Capital One's recent $425M settlement could mean money in your pocket this summer

"The case stems from allegations that Capital One 'acted deceptively regarding the marketing and payment of interest on its 360 Savings account product.' During the nearly six-year period in question, Capital One offered two very similarly-named savings accounts that offered very different interest rates—with the 360 Performance Savings account paying a higher rate than the 360 Savings account."

"'Since Capital One did nothing to advise its legacy accountholders that they would have to switch to the new account to earn a competitive interest rate, 360 Savings accountholders across the country have lost out on interest payments Capital One should have paid them.'"

A U.S. judge approved a $425 million settlement for Capital One 360 Savings account holders due to allegations of deceptive marketing regarding interest rates. Customers eligible for the settlement must have had a 360 Savings account from mid-September 2019 to mid-June 2025. The case arose from Capital One's failure to inform customers about the need to switch to a higher-yield account, resulting in significant interest losses. The exact amount each customer will receive remains uncertain due to the complexities of the case.

Read at Fast Company