Photo via Fast Company
Capital One customers who maintained a 360 Savings account between September 2019 and June 2025 may receive compensation this summer following a court-approved settlement. According to Fast Company, the McLean, Virginia-based bank will distribute $425 million to resolve allegations of deceptive marketing and interest rate practices. The best part for claimants: no action is required to receive payment—the bank will identify eligible customers automatically.
The lawsuit centers on Capital One's handling of two similarly-named savings products with vastly different interest rates. While the 360 Performance Savings account offered competitive rates, the legacy 360 Savings account lagged significantly. This gap widened dramatically after 2022 as the Federal Reserve raised rates; by December 2023, Performance account holders earned 4.35% APR compared to just 0.30% for standard 360 account holders. According to plaintiff attorneys at Wolf Popper, Capital One failed to notify legacy customers they could switch to the higher-yielding account.
Payouts will be individualized based on the interest customers would have earned had their accounts received Performance account rates. Distributions are scheduled to begin around July 21. However, determining exact payment amounts remains complex due to the varying tenure and balances of affected accounts across the country.
The settlement faced initial rejection from a federal judge in November, requiring renegotiation before final approval this week. Capital One's stock performance has reflected broader investor concerns, declining nearly 22% year-to-date while the S&P 500 has gained approximately 4% during the same period. For Nashville-area residents and business professionals using Capital One banking services, this settlement represents a meaningful recovery of lost savings account earnings.
