“Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice,” said New York Attorney General Letitia James. This statement captures the essence of a recent $425 million class-action settlement approved for Capital One 360 Savings customers.
The federal judge’s ruling on April 20, 2026, is set to benefit anyone who held a 360 Savings account between September 18, 2019, and June 16, 2025. Millions of eligible customers will receive automatic payouts without needing to file claims. The payout date is scheduled for July 27, 2026, barring any appeals.
The lawsuit emerged in 2023, alleging that Capital One misled its customers by keeping them on lower interest rates after launching the more lucrative 360 Performance Savings account. The settlement aims to compensate these customers for estimated lost interest during that period.
Key details of the settlement:
- The total settlement amount is $425 million.
- Payments will vary based on the interest missed during the specified period.
- Legal fees up to 15% and administrative costs will be deducted before distribution.
Each class representative will receive a $10,000 service award, while the court allocated $32 million for attorneys’ fees and $1.81 million for expenses related to this legal battle. The settlement administrator is Epiq Class Action & Claims Solutions.
Philip Black, an attorney involved in the case, called it “a great result for the class.” As part of the agreement, Capital One will align future interest rates on its savings accounts with those on the newer performance accounts—an effort to restore trust with its customers.
The court’s approval marks a critical milestone in this long-running dispute. Customers can expect their payouts soon as they await further updates from Capital One regarding the distribution process.