The Capital One Settlement is making headlines as thousands of savers across the U.S. prepare to find out if they’re owed money. If you held a 360 Savings account at Capital One during the eligible period, this settlement could directly impact you and the money you may receive.
The Capital One Settlement covers a class-action payout of approximately $425 million, stemming from claims that Capital One paid lower interest to legacy account holders compared to a newer product. In this article I’ll walk you through what triggered the settlement, who is eligible, how much you might get, and what steps you should take to claim your share.
Capital One Settlement- Key Facts
Here’s the core of the matter: Capital One agreed to this settlement after accusations that it unfairly left its 360 Savings account customers behind when it introduced the higher-yield 360 Performance Savings account. Those legacy account holders claim they missed out on interest earnings while newer customers benefited. This section will outline how the deal works, including the payout structure, eligibility windows, and the timeline for payments.
Overview Table
| Key Point | Details |
| Total settlement amount | ~$425 million |
| Breakdown | $300 million for cash payouts to class members + $125 million for additional interest payments |
| Eligible account type | Customers who held a 360 Savings account with Capital One between Sept 18, 2019 and June 16, 2025 |
| Close by deadline option | If you close your 360 Savings account by Oct 2, 2025, you’ll get approx 15% more than if you keep it open |
| Interest-rate guarantee | If you keep the account open, Capital One must maintain a rate at least twice the national average until the $125 million piece is used |
| Final court approval hearing | Scheduled for Nov 6, 2025 |
What triggered the settlement?
The lawsuit underlying this settlement claimed that Capital One marketed its 360 Savings account as a “high-interest” savings product, but then introduced a new product called 360 Performance Savings that offered much higher interest rates. Meanwhile, existing 360 Savings accounts saw rates frozen or kept artificially low—some as low as 0.30%—while the newer product soared above 4% during some periods. Class members alleged they were not told about the newer product or given the opportunity to switch, effectively missing out on earnings. The bank denies wrongdoing but agreed to the settlement to resolve the claims.
Who Qualifies For the Payment?
To be eligible under this settlement, you must have held a 360 Savings account with Capital One at some point between September 18, 2019 and June 16, 2025. It doesn’t necessarily matter if the account is still open, but the decision whether you keep it open or close it by October 2, 2025 has implications for your payout. Joint accounts are included. Also, you don’t need to fill out a claim form if your payout is $5 or more—payments will be automatic. If your payout is under $5, you’ll need to choose electronic payment in order to receive it.
How Much Money Will You Get?
There’s no flat dollar amount for each person, because the payout depends on how much interest you missed, how long you held the account, and whether you close or keep your account. Here’s how it breaks down:
- If you close your 360 Savings account or convert it by October 2, 2025, your payment will be about 15% larger than if you keep the account open.
- If you keep the account open, you’ll get a smaller cash payment now, but you’ll also be eligible for the portion of the $125 million that funds additional interest going forward.
- The calculation is based on how much interest you would have earned if your account had received the same rate as the 360 Performance Savings account during the eligible period.
Some people with small balances or short account durations may only get a modest amount. Those with larger balances over longer periods may receive more. One thing is clear: if you’re eligible and your contact info is current, the process is mostly automatic.
What You Must Do And Deadlines
If you believe you’re eligible, here are the key steps:
- Visit the official settlement website and update your payment method or address before October 2, 2025.
- Decide whether you’ll keep your 360 Savings account open or close/convert it by the deadline. If you close it, you get the higher payout; if you keep it open, you get a smaller immediate cash payout but benefit from guaranteed higher interest.
- The settlement still requires final court approval, which is scheduled for November 6, 2025. Once approved, payments will start to go out.
- If you miss the deadline to update your payment info or elect your option, you may still be eligible, but could lose access to the payment method you prefer or the full amount.
Why Does This Matter To You?
For many, this settlement is a wake-up call. Banks can change products and rates over time and you could be missing out if you’re not paying attention. The Capital One Settlement not only offers eligible customers a refund for lost interest, but also puts pressure on financial institutions to treat legacy customers fairly. Even if your payout isn’t large, it’s a chance to recover money you didn’t know was missing and gain awareness of how your savings products perform.
FAQs
Yes, it’s a legitimate class action settlement approved by the court. Capital One has agreed to pay around $425 million without admitting wrongdoing.
Most people don’t. If your estimated payout is $5 or more, you’ll receive it automatically unless you need to update your payment method.
Yes. If you had a qualifying 360 Savings account during the eligible period, you’re still eligible even if the account is now closed.
You’ll get a smaller upfront cash payout but will benefit from higher interest rates guaranteed by the settlement until the fund is exhausted.
Payments are expected after final court approval, scheduled for November 6, 2025. Make sure your info is updated by October 2, 2025.
