If You Were Waiting For Your Check From The $425 Million Capital One Payout, It Could Now Be A Year Away

Payments from the $425 million Capital One 360 Savings Account class-action settlement were scheduled to begin going out around July 21. They are not going out. An appeal filed in June by a class member who objected to the settlement terms has thrown the entire payout timeline into chaos, with the settlement website now warning that payments have been "substantially delayed, potentially over one year."

The lawsuit alleged that Capital One created two nearly identical savings accounts, the original 360 Savings Account and the newer 360 Performance Savings Account, but paid significantly higher interest on the Performance Savings while hiding the difference from 360 Savings customers. A federal judge approved the $425 million settlement in April. Capital One denied any wrongdoing.

If the appeal moves forward, it could potentially change the settlement's structure entirely. "The appeal seeks to rescind the settlement and return the matter to litigation," the settlement website states.

Who is eligible. Anyone who held a Capital One 360 Savings Account between September 18, 2019 and June 16, 2025, as long as you did not actively opt out by the March 30, 2026 deadline. You do not need to file a claim. Payments are automatic for eligible primary account holders.

The good news that is not delayed: as part of the settlement, Capital One has already equalized interest rates between the 360 Savings and 360 Performance Savings accounts. If you still have a 360 Savings Account, your APY was raised from 1.00% to 3.20% — that change is already in effect. The cash payout is what is waiting.