A U.S. federal judge has given the green light to a $425 million settlement that will compensate Capital One customers who were allegedly kept in the dark about superior savings account options.
The settlement, approved on April 20, resolves claims that Capital One failed to adequately inform customers of its 360 Savings accounts about a newer product—the 360 Performance Savings account—that offered significantly higher interest rates.
Who Gets Paid?
Capital One customers who maintained a 360 Savings account at any point between September 18, 2019, and June 16, 2025, are eligible for compensation. This includes joint account holders and co-holders. The bank has made it clear that eligible customers do not need to file a claim to receive payment.
Your payout will be calculated based on the additional interest you would have earned had your 360 Savings account carried the same rate as the 360 Performance Savings account during the same period.
When Will the Money Arrive?
Barring any legal appeals, payments are expected to begin arriving on or around July 21, 2026. Most customers with settlements exceeding $5 will receive checks by mail, unless they previously selected electronic payment before the March 30 deadline. Smaller amounts of less than $5 will only be paid electronically.
The Breakdown
Before funds are distributed to customers, the $425 million pool will be reduced to cover legal fees, court costs, and administrative expenses. The remaining balance will then be divided equally among all eligible account holders based on their calculated interest loss.
Capital One has maintained that it denies any wrongdoing in the matter, though the company agreed to the settlement to resolve the litigation.
This article is based on reporting from CBS News.