Capital One Payout Delayed Over a Year Due to Appeal

Capital One customers awaiting their share of a $425 million settlement may experience a delay of a year or more. An appeal filed in June by an objecting class member has significantly postponed the payout, which was initially slated to commence in July. This class-action lawsuit concerns interest rates paid on Capital One's 360 Savings Account.

Account holders alleged that Capital One paid a higher interest rate on its 360 Performance Savings Account, introduced in 2019, compared to the original 360 Savings Account, despite the accounts being otherwise similar. They also claimed the bank obscured the existence of the higher-yield option. Capital One has denied any wrongdoing as part of the settlement.

To be eligible, customers must have held a Capital One 360 Savings account anytime between September 18, 2019, and June 16, 2025. While payments were supposed to be distributed around July 21, 2026, the appeal seeks to overturn the settlement, potentially returning the matter to litigation and causing substantial payment delays.

The settlement amount is calculated based on the difference in interest earned between the 360 Savings and 360 Performance Savings accounts. However, the final payout will also account for lawsuit costs, attorney fees, and administrative expenses. Additionally, Capital One is synchronizing interest rates, increasing the 360 Savings Account's APY to match the 360 Performance Savings Account.