Capital One's $425 Million Settlement Payout Starts This Month - Here's Who Qualifies

If you had a Capital One 360 Savings account between September 18, 2019 and June 16, 2025, a $425 million settlement could put extra cash in your wallet. In April, a federal judge approved the class action settlement, and payments to eligible customers should start going out this month.

Here's what you should know about the settlement, including how to tell if you might be eligible.

The Capital One 360 Savings settlement

The class action lawsuit alleged that Capital One kept customers in a lower-yield 360 Savings account while also offering a higher rate to a new 360 Performance Savings account created in 2019. According to the lawsuit, Capital One allegedly didn't tell existing customers that the account with a higher interest rate existed.

There was a substantial difference in the interest paid on the two account types. From April 2024 through September 2024, the new 360 Performance Savings account paid 4.35% interest, while the old account paid just 0.30% interest. Customers who had the older account earned just a small percentage of what they could have earned in interest with a new 360 Performance Savings account.

Capital One denied any wrongdoing, but arrived at a $425 million settlement. The money from the settlement is to be distributed to customers who held the older 360 Savings account.

The final settlement

A bipartisan coalition of attorneys general opposed the original settlement, stating that it would have shortchanged 360 Savings customers and provided less than $300 million in restitution. The court rejected that initial settlement, but approved the new $425 million settlement.

Under the new, approved settlement, Capital One must pay $425 million into a settlement fund. Capital One is also required to pay the 360 Performance Savings account interest rate to all holders of the 360 Savings account moving forward. Money is also to be sent to eligible Capital One customers who had a 360 Savings account during the period in question.

Who may be eligible

Capital One customers who had a 360 Savings account between September 18, 2019, and June 16, 2025, are eligible to receive a settlement payout. Customers automatically qualify for a payout, and no claim form was required.

Customers who had a 360 Performance Savings account, the account that received the higher interest rate, are ineligible for a payment.

How much are payments

There is no flat payment amount. Your payout amount depends on several factors, including the amount of time you held your 360 Savings account and how much money was in the account; payments are calculated as the extra interest the account would have earned if the 360 Performance Savings interest rate was applied. The total number of affected customers eligible for a payout may also affect payment amounts.

How payments are issued

Checks are mailed to customers' last known mailing address, as long as the payment owed is $5 or more. Customers also had the opportunity to sign up for electronic payments, but the deadline to do so was March 30, 2026.

If your payment is less than $5 and you didn't sign up for an electronic payment, you won't receive a payment.

Payments are expected to go out beginning on July 21, 2026. If anyone appeals the settlement, that timeline might be extended until any appeal is resolved.

Opting out of the settlement

By participating in the settlement, class members give up the right to sue Capital One over this matter. Settlement members must have submitted a request to opt out by March 30, 2026. If you did not submit an opt-out request by the deadline, you're considered a settlement member at this time.

How to learn more about the settlement

You may visit the settlement website, CapitalOne360SavingsAccountLitigation.com, to learn more. You may also contact the settlement administrator with any questions.

Beware of class action settlement scams

Unfortunately, scammers are increasingly sending fraudulent class action settlement notices in an attempt to access your personal information or to trick you into paying them money. If you receive a settlement notice, do a Google search for the settlement's official website and see if the information matches the information in the notice you received. You may also use the official website's information to contact the settlement administrator to verify the notice you received is genuine.

Be sure to look for red flags, too. While administrators may need information like your mailing address, phone number, email address, or Venmo username, any requests for your Social Security number or bank account information are suspicious. Settlement administrators never ask you to pay processing fees, filing fees, or other upfront payments.

Bottom line

Thanks to the settlement, Capital One is now required to pay the same interest rate on 360 Savings and 360 Performance savings accounts. If you currently have a 360 Savings account, your interest rate should be increased automatically, so you may start earning more on your money soon.

Between a settlement payout and a boost to your interest rate, this settlement may help you grow your money more.

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