Capital One reaches $425 million settlement in class action lawsuit
Capital One has agreed to pay $425 million to settle a class action lawsuit involving 360 Savings accounts.
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Some Capital One account holders may receive cash payments as part of a $425 million settlement of a class action lawsuit against the company.
A U.S. District Court judge gave final approval to the settlement last month after the court rejected an initial settlement agreement in the case in late 2025. Renegotiations took place earlier this year and final approval was obtained in late April. The lawsuit alleges that Capital One misled customers about the interest rates associated with some savings account options, according to court filings posted on the settlement website.
Capital One denied the allegations and allegations of wrongdoing in the lawsuit, but the two sides ultimately agreed to a settlement to avoid a trial.
Here’s what you need to know about the settlement, including who is eligible to receive a payout.
What is the Capital One Settlement?
The class action lawsuit against Capital One covers two types of savings accounts offered by the company: 360 Savings accounts and 360 Performance Savings accounts. Plaintiffs argued that the two types of savings accounts were identical except for the interest paid on them by Capital One.
According to filings, Capital One offered the 360 Savings account from 2013 to 2019, and began offering another type of account, 360 Performance Savings, around that time.
The company stopped offering 360 savings accounts to customers, but Capital One continued to service existing accounts under the program, according to the filing. The lawsuit alleges that since 2019, Capital One has been paying higher interest rates than it paid on the 360 Performance Savings Account, even though the two accounts are otherwise identical.
As a result, the plaintiffs alleged that Capital One deceptively sold 360 savings accounts and concealed interest rate disparities. The company denied this claim.
Who is eligible to receive Capital One settlement payments?
The payment class, or group of people eligible for payments, includes anyone who maintained a Capital One 360 savings account any time between September 18, 2019 and June 16, 2025.
How much money can I get from the Capital One settlement?
Each member of a payment class receives a separate payment that can vary in amount.
The total is first calculated based on the amount of interest the account owner would earn if the account received the same interest rate as the 360 Performance Savings account.
After deducting these costs and expenses, the remaining settlement funds will be divided among the recipients based on their individual amounts, according to the settlement website.
Do I need to file a claim in the Capital One settlement?
Users do not need to file a claim to receive payment in the Capital One settlement. All eligible members will automatically receive payments.
Payments are expected to be sent around July 21, according to the payment website.
