It’s not often that a bank’s slogan comes back to haunt it—but for Capital One, the question “What’s in your wallet?” has taken on a whole new meaning. After years of quietly shortchanging loyal savers, the company has agreed to a massive $425 million class-action settlement that could benefit millions of Americans who held 360 Savings Accounts between 2019 and 2026.
A $425 Million Lesson in Loyalty
The heart of the issue is painfully simple: while new customers were earning over 4% interest on Capital One’s newer savings products, long-term account holders were stuck earning 0.3%—barely above zero. The difference, over several years and billions in deposits, meant ordinary savers collectively lost out on an enormous amount of interest income.
According to the Consumer Financial Protection Bureau (CFPB), the practice raised serious questions about fairness and disclosure. Though Capital One settled without admitting wrongdoing, the size of the payout speaks volumes about how seriously regulators and the courts viewed the claims.
| Account Type | Typical Interest Rate (2019–2026) | Customer Group |
|---|---|---|
| 360 Savings Account | ~0.3% | Existing customers |
| 360 Performance Savings Account | ~4.3% (since 2022) | New customers |
| Difference in yield | ~4%+ gap | Long-term savers lost billions collectively |
What the Lawsuit Claimed
The class-action suit, filed in 2023 and finalized mid-2026, accused Capital One of misleading marketing and unfair rate segmentation. Plaintiffs argued that the bank:
- Advertised the 360 Savings Account as a “high-interest” product long after it ceased to be competitive.
- Failed to inform existing customers of the newer, higher-yield accounts available.
- Offered no automatic upgrades or notices that would have allowed savers to switch.
Essentially, loyalty cost money—and lots of it. Many customers kept their savings untouched for years, assuming their “360 Savings” rate would rise with the market. It didn’t.
The National Consumer Law Center (NCLC.org) praised the outcome as a milestone in consumer protection, arguing it could push other major banks to align existing customer rates with those for new customers.
“Loyalty shouldn’t mean losing earnings,” one NCLC analyst said. “This case reminds the industry that transparency isn’t optional.”
Who’s Eligible for the Settlement
If you held a Capital One 360 Savings Account between September 18, 2019, and June 16, 2026, you’re probably eligible. Both current and former account holders qualify, as long as their funds were in a 360 Savings Account during that period.
Payments will vary depending on:
- How long your account was active within that timeframe.
- Your average balance.
- The total difference in interest you would’ve earned had your funds been in the higher-rate account.
Capital One has set up a court-supervised claims process, and notices are already being emailed and mailed to affected customers.
| Eligibility Factor | Details |
|---|---|
| Timeframe | Sept. 18, 2019 – June 16, 2026 |
| Account type | 360 Savings Account (not 360 Performance) |
| Claim deadline | October 2026 |
| Final approval hearing | November 6, 2026 |
| Expected payouts | Late 2025 or early 2026 |
| Maximum payout | Case-by-case, based on lost interest (no flat rate) |
Customers must submit their claims online through the official settlement portal (link to be published on CapitalOne.com and verified by the settlement administrator).
What You’ll Get
The settlement has two major components:
- Reimbursement for lost interest — based on how much your savings balance would have earned under market-average or comparable Capital One rates.
- Commitment to transparency and future rate parity — Capital One must now clearly disclose interest-rate differentials across its consumer savings products and offer more direct paths for account upgrades.
It’s not just about money—it’s about precedent. Few class actions against big banks focus on rate fairness rather than hidden fees. This one might pave the way for more scrutiny across the industry.
How to File a Claim
Filing is free and relatively simple:
- Go to the official settlement website once it’s announced on Capital One’s official channels.
- Enter your Claim ID (from your notice) or verify your identity using your former account details.
- Submit supporting documents if requested (like old statements or account summaries).
- File before the October 2026 deadline to ensure eligibility.
If you closed your account years ago, you’re still eligible—as long as your account was active during the covered period.
Payments will be made either by direct deposit or check, depending on your preference or past account details.
What This Means for Everyday Savers
The Capital One case highlights something most consumers never think about: banks don’t automatically upgrade your old savings accounts. You might be earning pennies while new customers earn dollars—simply because you opened your account years earlier.
The Federal Reserve’s data shows average U.S. savings rates rose from 0.1% in 2020 to over 4% by 2024. Yet many big banks didn’t pass those increases along to older accounts.
To protect yourself:
- Review your interest rates at least twice a year.
- Compare with national averages via the Federal Reserve or FDIC.
- If your rate lags behind market norms, call your bank and ask about newer account options—or move your money.
This case might finally motivate savers to pay attention to their earnings—and banks to play fair.
FAQs
Who qualifies for the Capital One settlement?
Anyone who had a 360 Savings Account between Sept. 18, 2019, and June 16, 2026.
Do I need to be a current Capital One customer?
No. Former customers are eligible if their accounts were active during the covered period.
How much will I get?
Payouts depend on your average balance and how long your funds were in the account.
When will I receive payment?
After the final approval hearing on Nov. 6, 2025—likely by late 2025 or early 2026.
Is this a scam?
No. Verify all notices through CapitalOne.com or the CFPB’s website before submitting any personal information.
