If you had a Capital One 360 Savings account anytime between Sept. 18, 2019, and June 16, 2025, you’re part of one of the biggest banking settlements in recent memory—and the clock is ticking. Customers have until Thursday, Oct. 2, 2025, to select how they want their payout from the $425 million settlement.
Why Capital One Is Paying $425 Million
The case stems from allegations by the Consumer Financial Protection Bureau (CFPB) and follow-up lawsuits accusing Capital One of keeping rates on its 360 Savings accounts artificially low, even as national interest rates climbed. The company allegedly shifted its best-paying accounts to a newer “Performance” product while leaving 360 Savings customers stuck at below-market levels.
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The result: customers missed out on an estimated $2 billion in lost interest earnings. Capital One has not admitted wrongdoing, but it agreed to the massive settlement to resolve the claims.
Who Qualifies
- You must have had a Capital One 360 Savings account (not the newer 360 Performance Savings).
- Your account must have been open between Sept. 18, 2019, and June 16, 2025.
- You may already have received a settlement notice in the mail or by email with instructions.
If you only held a 360 Performance Savings account, you’re not eligible.
How to Claim Your Payment
You don’t need to file a formal claim, but you must log into the settlement site using the ID and 4-digit PIN provided in your notice. From there, you’ll choose your payment option:
- Electronic payment (direct deposit, PayPal, Venmo, Zelle, etc.) – You’ll get paid regardless of the amount.
- Paper check – Only issued if your payout is $5 or more.
Deadline: Oct. 2, 2025. If you don’t choose, you may still receive a check by default (if over $5), but electronic options are faster.
How Much Will You Get?
The settlement formula is based on:
- How long you held a 360 Savings account during the period.
- How much you would have earned if your account had been paying the same rate as a 360 Performance Savings account.
- A multiplier that will be applied to adjust payouts.
- Customers with active 360 Savings accounts after Oct. 2 will also continue receiving “additional interest payments” from a separate $125 million pool, with Capital One required to keep their interest rate at least double the FDIC’s national average until that fund is exhausted.
- If you’ve already closed or converted your account, you’ll get a one-time cash payment that’s estimated to be about 15% larger than what active account holders receive.
What’s Next
- Oct. 2, 2025: Deadline to pick your payout option.
- Nov. 6, 2025: Final approval hearing for the settlement.
- Payments will be distributed once the court gives the green light.
Why It Matters
This settlement is one of the largest in the banking sector tied to savings account practices. Beyond the immediate payouts, the ongoing interest-rate adjustment requirement forces Capital One to align savings rates more fairly with market averages—something industry critics have long pushed for.
FAQs:
Do I need to file a claim to get paid?
No. If you’re eligible, you’re automatically included, but you must log in with your notice ID and PIN to pick your payment method.
What if my payment is less than $5?
You’ll only get it electronically. Paper checks won’t be issued for payouts under $5.
Can I still get money if I closed my 360 Savings account?
Yes. You’ll get a one-time payout, estimated at about 15% more than what current account holders will receive.
