
The payout amount depends on your account balance, interest difference, and whether you act before the deadline.
Why This Settlement Matters
This case highlights the importance of transparency and fairness in banking.
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Customers trusted their savings to earn competitive interest rates.
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Even a small percentage difference in interest adds up significantly over time.
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Acting before the deadline ensures you don’t miss out on compensation you rightfully deserve.
If you had a Capital One 360 Savings account, this is your chance to reclaim what you might have lost in interest. Don’t let the deadline pass by unnoticed.
FAQs
1. Do I need to file a claim to receive payment in the Capital One $425M settlement?
No. Most eligible accountholders don’t need to file a claim; payments will be issued automatically. However, if your payment is under $5, you must choose electronic payment to receive it.
2. What are the eligibility requirements?
You must have held a Capital One 360 Savings account anytime between September 18, 2019, and June 16, 2025. Both current and former account holders are eligible.
3. What happens if I miss the October 2, 2025 deadline?
Missing the deadline may cause you to lose eligibility for the 15% bonus or delay your payment. For payments under $5, failing to select electronic transfer means you won’t get paid.
4. When will payments be issued?
Payments are expected to be distributed within 60 days after the court’s final approval, which is scheduled for November 6, 2025.
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