Capital One Agrees $425M Settlement Over Savings Account Interest Disparities
Capital One will pay $425 million to settle a class action over interest rate discrepancies between its 360 Savings and 360 Performance Savings accounts. Account holders active between Sept. 18, 2019 and June 16, 2025 are eligible for cash payments calculated on the difference versus higher‐yield Performance Savings rates.
1. Settlement Approval
Capital One secured final court approval for a $425 million class action settlement addressing alleged interest rate discrepancies between its 360 Savings and 360 Performance Savings accounts.
2. Alleged Rate Discrepancies
Plaintiffs claimed Capital One paid lower interest on 360 Savings accounts than on 360 Performance Savings accounts since 2019, despite the two products having identical features aside from rate labels.
3. Eligibility Criteria
Account holders who maintained a 360 Savings account between Sept. 18, 2019 and June 16, 2025 qualify for payments, with individual awards calculated based on the difference from the higher Performance Savings rates.
4. Financial Impact
Capital One will record a $425 million charge in its next financial results, potentially reducing quarterly net income by several cents per share but avoiding a protracted trial.