Capital One $425M settlement: Here's everything you need to know

If you’ve had a Capital One 360 Savings account since September 2019, you may be eligible for a payment.

Published on: May 29, 2025, 08:24:24 IST

By HT News Desk

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Capital One has agreed to pay $425 million to customers who had a 360 Savings account since September 18, 2019, Yahoo Finance reported. This comes after a class-action lawsuit claimed the bank didn’t share key information about better interest rates.

Capital One saved over $2 billion by keeping this two-tier system and not updating customers. (Instagram)

A federal court in Alexandria, Virginia, approved the deal after several customers sued Capital One. The lawsuit said the bank didn’t offer competitive interest rates and didn’t tell account holders when better options became available.

Instead of updating the rates on existing 360 Savings accounts, Capital One created a new product called the 360 Performance Savings account, which offered higher interest. But they didn’t let current customers know about it.

According to the Consumer Financial Protection Bureau (CFPB), Capital One saved over $2 billion by keeping this two-tier system and not updating customers.

Also Read: Capital One Financial set to buy Discover Financial Services for whopping $35 billion

How to get your money

If you’ve had a Capital One 360 Savings account since September 2019, you may be eligible for a payment.

Here’s what to do:

Check the official settlement website – Claim forms will be available after the court gives final approval.

Watch for a notice – You’ll get a message by email or mail if you’re eligible.

No lawyer needed – The process is simple and can be done on your own.

The $425 million will be split like this:

$300 million will go to customers who missed out on higher interest earnings. How much you get depends on how long you had your account.

$125 million will go to people who still have a 360 Savings account. These accounts will also start earning double the national average interest rate, as set by the FDIC.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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