Overview
- A federal judge in Virginia approved a $425 million class-action settlement over Capital One paying much lower rates on older 360 Savings accounts than on the newer 360 Performance Savings, with gaps cited as wide as 4.35% vs. 0.30% APY.
- The settlement includes anyone who held a 360 Savings account between September 18, 2019, and June 16, 2025, and it covers joint or co‑holders unless they opted out.
- Customers do not need to file a claim because payments will be calculated from bank records, and checks of $5 or more will be mailed to the last known address.
- The option to choose electronic payment closed on March 30, and payouts are scheduled for late July 2026, with reports pointing to July 21 or July 27 unless an appeal shifts the timeline.
- Going forward, Capital One must pay the same interest on 360 Savings as on 360 Performance Savings, which should raise earnings for long‑time account holders.