Some Capital One account holders may receive a cash payout as part of a $425 million settlement in a class action lawsuit against the company.
A U.S. District Court judge issued final approval of the settlement last month after the court rejected an earlier settlement agreement in the case due in late 2025. It was renegotiated earlier this year before receiving final approval in late April. According to court filings on the settlement website, the lawsuit alleges that Capital One deceived customers about interest rates related to some of its savings account options.
Capital One denied the claims in the lawsuit and any allegations of wrongdoing, but both parties ultimately agreed to a settlement to avoid a lawsuit.
What is Capital One Settlement?
The class action lawsuit against Capital One matches two types of savings accounts offered by the company: 360 Savings and 360 Performance Savings accounts. The plaintiffs alleged that both types of savings accounts are identical, except for the interest rate Capital One pays on them.
According to the filing, Capital One offered 360 savings accounts from 2013 until 2019, when it began offering 360 Performance Savings, a different type of account.
The filing said that although the company has stopped offering 360 savings accounts to customers, Capital One continues to service existing accounts under the program. The lawsuit alleges that since 2019, Capital One has paid higher interest rates on 360 Performance Savings accounts than it paid on 360 Savings accounts, despite the two accounts being otherwise identical.
As a result, the plaintiffs alleged that Capital One fraudulently marketed the 360 Savings Account and concealed interest rate disparities. The company denied the claims.
Who is eligible for payment in Capital One settlement?
The settlement class, or group of people eligible for the payment, includes anyone who maintained a Capital One 360 Savings Account at any time between September 18, 2019, and June 16, 2025.
How much money can you get from Capital One Settlement?
Each member of the settlement class will receive an individual payment which may vary in amount.
The total will be calculated first based on the amount of interest the account holder would have earned if the account was receiving the same interest rate as the 360 Performance Savings Account.
According to the settlement website, the remaining settlement funds after deducting those costs and expenses will be divided among the recipients based on their individual amounts.
Do you have to file a claim with Capital One Settlement?
Users do not need to file a claim to receive payment in Capital One Settlement. All eligible members will receive their payment automatically.
According to the settlement website, the payment is expected to be sent around July 21.
