A federal judge gave final approval on April 20, 2026 to the $425 million Capital One settlement over its 360 Savings accounts, clearing the way for millions of current and former customers to receive automatic payments beginning on or around July 21, 2026, provided no one files an appeal.
If you held a Capital One 360 Savings account at any point between September 18, 2019 and June 16, 2025, you are likely eligible.
You do not need to file a claim. A check or electronic payment will be sent to you automatically. Here is everything you need to know.
What Did Capital One Do To Warrant This Settlement?
The lawsuit centers on one of the more straightforward cases of consumer financial deception in recent banking history.
Capital One has offered 360 Savings accounts since 2013, marketing them consistently as “high interest” accounts with “one of the nation’s best savings rates.” That marketing language was on the website, in the ads, and in account opening materials.
In September 2019, Capital One quietly launched a second, nearly identical savings product called 360 Performance Savings.
The new account offered substantially higher interest rates. The old account, 360 Savings, stopped being offered to new customers but continued to be serviced for existing holders.
Capital One did not notify those existing customers that a near-identical account with far better rates now existed.
When the Federal Reserve began aggressively raising interest rates in 2022, banks across the country raised their savings account rates accordingly.
Capital One raised the 360 Performance Savings rate, eventually reaching above 4.0 percent, and at one point more than 14 times higher than what 360 Savings customers were receiving.
The 360 Savings rate was kept at approximately 0.3 percent. Customers who had been with Capital One for years, who believed they were in a high-interest savings account, continued earning essentially nothing while new customers walked in and got rates above 4 percent on an account with the same name minus one word.
The lawsuits that followed were not subtle about the allegation. The Consumer Financial Protection Bureau sued Capital One, estimating customers had lost $2 billion.
New York Attorney General Letitia James sued separately. A bipartisan coalition of state attorneys general intervened. The case was consolidated in federal court in Virginia.
Why The First Settlement Got Rejected
Before the current deal was reached, Capital One tried to resolve the case for less. The original settlement was rejected by Judge David J. Novak of the Eastern District of Virginia on November 6, 2025, in terms that were unusually direct.
Novak said the deal was “neither reasonable nor adequate.” He said it would likely only compensate account holders for less than 10 percent of the potential interest they had lost.
He noted that Capital One was still paying the lower rate to 360 Savings customers as the settlement was being negotiated.
He pointed out that three-quarters of the class, millions of people who still held 360 Savings accounts, would receive no meaningful forward-looking protection.
The judge’s rejection forced Capital One back to the negotiating table. The revised deal, which received preliminary approval on January 12, 2026, more than doubled the cash compensation and added a critical structural requirement.
Capital One must now match the interest rates on 360 Savings and 360 Performance Savings accounts going forward, and must maintain that parity for at least two years.
Existing customers who never switched accounts will automatically begin receiving the higher rate once the settlement takes effect, without having to do anything.
The estimated value of that interest rate match over the coming years is approximately $530 million, meaning the total benefit to consumers between the cash settlement and the future interest is roughly $955 million.
Who Qualifies And How Much Can You Get?
Anyone who held a Capital One 360 Savings account at any point between September 18, 2019 and June 16, 2025 is included in the settlement class.
That covers both current account holders and former customers who closed their accounts during that window.
The individual payment amount is not a flat figure, it varies based on two factors: how long you held the account during the class period, and how much money you had in it.
The calculation is based on the approximate additional interest you would have earned if your 360 Savings account had paid the 360 Performance Savings rate throughout the period. Customers who had larger balances for longer periods will receive more.
Of the $425 million total fund, $300 million will be distributed as direct cash payments to class members.
The remaining amount covers attorneys’ fees, plaintiffs’ lawyers were awarded $32 million, plus administration costs and other expenses. Payments of $5 or more will be sent automatically.
If your calculated share falls below $5, you will not receive a payment.
One additional detail worth noting: customers who proactively switched to 360 Performance Savings or closed their 360 Savings account by October 2, 2025 will receive payments approximately 15 percent higher than those who kept their accounts unchanged.
The logic is that those customers took affirmative steps to address the rate disparity and demonstrated they were actively managing their accounts.
New York customers alone are expected to receive approximately $34 million of the total settlement, per estimates from the New York Attorney General’s office.
When The Money Arrives
The payment date, per the settlement website, is on or about July 21, 2026, but only if no appeal is filed.
The court dismissed the case with prejudice, meaning it is closed unless someone appeals. Judge Novak has required any objector who plans to appeal to post a $25,000 bond, which creates a meaningful barrier to frivolous delay.
If an appeal is filed and succeeds in changing the settlement terms, the whole process restarts.
Assuming no appeal, payments go out automatically around July 21. If you selected an electronic payment option before the March 30, 2026 deadline, the money comes electronically.
If you missed that deadline, a paper check will be mailed to your last known address on file with Capital One or the settlement administrator.
If you are a former Capital One customer who no longer has an account there, you need to make sure your contact information is current with the settlement administrator.
The official settlement website is CapitalOne360SavingsAccountLitigation.com.
The settlement administrator’s phone line is 1-888-832-2704. Do not respond to any unsolicited calls, texts or emails asking for personal information or upfront fees related to this settlement, those are scams.
What Else Changed?
Beyond the cash, the structural component of the settlement is significant for the roughly three-quarters of the class who still hold 360 Savings accounts today.
Once the settlement takes effect, Capital One must immediately begin paying those customers the 360 Performance Savings interest rate. It must maintain that parity for at least two years.
The two-tiered system that was the heart of the lawsuit is being dismantled as a condition of the agreement.
The CFPB dropped its own lawsuit against Capital One in February 2026 after the revised settlement was reached.
New York Attorney General James and the coalition of state attorneys general dropped their separate lawsuits as part of the final agreement. From a regulatory standpoint, the matter is resolved, subject only to any appeal that might emerge in the coming weeks.
One last note on taxes: settlement payments for lost interest are typically treated as taxable income.
If your payment from this settlement, combined with any other Capital One interest income, exceeds $10 for the year, you should expect to receive a 1099-INT form. That form will need to be included when you file your 2026 taxes.
This Is Not The FCRA Settlement
There was a separate Capital One settlement, $2.4 million, related to Fair Credit Reporting Act violations.
That case concluded its opt-out period in February 2026 and has nothing to do with this $425 million settlement.
If you are reading about Capital One settlements and are unsure which one applies to you, the 360 Savings settlement is the large one, the one trending, and the one described throughout this article.
The official case name is In re: Capital One 360 Savings Account Interest Rate Litigation.
