Overview
- Judge David Novak approved the $425 million settlement this week, closing a nearly two‑year case over Capital One’s handling of its 360 savings accounts.
- The court previously rejected an earlier proposal as inadequate, which led to a larger cash fund and stronger terms for customers.
- Customers qualify if they held a 360 Savings account at any time from September 18, 2019 to June 16, 2025.
- Payments are set to go out automatically in the next month or two, so eligible customers do not need to file a claim.
- The agreement requires Capital One to lift the 360 Savings rate to the 360 Performance Savings rate after years when the older account paid about 0.3% as the newer one reached up to 4.35%.