Capital One Customers Can Get A Bigger Payout If They Close Their Account By This Date

If you have a Capital One savings account, you might be entitled to a part of a massive cash settlement. But you only qualify for a share of Capital One's $425 million cash payout if you've maintained a Capital One 360 Savings Account at any time between September 18, 2019 and June 16, 2025. The settlement includes payouts and damages related to the interest 360 Savings Account holders would have received if the financial institution informed them about a new, higher-paying saving account. And those payouts could be 15% higher if you close your 360 Savings Account by October 2, 2025.

In July 2025, a federal judge granted preliminary approval for a settlement between Capital One and class action plaintiffs represented by Matthew B. Kaplan of Kaplan Law Firm and attorneys from Wolf Popper LLP. A final hearing on the matter is scheduled for November 6, 2025. Once the settlement is finalized, as is widely expected, payments to customers should follow about two months later. 

Capital One started its 360 Savings Account drive in 2013 with the promise of offering an APY (Annual Percentage Yield) of 1%. This seemed like a great deal at a time when the average savings account paid just 0.07% interest.

Then in September 2019, Capital One started a new savings account plan called 360 Performance Savings, which paid a 1.9% interest rate. The lawsuit contends that Capital One never told those with the lower-earning 360 Savings accounts that they could switch to an account with a higher yield, even as it stopped opening new 360 Savings accounts. When the Federal Reserve cut interest rates at the height of the pandemic, so did Capital One, lowering its yields to 0.3% for 360 Savings account holders and 0.4% for 360 Performance Savings holders.

However, when the Federal Reserve raised interest rates between March 2022 and August 2023, Capital One jacked up the yield for 360 Performance Savings account holders to 4.3%. But rather than give 360 Savings account holders the chance to use the high interest rates to their financial advantage, Capital One kept the rate at a low of 0.3%, the lawsuit contends.

Capital One, which is in the process of merging with credit card company Discover, opted to settle the lawsuit while denying any wrongdoing. The bulk of the settlement, $300 million, is for qualified plaintiffs who closed or converted their 360 Savings accounts to 360 Performance Savings accounts prior to October 2, 2025. Those who exited their old 360 Savings accounts before that date can expect to receive a payment that is about 15% larger than those who do not. To quickly obtain the payout, qualified litigants are encouraged to sign up for electronic payments at the class action settlement payment selection website.

If you maintain the 360 Savings account after October 2, 2025, you'll receive a smaller payout but will then be entitled to a piece of the $125 million settlement. This will come in the form of additional interest payments, which will be at least two times higher than the national average rate for saving deposit accounts, as calculated by the Federal Deposit Insurance Corporation (FDIC).