Capital One to pay $425M in 2026 settlement over 360 Savings interest rates

Capital One has reached a new $425 million settlement to resolve a massive class-action lawsuit involving its “360 Savings” accounts.

The legal battle focused on claims that the bank “deceptively marketed” these accounts as high-yield while actually keeping interest rates artificially low.

According to the lawsuit, Capital One created a newer nearly identical “360 Performance Savings” account with much higher rates but failed to automatically move existing customers over.

This updated 2026 deal was reached after a previous smaller settlement was rejected by a judge. California Attorney General Rob Bonta, who fought for a better deal, stated:

“Capital One misled consumers through false marketing and a lack of transparency regarding its savings account system cheating consumers nationwide.”

He further added that when given the chance to fix the issue, the bank “Attempted to underpay people it harmed and continue its deceptive practices.”

The settlement covers customers who held “360 Savings” accounts between September 2019 and June 2025.

Eligible members do not need to file a claim to receive cash; checks will be mailed automatically to those owed $5 or more.

However, users were encouraged to visit the official settlement website by March 30, 2026, to select electronic payments for faster delivery.