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A new Capital One class action settlement might put extra cash in your pocket. The $425 million settlement tied to the Capital One 360 Savings accounts means certain customers might receive payments soon.
Here's what you should know about the settlement and whether you could be eligible to receive a payment.
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The Capital One class action lawsuit
The lawsuit centers around Capital One savings accounts. It alleges that Capital One paid significantly lower interest rates on older 360 Savings accounts compared to the new 360 Performance Savings account that it released in 2019. According to the settlement FAQ page, the newer accounts received 4.35% interest, while older accounts received just 0.30% interest.
The lawsuit alleges that the practice was misleading, and customers with the older accounts missed out on a significant difference in interest that they could have received with a newer, nearly identical account.
Outcome of the lawsuit
Capital One admitted no wrongdoing but agreed to a settlement. In April, a federal judge approved the $425 million settlement. Payments should be issued to eligible Capital One customers with the goal of compensating those customers for the difference in what they would have earned in interest if their money had been in a 360 Performance Savings account.
Payments are currently scheduled to go out in late July and should arrive by July 27. If an appeal is filed, that payment timeline might change.
Who qualifies for a payment
Eligible Capital One customers are those who had a Capital One 360 Savings account between September 18, 2019, and June 16, 2025. Joint holders and co-holders of the account are eligible, though the payments will be issued only to the primary account holders.
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How to claim your payment
Any eligible Capital One customers are automatically included in the settlement, and you don't have to do anything to file for a claim. If you wish to opt out of the settlement, you must have submitted a written request by March 30, 2026.
If you wanted to receive an electronic payment, you needed to opt in by March 30, 2026. If you haven't opted in, your payment should be sent by a mailed check. However, if you took no action or elected to have a mailed check and your payment is less than $5, you won't receive a payment.
How large are the payments
Since the payments are intended to make up for the interest that customers could have received if their money had been in a newer account, there's no set payment amount, and payments are based on the specifics of your 360 Savings account. Each payment is calculated based on the amount of additional interest you could have earned on the money in your account.
That calculation provides a starting point for the payment, but the actual amount you receive might differ. Since the settlement has to also cover costs of the lawsuit, and the overall payout will depend on how many eligible customers opted out, actual payment amounts may vary.
How the settlement impacts your account interest
In addition to payments, eligible customers included in the class action lawsuit should see a difference in their 360 Savings account's interest rate. According to the settlement terms, 360 Savings and 360 Performance Savings accounts should receive the same interest rates moving forward. The 360 Performance Savings account has a 3.10% interest rate, as of May 20, 2026, which could be a significant boost for 360 Savings account holders.
If you have an open 360 Savings account, that interest rate increase should be automatically applied, so keep an eye on your account statements.
A note about scammers and settlements
Class action settlement scams are becoming more common, so it's important to be cautious when responding to notices informing you that you may be eligible for a settlement payment. Before you respond, look up the settlement's official website. Do an internet search for the settlement website, rather than going to the URL on the notice, to make sure the notice is directing you to the official website.
Look out for red flags that could signal the notice you've received is a scam. While a claim administrator may need details like your mailing address or phone number, any request for your bank account information or Social Security number is suspicious. Claims administrators should never ask for processing fees, filing fees, or any upfront payments.
Bottom line
Remember to be cautious of scammers posing as a settlement administrator. If you have questions about the Capital One settlement or your eligibility, refer to the official settlement website, capitalone360savingsaccountlitigation.com, or call 1-888-832-2704.
If you're looking for a new savings account, taking the time to shop around for an account with a higher interest rate may pay off, especially if you have a larger balance. That interest rate may help put your money to work, so you're able to grow your money more.
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