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Capital One Pays $425M Over Savings Account Mix-Up
22 Apr
Summary
- Capital One will pay $425 million to settle a savings account dispute.
- Millions of customers may receive payouts within two months.
- The settlement addresses confusion between similar savings account names.
A $425 million settlement from Capital One has received final court approval, paving the way for payments to millions of customers. This resolution follows a two-year legal dispute concerning savings accounts that allegedly steered customers into lower returns. Eligible account holders, who maintained a Capital One 360 Savings account between September 18, 2019, and June 16, 2025, are set to receive compensation. The settlement addresses claims that Capital One created confusion between its 360 Savings and 360 Performance Savings accounts.
Judge David Novak of the US Eastern District of Virginia approved the final agreement, noting concerns about an earlier rejected deal. The lawsuit highlighted significant interest rate disparities between the accounts, with the 360 Savings account offering substantially less than the 360 Performance Savings. Capital One is also mandated to increase the interest rate on its 360 Savings Account to match the performance account's yield.
