A settlement has now been reached in a major lawsuit filed against the well-known US banking company, Capital One. This case involves individuals who deposited money in Capital One 360 Savings Accounts. The bank’s misleading interest rate treatment of customers between 2019 and 2025 has resulted in a $425 million settlement. If you or a family member was a 360 Savings account holder during this period, this news is very important to you.
Background of the Case—What was the real dispute?
This lawsuit, titled “In re: Capital One 360 Savings Account Interest Rate Litigation, No. 1:24-md-03111-DJN,” was filed in the US Eastern District of Virginia Court. The allegation was that Capital One Bank did not provide fair interest rates to its customers.
Instead of increasing interest rates on existing 360 Savings Accounts, the bank introduced a new 360 Performance Savings Account, offering a higher interest rate. However, the bank failed to inform existing customers that their accounts were no longer considered “high-yield savings accounts.”
This harmed millions of customers because they were sitting on low-interest savings while new account holders received higher interest rates. After the case reached court, the bank, while admitting no fault, has now decided to settle the matter so that the dispute does not escalate further.
Which customers are eligible for this settlement?
If you or a family member held a Capital One 360 Savings Account at any time between September 18, 2019, and June 16, 2025, you are included in this settlement.
This means you are eligible to receive your share of the payment (Class Cash Payment). No additional claim form is required. This payment will be automatically disbursed to all eligible customers.
Total Settlement Amount and Payment Method
The total settlement amount has been set at $425 million, which will be distributed among all eligible customers.
The bank or settlement administrator will not ask any customer for a Social Security Number (SSN) or Employee Identification Number (EIN).
There are two payment methods:
1. Payment by Check:
- If your settlement amount is $5 or more and you have not selected electronic payment, a check will be mailed to your address.
2. Electronic Payment:
- If you would like the amount sent directly to your bank account, you must visit www.capitalone360savingsaccountlitigation.com and select this option.
The deadline for selecting electronic payment is October 2, 2025.
Impact of Payment on Closed or Active Accounts
If your 360 Savings Account is already closed, or you decide to close it by October 2, 2025, you will receive a 15% higher payment than regular customers.
This step is taken to ensure that customers who have already closed their accounts receive fair compensation.
If you do not close your account, you will still be eligible to receive the settlement amount, but the amount will be slightly lower, and you may receive some money in the form of additional interest payments in the future.
If You Want to Choose a Different Path (Opt-Out Option)
If you do not want to be part of this settlement and wish to file a separate lawsuit against Capital One, you must select the Opt-Out option.
Note: If you do so, you will not receive any payment from this settlement. This option is only for those who wish to pursue separate legal action on their own.
Option to File an Objection (Objection or Comment)
If you disagree with this agreement or believe the attorneys’ fees or settlement terms are unfair, you can submit your opinion in writing to the court.
You may also wish to attend the Final Approval Hearing, which will be held on November 6, 2025, at 11:00 a.m. (EDT). During this hearing, the judge will determine whether the settlement is fair and reasonable.
Important Dates to Remember
| Action | Deadline |
|---|---|
| Deadline to choose electronic payment option | October 2, 2025 |
| Deadline to close account (to receive ~15% larger payment) | October 2, 2025 |
| Deadline to file an objection or submit comments | October 2, 2025 |
| Final Approval Hearing | November 6, 2025 — 11:00 AM (EDT) |
Beware of Scams
The Settlement Administrator has clearly stated that they never ask customers for their Social Security Number or EIN. If any website or person asks for this information, it may be a scam. Make sure you only contact the official website —
- 👉 www.capitalone360savingsaccountlitigation.com
- or the helpline at 1-888-832-2704.
What does this mean for customers?
This settlement is a major step forward for banking transparency in the United States. Millions of customers who received low interest on their money for years are now receiving justice. This case also demonstrates how effective class action lawsuits can be in protecting consumer rights.
Conclusion
The Capital One Savings Settlement 2025 is a welcome relief for customers who have long been denied the rightful interest on their hard-earned money. If you are eligible, make sure you have chosen your payment method and adhered to all deadlines.
This is not just a legal case but a victory for consumer rights.
FAQs
Q. Who is eligible for the Capital One Savings Settlement?
A. Anyone who held a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, is eligible to receive a payment.
Q. Do I need to file a claim to get the payment?
A. No. All eligible account holders will automatically receive their settlement payment without submitting a claim form.
Q. How can I receive my payment?
A. You can choose to receive your payment electronically or by mailed check. The deadline to select the electronic option is October 2, 2025.
Q. Will I get a higher payment if I close my account?
A. Yes. If you close your 360 Savings account by October 2, 2025, your settlement payment may be around 15% higher.
Q. When is the Final Approval Hearing scheduled?
A. The Final Approval Hearing will take place on November 6, 2025, at 11:00 a.m. (EDT).
