Capital One $425 Million Settlement: Eligibility, Payouts, and Timing

The Capital One $425 million settlement resolves a class action over the bank’s 360 Savings account, and if you qualify, you don’t need to do anything to get paid. A federal judge gave final approval on April 20, 2026, and payments are scheduled to go out on or about July 27, 2026.¹²

Who Qualifies for a Payment

You’re automatically included in the settlement class if you held a Capital One 360 Savings account at any time between September 18, 2019 and June 16, 2025.² There is no claim form. You do not need to contact Capital One, sign up, or prove your account history.

The class excludes Capital One itself along with its officers and subsidiaries, any judge presiding over the case, and anyone who filed a timely opt-out.³

How Much You’ll Get

There is no flat per-person amount. Your individual payout is calculated from the gap between the interest your 360 Savings account actually paid and the interest the 360 Performance Savings account was paying during the same period. A large balance held for years yields a larger payment than a small balance held briefly.⁴

The settlement website has cautioned that payments are unlikely to fully cover the interest shortfall for most customers.⁵³⁶

One threshold matters. Payments under $5 are only issued electronically. If your share works out to less than $5 and you did not sign up for electronic delivery by the March 30, 2026 deadline, you will not receive a payout.²

When and How You’ll Be Paid

Assuming no appeals are filed, payments go out on or about July 27, 2026. If someone appeals, distribution is delayed until the appeal is resolved. As of June 2026, the settlement website had not reported any appeals.²

Payments of $5 or more will be mailed automatically by check to the primary accountholder’s last known address. Class members who elected electronic payment by the March 30, 2026 deadline will receive their funds that way instead.⁷ If you’ve moved since closing your account, make sure Capital One or the settlement administrator has your current mailing address.

What Changes Going Forward

Beyond the $425 million cash fund, Capital One is separately required to match the interest rate on 360 Savings accounts to the rate paid on 360 Performance Savings, eliminating the two-tier system that prompted the lawsuit. That rate-matching commitment is estimated to deliver an additional $530 million in future interest to consumers nationwide.⁸ The settlement also bars Capital One from making false or deceptive statements about interest rates on its deposit accounts.

Why the Money Is Being Paid

Capital One launched 360 Performance Savings in September 2019 alongside its existing 360 Savings product. The accounts were functionally identical, but the new one paid far more interest. At launch, 360 Performance Savings paid 1.90% APY while 360 Savings paid 1.00%. By mid-2024, the gap had grown to 4.35% versus 0.30%.³

Plaintiffs alleged Capital One concealed the higher-paying account from existing 360 Savings customers, removing references to the older product from its website and instructing employees not to proactively mention the better option.⁹ Capital One has denied all allegations of wrongdoing.³

Will You Owe Taxes on the Payment

Probably yes. Settlement payments that represent lost interest are generally taxable, because they replace interest income you would have reported anyway. Under IRC Section 61, all income is taxable unless a specific exclusion applies, and the exclusion for physical injury or sickness under Section 104(a)(2) does not cover a financial claim like this one.¹⁰

Expect a Form 1099 if your payment meets the reporting threshold. If you’re unsure how to report it, consult a tax professional or review IRS Publication 4345.

Where to Get Help

The settlement administrator is Epiq. You can reach the administrator at 1-888-832-2704 or through the official settlement website at capitalone360savingsaccountlitigation.com.¹¹ Use the website to update your address, check your payment status, or ask questions about eligibility. Court-appointed class counsel is Wolf Popper LLP, led by attorney Chet B. Waldman.¹²

1
U.S. News & World Report. Judge Approves Capital One Settlement Deal
2
Capital One 360 Savings Account Litigation. Settlement Home Page
3
Capital One 360 Savings Account Litigation. Settlement FAQ
4
CBS News. Capital One Settlement: How Much Will You Get
5
U.S. News & World Report. Find Out How Much Settlement Money Capital One Owes You
6
Capital One 360 Savings Account Litigation. Joint Notice of Settlement Terms
7
AARP. $425 Million Capital One Settlement
8
California Attorney General. Attorney General Bonta Helps Secure $425 Million Capital One Settlement
9
New York Attorney General. Attorney General James Sues Capital One for Bait-and-Switch Tactics
10
Internal Revenue Service. Tax Implications of Settlements and Judgments
11
Wolf Popper LLP. Capital One 360 Savings Case Settlement FAQ
12
Capital One 360 Savings Account Litigation. Declaration of Chet B. Waldman in Support of Final Approval