Capital One $425M Lawsuit: Are You Eligible?

Overview of the Capital One Settlement

Capital One has agreed to a $425 million settlement to address claims that it failed to increase interest rates for its 360 Savings accounts. This resolution comes after multiple lawsuits were filed against the company, with allegations that it kept rates artificially low despite rising national interest rates. The Consumer Financial Protection Bureau (CFPB) was among those who took legal action, accusing the bank of depriving customers of over $2 billion in potential interest earnings.

The settlement covers individuals who had a 360 Savings account with Capital One between September 18, 2019, and June 16, 2025. A federal judge in Virginia is overseeing the case, which has drawn significant attention from both consumers and financial regulators.

Who Qualifies for the Settlement?

If you maintained a 360 Savings account with Capital One during the specified time frame, you may be eligible for a portion of the $425 million settlement. Capital One will provide a list of qualifying customers, and many have already received notices regarding their eligibility.

There is no need to file a separate claim to receive a payout. However, you will need to use the ID and four-digit PIN provided on the settlement notice to select your payment option online. The deadline to make this selection is October 2, 2025.

Payment Options and Deadlines

Settlement administrators have outlined specific details about how payouts will be distributed. If you choose a paper check, you will not receive one if your payout is less than $5. On the other hand, electronic payments will be issued regardless of the amount.

The settlement includes two main components. First, a portion of the $425 million will be distributed to qualifying account holders based on the interest they would have earned if they had a 360 Performance Savings account. These accounts saw higher interest rates, but it is alleged that these benefits were not made available to those with standard 360 Savings accounts.

Additionally, $125 million of the settlement is designated for “additional interest payments” to qualifying customers. Capital One has committed to maintaining an interest rate on 360 Savings accounts that is at least twice the national average rate for savings deposits as calculated by the FDIC. These payments will continue until the full $125 million is dispersed.

How Payouts Are Calculated

Payouts will be determined based on the life of the account and the interest that would have been earned if the customer had a 360 Performance Savings account. This amount will be multiplied by a to-be-determined value. For those who still have an active 360 Savings account, the calculation will be similar but without the multiplier.

Customers who keep their 360 Savings account open after October 2, 2025, will also receive the additional interest payments without needing to file a claim. However, if your account has already closed or been converted to a 360 Performance Savings account—either before or on October 2—you will receive a Class Cash Payment estimated to be approximately 15% larger.

Final Approval and Next Steps

The final approval hearing for the settlement is scheduled for November 6, 2025. Individual payment amounts will vary and have not yet been finalized. Customers are encouraged to review the settlement website for more detailed information and updates.

This settlement marks a significant step in addressing concerns about transparency and fairness in savings account management. It also highlights the importance of consumer advocacy and regulatory oversight in ensuring that financial institutions operate in the best interests of their customers.