Unlock Your Compensation: A Guide to the Capital One Savings Settlement
Understanding the Lawsuit Against Capital One
Capital One is facing accusations of misleading its 360 Savings account holders. The bank allegedly launched a new \"360 Performance Savings\" account in September 2019, which offered a significantly higher annual percentage yield (APY) compared to the existing 360 Savings account, without adequately informing existing customers of this more beneficial option. This led to a substantial disparity in interest earnings, as the original 360 Savings account's rates remained low while the new account's rates climbed, mirroring the Federal Reserve's rate hikes.
The Genesis of the Class Action and Its $425 Million Resolution
The considerable difference in interest rates between the two accounts prompted a significant class-action lawsuit. In February 2024, customers initiated legal proceedings, asserting that Capital One had deprived millions of account holders of billions in potential interest by maintaining low rates on the 360 Savings account while quietly introducing a higher-yield alternative to new customers. The lawsuit quickly progressed, culminating in a $425 million settlement agreement from Capital One in May 2025, made without an admission of wrongdoing. A federal judge granted preliminary approval in July, with final approval anticipated by November 6, 2025, which would allow customer payments to commence roughly 60 days thereafter.
Eligibility and Maximizing Your Payout by the October 2 Deadline
Individuals who maintained a 360 Savings account between September 18, 2019, and June 16, 2025, are eligible for a settlement payment, regardless of whether the account is still active. However, existing account holders can significantly increase their payout, by approximately 15%, by closing their account before October 2. A substantial portion of the settlement, $300 million, is specifically allocated for one-time cash payments to customers who close their accounts by this date. The remaining $125 million is reserved for those who opt to keep their accounts open or close them after the deadline, offering smaller lump sums and a minimal future interest rate increase. Opting for closure by October 2 is the financially prudent choice, as it ensures a larger immediate payout and allows funds to be reinvested in higher-yielding savings options elsewhere.
Estimating Your Settlement Amount Based on Account Activity
The compensation you receive will be calculated based on the average balance held in your 360 Savings account and the duration for which that balance was maintained. For customers who close their 360 Savings account by the October 2 deadline, estimated payouts could range from less than $100 to several thousand dollars, potentially reaching five figures for those with high balances over extended periods. For instance, an average balance of $1,000 held since September 18, 2019, could yield approximately $315, while a $100,000 average balance over the same period could result in a payout of over $31,000. Conversely, keeping the account active will reduce your lump-sum payment to about 87% of these estimates. Furthermore, the supposed interest rate boost for retaining the account is modest, offering only twice the national average (currently 0.78%), which is considerably lower than the 4%-5% yields available from leading high-yield savings accounts today, reinforcing the benefit of closing the underperforming account.
Steps to Secure Your Settlement Payout
For eligible 360 Savings account holders, inclusion in the settlement is automatic, requiring no claim form submission, as eligibility is determined from Capital One’s records. However, to secure a larger payout, it is imperative to close your account by October 2. Additionally, you have the option to receive your settlement funds via electronic payment, accelerating the process once distributions commence. To select this option, visit the dedicated settlement website and log in using your unique ID and PIN, which can be retrieved through the site’s lookup tool if you do not have your mailed notice. Otherwise, payments will be disbursed via paper checks sent through postal mail.