If you ever had or still have a Capital One 360 Savings Account—between September 18, 2019, and June 16, 2025—there’s some big news for you. You could be part of a $425 million class action settlement. This case was filed against Capital One, N.A. and Capital One Financial Corp.
The lawsuit alleges that the company didn’t provide the correct interest rate to its 360 Savings Account holders and didn’t inform them that a new 360 Performance Savings Account had been introduced, which offered a higher interest rate. Furthermore, the company is accused of misleading former customers by providing them with misleading information and concealing the fact that their accounts no longer had a higher interest rate.
Settlement Purpose and Eligibility
The purpose of this settlement is to compensate customers who suffered financial losses due to this allegedly misleading policy. If you opened or held a Capital One 360 Savings Account between September 18, 2019, and June 16, 2025, you are automatically eligible for this settlement.
In this case, you do not need to fill out a claim form. All eligible customers will receive their share of the payment directly.
How will you receive payment: electronically or by check?
All eligible account holders will receive a Class Cash Payment under the settlement. You have two options:
- Electronic payment (direct deposit)—This is the fastest and most secure method.
- Payment by check—If you do not choose the electronic option and your payment amount is $5 or more, a check will be sent to your last known address.
If your payment amount is less than $5, you will receive payment only if you choose the electronic payment option. Therefore, it is recommended that everyone choose the electronic payment option to avoid missing a payment.
The deadline to choose a payment method is October 2, 2025.
Additional benefits upon closing your account
If your 360 Savings Account is already closed or you close it before October 2, 2025, you will receive approximately 15% more than the normal payout. If you close your account after this date, you will not receive this additional bonus. In that case, you will receive a smaller payout and some additional interest payments in the future.
If your account is converted to a 360 Performance Savings Account, it will also be considered “closed.” Customers can call 1-833-248-5026 for information regarding account conversions.
If You Want to Opt Out
Some people can opt out of this settlement. This is called “Opt Out.” If you do so, you will not receive any payment from the settlement fund, but you can file a separate lawsuit against Capital One on your own.
If you are considering doing so, keep in mind that the deadline for doing so is October 2, 2025.
Right to File an Objection or Comment
If you do not believe this settlement is fair, you can submit your opinion to the court in writing. You can object to the following points:
- Settlement Terms
- Attorneys’ Fees and Expenses
- Service Awards to Settlement Representatives
If you wish, you can appear at the Final Approval Hearing and present your case to the court. However, this is not mandatory.
The deadline for filing an objection is also October 2, 2025.
When and where will the Final Approval Hearing take place?
The court will hold a Final Approval Hearing on this matter on November 6, 2025, at 11:00 a.m. (EDT). This hearing will consider the fairness of the settlement, attorneys’ fees, and other awards.
If you have filed a written objection, you may request to speak in court.
What will the payment amount be?
At this time, it has not been determined how much each individual will receive. The amount will be determined based on your account, interest rate differential, and eligibility. However, all eligible members will receive some payment.
This is why the Settlement Administrator is urging everyone to opt for electronic payments to avoid delays in the payment process.
What can be learned from the settlement?
This case is an example of how banking institutions can become embroiled in major financial disputes due to a lack of transparency. A large bank like Capital One is expected to be honest with its customers, especially when it comes to interest rates and account information.
This settlement will not only provide relief to affected customers but also send a message to financial institutions that consumer rights cannot be compromised.
What to do now?
- If you’ve ever held a Capital One 360 Savings Account, check if you’re eligible.
- Choose your payment method (electronic or check) before October 2, 2025.
- If the account is currently open, decide whether you want to close it—as this may affect your payment amount.
- If you disagree with the settlement, make your objection or opt-out decision in a timely manner.
- Keep in mind the court’s Final Approval Hearing date of November 6, 2025.
Conclusion
This $425 million settlement is a major relief for millions of customers who haven’t received the expected interest on their Capital One 360 Savings Accounts for years. Now that this case is in its final stages, it’s important for all eligible customers to update their payment information and ensure they receive their share on time.
If you’re eligible, don’t delay—choose your payment preference before October 2025 and take advantage of your rights.
FAQs
Q. Who qualifies for the Capital One settlement?
A. Anyone who held a Capital One 360 Savings Account between September 18, 2019, and June 16, 2025, is eligible for payment.
Q. Do I need to file a claim to get paid?
A. No claim form is required. Eligible members will automatically receive their payment from the settlement fund.
Q. How can I receive my payment?
A. You can choose between electronic payment or a mailed check. Payments under $5 will be issued only if you select electronic payment.
Q. What is the deadline to choose my payment method?
A. The deadline to select your preferred payment method is October 2, 2025.
Q. When is the final court hearing?
A. The Final Approval Hearing is scheduled for November 6, 2025, at 11:00 a.m. EDT, where the court will review and finalize the settlement.
