Capital One Settles $425M Savings Account Lawsuit

Capital One to Pay $425M to Settle Savings Account Lawsuit

Capital One has agreed to pay $425 million to settle a class action lawsuit over allegedly stingy interest rates on older savings accounts. The lawsuit claimed that Capital One kept paying lower yields on regular three sixty Savings accounts while offering higher rates on their new three sixty Performance Savings option, without informing customers.

The settlement covers anyone with a three sixty Savings account from September 18, 2019, through June 16, 2025, including joint holders. Customers who were affected by the lower rates are automatically included in the settlement and do not need to fill out any claim forms.

The exact amount each person will receive varies depending on how long they held the account and the interest gap they would have earned otherwise. Payouts will be made electronically, and those owed less than $5 will not receive a check unless they signed up for the payment.

The settlement is expected to be distributed soon, ensuring that banks play fair on yields moving forward.

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