Capital One has agreed to a $425 million settlement to resolve claims that it failed to raise interest rates for its 360 Savings accounts. The settlement includes customers who maintained a Capital One 360 Savings account between September 18, 2019, and June 16, 2025. The Consumer Financial Protection Bureau sued Capital One over its savings accounts, accusing the company of freezing its rate at a low level for several years, despite rising rates nationally, and “cheating” customers out of more than $2 billion in lost interest payments. Multiple lawsuits have been brought against Capital One over the 360 Savings accounts, which are now being overseen by a federal judge in Virginia.
Qualifying account holders may qualify for a portion of the $425 million settlement. Capital One will provide a list of those customers for the settlement, but qualifying members have also received a notice. The deadline to make your selection is October 2, 2025. Part of the $425 million settlement will be dispersed to qualifying account holders, totaling what they would have earned if their 360 Savings account(s) had paid the interest rate then applicable to the 360 Performance Savings account. A portion of the settlement, $125 million, is earmarked for paying qualifying account holders “additional interest payments.” The final approval hearing for the settlement is scheduled for November 6, 2025.
