If you held a Capital One 360 Savings account anytime from Sept. 18, 2019, through June 16, 2025, you’re likely included in a proposed $425 million class‑action settlement over the account’s interest‑rate practices. The settlement has preliminary approval; a judge will decide whether to grant final approval at a hearing on Nov. 6, 2025 (11:00 a.m. ET).
Fast facts
- Class period: Sept. 18, 2019 – June 16, 2025
- Who’s included: Anyone who had a Capital One 360 Savings account during the class period (current and former customers; joint holders included)
- Claim form: Not required
- Action needed now: Choose how you want to be paid (electronic payment recommended) by Oct. 2, 2025
- Final approval hearing: Nov. 6, 2025 (benefits are paid only if the court grants final approval)
How much money could you receive?
Payments are pro rata. Each customer’s cash payment is based on the difference between the interest the 360 Savings account actually earned during the class period and what it would have earned at the 360 Performance Savings rate.
- Closed or converted accounts may receive ~15% more: If your 360 Savings account is already closed or you close/convert it (including converting to 360 Performance Savings) by Oct. 2, 2025, your estimated cash payment is about 15% higher (subject to court approval and final calculations).
- Keep your account? Extra interest later: Customers who keep 360 Savings open are also slated to receive “Additional Interest” funded at $125 million total. While that is paid, 360 Savings must be set at at least 2× the FDIC national average until the $125 million is fully distributed.
- Small payments tip: If your calculated cash payment is under $5, you’ll only receive it if you choose electronic payment. Pick an e‑payment method by Oct. 2, 2025.
Why there’s a settlement
The lawsuits alleged Capital One marketed 360 Savings as a competitive, adjustable‑rate account but left legacy customers at a much lower rate (around 0.30%) while a newer product—360 Performance Savings—paid significantly more (for example, APYs above 4% in 2024). Capital One denies wrongdoing. The proposed settlement resolves the private class action without an admission of liability.
What to do now (step‑by‑step)
- Confirm you’re in the class: Did you have a Capital One 360 Savings account between 9/18/2019 and 6/16/2025? If yes, you’re likely covered.
- Choose your payment method by Oct. 2, 2025: Electronic payment is the safest way to ensure you’re paid—especially if your amount is under $5.
- Decide whether to close or convert: If you prefer a larger one‑time cash payment, consider closing or converting your 360 Savings by Oct. 2, 2025. If you keep it open, you remain eligible for future Additional Interest.
- Know your rights: Opt‑outs and objections are due Oct. 2, 2025.
- Watch the court date: The final approval hearing is Nov. 6, 2025. Payments and Additional Interest begin only after final approval and any further requirements are satisfied.
Important fine print
- No claim form is required to receive benefits.
- Converting a 360 Savings account to 360 Performance Savings by Oct. 2, 2025 counts as “closed” for settlement purposes.
- Attorney fees (capped at 20% of the $425 million, subject to court approval) and service awards (requested at $10,000 per class representative) come out of the settlement fund.
- Settlement terms and benefit amounts are subject to court approval and may change based on participation, fees, and final calculations.
Editor’s note: This article is for information only. We are not the settlement administrator and cannot process payments or update addresses. For official instructions, payment selection, or help with your account status, consult the official settlement materials and your Capital One communications.