Capital One $425M settlement: Do you qualify for payment?

Capital One customers may be eligible for a portion of a $425 million settlement.

If you had a Capital One 360 savings account from September 2019 to June 2025, you may be able to get part of the settlement, USA Today reported.

The agreement was from a class action lawsuit that was filed against Capital One last year. Earlier this year, the Consumer Financial Protection Bureau separately sued the company, claiming that it froze its interest rate for several years while national rates increased, causing customers to miss out on more than $2 billion in lost interest.

The CFPB said the company promoted its 360 Savings account as one with “high interest” that had a variable rate that was “one of the nation’s best.”

Interest rates for the account were frozen at 0.3% while rates on the 360 Performance Savings had a peak 4.3% after the Federal Reserve issued several rate hikes, Kiplinger reported.

It had opened with a 1.9% APY while the 360 Savings account started with a 1% APY.

When the 360 Performance Savings account was started, the company did not convert the previous accounts into the new one, Kiplinger said.

The suit also said Capital One did not inform established savings account holders about the new type of account, USA Today reported.

It claimed that the account would earn more interest than other accounts, which the CFPB called “false or otherwise misleading.”

President Donald Trump’s administration dropped the CFPB’s case, Kiplinger and Reuters reported.

How do you qualify for the class action settlement?

If you had a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025, you qualify for a payout, USA Today reported.

How much will you get?

The amount of the payment will be determined by how much interest would have been paid if the account were a 360 Performance savings account, according to the settlement agreement.

What are the deadlines?

The settlement still needs to be approved by the courts. A hearing is scheduled for Nov. 6

According to the class action lawsuit website, no claim form is required to be part of the settlement. But you have the option to get the payment either by check or by electronic payment. For information on receiving the payment, click here.

The deadline to object to the settlement is Oct. 2.

For more information, click here.