A federal judge approved the Capital One class action settlement on April 20 — a $425 million fund that covers current and former holders of Capital One’s 360 Savings account. The case centers on allegations that the bank paid lower interest rates on those older accounts while quietly rolling out a better-earning product to newer customers, and also never telling existing account holders that a higher-rate option even existed. Capital One denied any wrongdoing throughout the proceedings.
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Capital One’s $425M 360 Savings Settlement: Eligibility, Payouts, and Payment Dates
What the Capital One Class Action Settlement Is About
In 2019, Capital One launched 360 Performance Savings — a new account that carried a noticeably higher interest rate than the older 360 Savings product. Court filings describe the two accounts as otherwise identical. The Capital One class action settlement alleges the bank actively marketed 360 Savings as a high-yield product while, at the same time, it had already stopped offering it to new customers and replaced it with the newer, better-paying version.
The lawsuit also claims Capital One avoided paying over $2 billion in interest to its 360 Savings customers between 2019 and 2025. At the widest point of that gap, the bank paid some customers as little as 0.30% interest while offering others 4.35% on the newer account. A court-appointed Special Master reviewed the record and concluded:
“A reasonable damages estimate ranges from approximately $742 million to $1.098 billion. Based on this estimate, the $425 million Settlement Fund represents between 38 and 57 percent of what Settlement Class Members could have obtained for their historical losses if Plaintiffs were successful through trial and appeal.”
An earlier version of the Capital One 360 Savings settlement — worth $300 million — got rejected by the court in late 2025. Both sides went back to negotiate, and the reworked deal grew to $425 million before the court signed off on it this past April.
Capital One Settlement Eligibility — Who Qualifies Right Now
Anyone who held a Capital One 360 Savings account at any point between September 18, 2019, and June 16, 2025, meets the Capital One settlement eligibility criteria. That also covers joint holders and co-holders of those accounts, though the bank will only send payments to the primary account holder on record.
No one needs to file a claim. Capital One noted on its settlement website:
“The settlement administrator has not yet determined the amount of your class cash payment.”
If you meet the criteria and did not actively opt out before the March 30, 2026 deadline, a check will go out to your last known address — as long as your share works out to $5 or more. Those who opted into electronic payment before that same deadline will receive their funds regardless of the amount.
How Much You Get and When the Capital One Settlement Payment Goes Out
Each payout under the Capital One class action settlement is individualized. The calculation looks at how much more interest a 360 Savings account holder would have earned if their account had matched the 360 Performance Savings rate during the same period. After attorneys’ fees and administrative costs come out of the $425 million fund, the remaining balance also gets distributed proportionally among all eligible members.
Class Counsel noted in court filings:
“Class Counsel believes that the Settlement Fund of $425 million, along with the future benefit of paying the same interest to 360 Savings accountholders as 360 Performance Savings accountholders, is an excellent result for Settlement Class Members considering the significant costs, risks, and delay of trial and appeal.”
The Capital One settlement payment 2025 timeline puts disbursements at around July 21, 2026. The settlement website also notes:
“If an appeal is filed, payments will be issued after the appeal is resolved.”
Going forward, Capital One also agreed to pay 360 Savings account holders the same interest rate it applies to 360 Performance Savings — meaning the Capital One 360 Savings settlement delivers both a one-time cash payout and a change to how the bank treats those older accounts from here on out.
