Judge Approves $425 Million Capital One 360 Settlement
A judge approved the $425 million capital one 360 settlement this week, setting a payout process for eligible Capital One 360 Savings customers. The deal covers account holders who kept the older savings product during a class period that began Sept. 18, 2019, and ended June 16, 2025.
Eligible customers do not need to file a claim. Those who were primary account holders in the settlement class are set to receive checks or electronic payments around July 21, 2026, if they remained in the case and, for digital payments, opted in by March 30, 2026.
Sept. 18, 2019 class period
Sept. 18, 2019 marks the start of the period covered by the lawsuit, which centers on the interest Capital One paid on savings accounts. Account holders said the bank continued paying a higher return on the 360 Performance Savings account than on the older 360 Savings account, even though the two accounts were otherwise the same.
Capital One introduced the 360 Performance Savings Account in 2019 after originally offering the 360 Savings Account. The settlement says eligible account holders are those who had a Capital One 360 Savings account at any point between Sept. 18, 2019, and June 16, 2025. Joint holders and co-holders are included, but cash payments go only to primary account holders.
March 30, 2026 deadlines
March 30, 2026 was the cutoff to opt out of the settlement or opt in to receive payment electronically. Those choices matter because the settlement says account holders are automatically included unless they submitted a written request to opt out by that date, and only those who opted in can get payment by electronic transfer.
$5 is the minimum payment threshold in the deal. If a calculated payment is below that amount, the account holder gets nothing unless they opted into electronic payment before the deadline, a limit that keeps very small awards from going out by check.
Interest rates and payouts
$10,000 is the example used to show how the calculation works: at 0.30% APY, the customer would have earned $30 in a year in the 360 Savings account, while the same balance would have earned $330 at 3.30% APY in the 360 Performance Savings account. The settlement payment is based on that difference in interest, then adjusted for attorney fees, administrative expenses, opt-outs, and any unclaimed checks.
1.00% APY is the current rate on the 360 Savings Account, and it will rise to 3.20% APY, the same rate offered today on the 360 Performance Savings Account. That rate equalization removes the split that fueled the dispute and changes what current savers earn going forward, while the $425 million fund handles the back pay question for the class period that already passed.
