Capital One 360 Savings Settlement: If you have ever felt confused or left behind by changing bank interest rates, you are not alone. For years, many Capital One customers trusted their 360 Savings accounts, believing they were earning competitive returns. Now, a major legal development is offering long awaited relief. A federal judge has granted preliminary approval to a revised $425 million settlement, bringing hope to millions of account holders who may soon receive automatic payments without any paperwork or stress.
This case could finally close a chapter that began with frustration and missed earnings, and for many customers, it may lead to real money back in their pockets.
What the Capital One Interest Rate Lawsuit Is About
The lawsuit, officially known as In re: Capital One 360 Savings Account Interest Rate Litigation, was filed in the U.S. District Court for the Eastern District of Virginia. It combines several legal actions focused on one central issue.
In 2019, Capital One introduced a new product called the 360 Performance Savings account, which offered significantly higher interest rates. At the same time, the bank kept older 360 Savings accounts open, often paying much lower rates. Plaintiffs argue that customers were not clearly informed that they could switch to the higher paying account.
During the covered period, many 360 Savings accounts earned around 0.30 percent interest, while the newer Performance Savings accounts at times paid over 4 percent. According to the lawsuit, this gap caused customers to miss out on substantial interest earnings.
Capital One denies wrongdoing but has agreed to settle the case without admitting liability.
Who Is Eligible for the Settlement
You may qualify for this settlement if you meet the following criteria:
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You held a Capital One 360 Savings account, not a 360 Performance Savings account
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Your account was active at any point between September 18, 2019 and June 16, 2025
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Both current and former account holders are included
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Joint account holders are also eligible
No claim form is required. Capital One will use its internal records to determine who qualifies.
Settlement Overview at a Glance
| Category | Details |
|---|---|
| Total Settlement Amount | $425 million |
| Covered Account | Capital One 360 Savings |
| Time Period | Sept 18, 2019 to June 16, 2025 |
| Final Court Hearing | April 20, 2026 |
| Claim Form Needed | No |
| Payment Method | Automatic check or electronic payment |
| Court | U.S. District Court, Eastern District of Virginia |
What Changed in the Revised Settlement
The court had concerns about an earlier version of the settlement, stating that it did not provide enough value to customers. In response, a revised agreement was submitted and received preliminary approval on January 12, 2026.
Key improvements include:
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A $425 million cash fund to be distributed among eligible customers
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A commitment from Capital One to align the interest rate of 360 Savings accounts with 360 Performance Savings accounts for at least two years
This interest rate alignment is seen as a major win, as it helps prevent future losses for existing customers.
How and When Payments Will Be Sent
One of the most customer friendly aspects of this settlement is its simplicity.
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You do not need to file a claim
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Payments will be calculated based on your account balance and how long you held the account during the covered period
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Payments over $5 will typically be sent by check unless an electronic option is chosen
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Smaller payments may be sent electronically
Exact payment amounts will only be finalized after the court grants final approval.
Legal Fees and Service Awards
The attorneys representing the class plan to request:
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Up to 20 percent of the total settlement for legal fees
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Reimbursement of approximately $1.6 million in litigation expenses
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Service awards of $10,000 each for 26 class representatives
The judge will review and decide whether these requests are fair during the final hearing.
Expected Timeline Going Forward
Here is what to expect next:
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April 20, 2026: Final approval hearing
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If approved, settlement administrators will begin processing payments
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Address verification and account data review will follow
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Payments may be issued in the second half of 2026
Official updates and timelines will be shared on the settlement website and through class notices.
Frequently Asked Questions
Who qualifies for the Capital One settlement?
Anyone who held a Capital One 360 Savings account between September 2019 and June 2025.
Do I need to submit a claim?
No. Payments will be issued automatically.
When is the final court hearing?
April 20, 2026.
How much money will I receive?
It depends on your account balance and how long your account was active during the covered period.
Will interest rates on 360 Savings accounts change?
Yes. Capital One has agreed to match Performance Savings rates for at least two years.
Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Settlement details, eligibility requirements, and payment timelines may change based on court decisions. For official information, always refer to court documents or the authorized settlement website.