Capital One Just Settled for $425M — Here’s How to Claim Your Share Fast!

If you’ve had a Capital One 360 Savings account in the past few years, you might be in for some unexpected cash. Capital One has agreed to a $425 million settlement following a class action lawsuit—and a lot of everyday savers could benefit.

What Happened?

Back in September 2019, Capital One launched a new account called the 360 Performance Savings. It came with a much better interest rate. The problem? Customers who were already using the older 360 Savings account weren’t automatically moved over, and many weren’t clearly told they could switch.

So while new customers were earning significantly more on their savings, existing ones were stuck with a much lower rate—often without even realizing it.

The Lawsuit

That led to a major lawsuit. Customers said they lost out on a lot of interest simply because Capital One didn’t properly notify them about the better option. Some people kept thousands of dollars in these older accounts, unknowingly earning far less than they could have.

Capital One didn’t admit any wrongdoing but has agreed to settle for $425 million to put the issue to rest.

Who’s Getting Paid?

If you had a 360 Savings account any time after September 18, 2019, there’s a good chance you’re eligible. Here’s how the settlement breaks down:

• $300 million will go directly to customers who had the lower-interest account.

• $125 million will be used to boost interest rates on the older accounts still in use, helping current customers earn more moving forward.

You don’t need to still have an account to qualify. Even if you closed yours, you could still be part of the payout.

What Happens Next?

The court still has to give final approval. That’s scheduled for June 6, 2025. Once that happens, here’s what to expect:

• A claims website will go live, where you can check if you’re eligible and submit a claim.

• You’ll likely get a notice by mail or email if you qualify.

• Payments should begin later in 2025, though exact dates depend on how quickly everything is processed.

Most people won’t need to do much—just follow the instructions when the official notice arrives.

What Should You Do Now?

If you had a Capital One 360 Savings account after September 2019, here’s what to keep in mind:

• Watch your mail and email for an official claim notice.

• Make sure your contact info is current with Capital One.

• Don’t click on random links—wait for the official site to be announced by the court or the bank.

• If you’re still using the older account, consider switching to a higher-interest option now.

Why This Matters

This case is a good reminder that banks don’t always look out for your best interest. Rates change, new products launch, and if you’re not paying close attention, you could be missing out—sometimes for years.

This settlement could put real money back in your pocket, especially if you had a decent balance sitting in a low-rate account for a while. So don’t ignore that letter or email if it shows up—check if you’re eligible and make your claim.