Introduction
Hi, everyone! I’m Orland Howell, and I’ve spent four years writing about lawsuit settlements that help people like you. Today, I’m excited to share a big news: Capital One is paying $425 million to settle a problem with their savings accounts. If you had a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, you might get some money back.
This settlement is about fairness. It’s about making sure big banks treat you right. I’ve seen how small mistakes by banks can cost people money, so I’m here to explain everything in very simple words. No hard terms, just clear steps to check if you can get money and how to claim it. By the end, you’ll know exactly what to do. Let’s start!
What Is This Settlement About?
Imagine you put money in a savings account to grow it. You trust the bank to give you a good deal. But then, you find out they gave new customers a better account with more interest and didn’t tell you. That’s what happened with Capital One.
In 2019, Capital One had an account called 360 Savings. They said it had “great interest rates.” But soon, they made a new account called 360 Performance Savings with much better rates. They didn’t move old customers to this new account or even tell most of them about it. So, while interest rates went up in the U.S., people with the old 360 Savings account earned less money than they could have.
A group called the Consumer Financial Protection Bureau (CFPB) sued Capital One. They said the bank wasn’t fair and cost customers over $2 billion in lost interest. The CFPB later dropped their case in February 2025, but customers kept fighting. They filed their own lawsuit, and Capital One agreed to pay $425 million to fix the issue without saying they did anything wrong.
This money is for anyone who had a 360 Savings account during that time. It’s real cash for people who didn’t get the interest they deserved. I’ve written about many settlements, and this case highlights how banks must communicate fairly with account holders.
Why Did This Lawsuit Happen?
Let’s make it super simple. Banks use your savings to make loans and earn money. In return, they pay you interest. When interest rates go up, like they did from 2019 to 2025, banks should give you better rates. Capital One didn’t do that for many customers.
Here’s what went wrong:
- Old Account, Low Rates: The 360 Savings account had low interest rates. The new 360 Performance Savings account paid up to 4.3% in 2022. People with the old account missed out on extra money—sometimes hundreds or thousands of dollars.
- No Information Shared: Capital One told new customers about the better account but didn’t tell most 360 Savings account holders. They even skipped sending emails about it.
- Big Losses for You: Over six years, customers lost billions in interest. One expert I read about said this case is a “lesson” for banks to treat loyal customers better.
I’ve written about many cases like this. Banks often focus on new customers and forget about the ones they already have. This settlement is a win for you. It shows your money matters, and the law can help when things aren’t fair.
Who Can Get Money?
Want to know if you can get some of this $425 million? It’s easy to check! You don’t need a lawyer or fancy tools—just your bank records.
Who Qualifies?
You can get money if:
- You had a Capital One 360 Savings account any time between September 18, 2019, and June 16, 2025.
- You live in the United States (this includes people who share a joint account).
- You didn’t opt out of similar claims before (this is very rare).
It doesn’t matter if you closed your account years ago or still have it. Even if you had the account for just a month, you qualify. If you have a joint account, both people can get money.
How to Check If You Qualify
Not sure if you had a 360 Savings account? Here are five easy steps:
- Check Your Capital One Account: Go to the Capital One website or app. Look at your account history for “360 Savings.”
- Find Old Statements: Check your email or paper bank statements from 2019 to 2025. Search your email for “360 Savings” to make it fast.
- Call Capital One: Call 1-888-464-0727 and ask if you had a 360 Savings account during those years. They have to help you.
- Visit the Settlement Website: Go to capitalone360savingsaccountlitigation.com. There’s a section to check if you qualify.
- Look for a Notice: If you qualify, you’ll get a postcard or email with an ID and PIN. Didn’t get one? Check the website anyway.
I’ve helped people find out if they qualify for settlements before. Once, a friend found an old account and got $200 she didn’t expect! If you had a lot of money in your account or kept it for a long time, you could get even more.
One thing to know: If your account changed to a 360 Performance Savings account by October 2, 2025, it’s still counted as “closed” for this settlement. That might mean a bigger payment for you.
How Does the $425 Million Payout Work?
The $425 million is split to be fair. About $300 million goes to one-time cash payments for everyone who qualifies. The other $125 million is extra interest for people who keep their accounts open.
Your payment depends on how much interest you missed. They calculate it by comparing what your account would have earned with the better 360 Performance Savings rate to what you actually got. If you had more money in your account or kept it longer, you get a bigger payment. Most people will get $50 to $500, but some with big accounts could get more.
Two Choices: Keep Your Account or Close It?
You have two options, and they affect your money:
- Keep Your Account Open: You get a smaller cash payment now, plus extra interest for a while. Capital One has to pay at least twice the national average interest rate for some time. This is great if you want to keep saving with them.
- Close or Change Your Account by October 2, 2025: You get a one-time payment that’s about 15% bigger. You won’t get extra interest later, but you get more cash now.
I’ve learned from writing about settlements that you should think about what you need. Need money now? Close the account. Want to save for the future? Keep it open. The settlement website has a tool to see how much you’ll get either way.
How to Claim Your Money
Good news: You don’t need to fill out long forms or pay anything. If you qualify, you’ll get money automatically. But to get it how you want, you need to act fast.
Steps to Get Your Payment
Here’s what to do:
- Find Your Notice: Check your mail or email for a notice from the settlement team. It has your ID and PIN.
- Go to the Website: Visit capitalone360savingsaccountlitigation.com and use your ID and PIN to log in.
- Choose How to Get Paid: Pick direct deposit (fastest), a check by mail, or update your address. Do this by October 2, 2025. If you don’t, you’ll get a check sent to your last address.
- Payments Under $5: If your payment is less than $5, you’ll get a check automatically.
- Wait for the Court: The court will review the settlement on November 6, 2025. Payments are expected to start in Jan 2026..
That’s it! You don’t need a lawyer. I’ve guided people through claims like this, and the key is not missing deadlines. If you skip October 2, you might wait longer or not get the payment you want.
Important Dates to Know
Don’t forget these dates:
- September 18, 2019 – June 16, 2025: The time you needed a 360 Savings account to qualify.
- October 2, 2025: Last day to pick your payment method, update your address, close your account for the 15% bonus, or opt out.
- November 6, 2025: The court’s final approval.
- January 2026 (around): Expected Payments will start.
Write these down! People who act early feel better about their claims, based on my experience.
What Happens After You Claim?
After the court approves the settlement, you’ll get your money. Direct deposits come fast, and checks take a bit longer. You can check your payment status on the settlement website. If something goes wrong, like a wrong address, call the number in your notice.
Do you need to pay taxes on the money? The payment is like interest income, so you might need to report it on your taxes. Ask a tax expert to be sure. Capital One won’t take out taxes unless they have to.
Common Questions Answered
I’ve answered lots of questions about settlements. Here are the top ones for this case:
Q: What if I didn’t get a notice?
A: Go to the settlement website to check if you qualify. Notices will come soon.
Q: Can I get more than one payment?
A: No, it’s one payment per person. For joint accounts, you split it.
Q: Is this a scam?
A: No, it’s a real, court-approved settlement. Only use the official website to stay safe.
Q: What if I close my account after October 2?
A: You’ll get the smaller cash payment without the 15% bonus.
For more answers, check the FAQ on the settlement website.
Why This Matters for You
This settlement isn’t just about Capital One. It tells all banks to treat customers fairly or face trouble. I’ve written about other cases, like ones with Wells Fargo and Equifax, and each one makes things better for you. You deserve a savings account that helps your money grow.
If you qualify, claim your money—it belongs to you. If you don’t qualify, use this as a reminder to check your account’s interest rate every year. Websites like Bankrate can help you find better accounts.
Final Thoughts
You now know everything about the Capital One $425 million settlement. Check if you qualify today, make your choices by October 2, and get ready for your payment. I’m Orland Howell, and I’ve seen how these settlements help people take control. You’re not just a customer—you’re a smart saver.
Have questions? Leave a comment or reach out. Stay smart and stay in charge!
Disclaimer
This article is for information only and is not legal, financial, or tax advice. Always talk to a professional for your situation. The details are correct as of September 27, 2025, but they might change. The author and publisher are not responsible for actions you take based on this article. All information comes from official, trusted sources.
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Orland Howell is a seasoned content writer with four years of deep expertise in crafting compelling and informative content about lawsuit settlements. With a keen understanding of legal nuances and a talent for translating complex topics into clear, engaging narratives, Orland helps law firms, legal professionals, and clients communicate effectively. His work spans blog posts, articles, whitepapers, and website content, all designed to educate, inform, and drive results. Passionate about empowering audiences with knowledge, Orland combines precision, creativity, and industry insight to deliver content that resonates and builds trust.
