Tag: Financial Lawsuit

If you’re a Capital One customer who held a 360 Savings account between September 18, 2019, and June 16, 2025, you might be eligible for a piece of a massive $425 million class action settlement. This legal battle centers on allegations that Capital One misrepresented the interest rates offered on its 360 Savings accounts.

The Allegations Behind the Settlement

The lawsuit, filed in federal court in Alexandria, Virginia, claimed that Capital One marketed its 360 Savings account as a high-interest product. However, customers alleged that the bank quietly kept the rate frozen at a mere 0.3%, even as national interest rates began to climb significantly. The Consumer Financial Protection Bureau (CFPB) also took action against the bank, citing misleading marketing practices that suggested the account offered one of the nation’s best variable rates.

While the CFPB lawsuit was dropped in February, the class action case proceeded, culminating in this substantial settlement. Capital One has agreed to pay $425 million to resolve these claims.

Who Qualifies and What to Expect

Eligibility extends to both current and former customers who maintained a 360 Savings account during the specified period. The settlement aims to compensate account holders for the interest they potentially missed out on. Payments will be calculated based on the difference between what they actually earned and what they would have earned if their 360 Savings account had received the higher rates offered on the newer 360 Performance Savings account, which peaked at 4.3% in 2022.

Furthermore, the settlement mandates that Capital One must ensure future rates on the 360 Savings account are at least double the national average savings account rate, as determined by the FDIC. A court hearing for final approval of the settlement is scheduled for November 6. Those wishing to file a claim or object must do so by October 2nd.