Capital One $425M Settlement: Who Qualifies and Payout Amounts

The Capital One $425 million settlement resolves a class action over the bank’s “360 Savings” account, which paid a fraction of the interest offered on a nearly identical newer product called “360 Performance Savings.” If you held a 360 Savings account at any point between September 18, 2019 and June 16, 2025, you’re in the class. Payments are automatic, no claim form is required, and they’re scheduled to go out on or about July 27, 2026.¹

Who Qualifies for a Payment

Eligibility comes down to one thing: did you hold a Capital One 360 Savings account, as the primary account holder, at any point between September 18, 2019 and June 16, 2025? If yes, you’re a class member. If you held only a 360 Performance Savings account, you’re not.²

Joint accounts don’t get double payments. Only the primary holder on each qualifying account receives a share.

How Much You’ll Get

There is no flat per-person amount. Your payment is calculated individually based on how much additional interest you would have earned if your 360 Savings account had paid the 360 Performance Savings rate during the time you held it inside the class period.³ Three things drive the number: your balance, how long you held the account within the class window, and the size of the rate gap during that time.

The gap was substantial. At launch in September 2019, 360 Performance Savings paid 1.9% APY while 360 Savings paid 1.0%. By late 2023, the newer account was paying 4.35% APY while the legacy account had fallen to 0.30%.⁴ The New York Attorney General’s office illustrated the impact with a simple example: a $10,000 deposit held for five years would have earned $186 in a 360 Savings account versus $1,090 in a 360 Performance Savings account.⁵

Small balances held briefly will produce small payments. Large balances held for years will produce much larger ones. The 18 state attorneys general who reviewed the case estimated the average class member’s lost interest at more than $717.⁶

Before payments are distributed, the $425 million fund is reduced by attorney fees, expenses, and service awards. The court approved $32 million in attorney fees, roughly $1.8 million in expenses, and $10,000 service awards for each of the 26 class representatives. Anything left over after all distributions is donated to Feed More, a Richmond-based nonprofit.⁷

How and When Payments Arrive

You don’t need to file anything. Capital One and the settlement administrator already know who held the accounts and can calculate the amounts from account records.³

For payments of $5 or more, a check goes to the last known address on file unless you elected electronic payment through the settlement website by March 30, 2026. Payments under $5 are issued only electronically, and only to class members who opted in to that method.¹

Judge David J. Novak granted final approval on April 20, 2026, and payments are set to go out on or about July 27, 2026.¹ That date is contingent on there being no appeal. If someone appeals, distribution is delayed until the appeal is resolved.²

If your address has changed since you last dealt with Capital One, update it. A check sent to an old address is the most common way class members lose their payment.

The Rate Change Going Forward

Cash isn’t the only piece of the settlement. Capital One is also required to raise the interest rate on 360 Savings accounts to match the rate on 360 Performance Savings accounts going forward. That obligation sits outside the $425 million fund and doesn’t reduce anyone’s cash payment.⁸

The Special Master appointed by the court estimated the combined value of the cash fund plus the ongoing rate alignment at more than $1 billion, with the prospective rate relief alone worth between $722.6 million and $877.5 million over two years.⁹

Why the First Settlement Was Rejected

An earlier version of this deal collapsed, and it’s worth knowing why, because the current settlement exists only because the first one was thrown out.

The initial agreement also carried a $425 million headline number, but it split the money: $300 million for cash payments and $125 million earmarked for future interest payments that would have required Capital One to pay only about 0.76% APY on 360 Savings accounts, still far below the 360 Performance Savings rate.¹⁰

On November 6, 2025, Judge Novak rejected that deal, calling it “neither reasonable nor adequate on substance.” He found that the average class member, estimated to have lost over $717 in interest, would receive roughly $54; that the customer notice used past tense in a way that misleadingly implied the rate gap had been fixed; and that 18 state attorneys general, led by New York’s Letitia James, had formally opposed the deal.⁶

The parties returned to negotiations, this time with the New York AG at the table, and reached the revised agreement dated December 12, 2025. The total figure stayed at $425 million, but the entire amount now goes into a single cash fund for class members, and the rate-equalization requirement sits separately on top.¹¹

What the Lawsuit Was About

Capital One launched 360 Performance Savings in September 2019 alongside its existing 360 Savings account. The two products were functionally identical, but only the newer one carried the higher rate. Plaintiffs alleged that Capital One pulled the 360 Savings page from its website, redirected visitors to the 360 Performance Savings page, and instructed employees not to proactively tell existing customers about the better product.⁵

One email Capital One sent to 360 Savings customers about the higher-rate account was later described by Judge Novak as “disguised as advertising rather than a notification,” reading more like a pitch for a new product than an alert that existing customers could convert their account.⁸

Capital One denied wrongdoing throughout the case and settled without admitting liability.³

What to Do Now

Check whether Capital One has your current mailing address on file. If it doesn’t, update it through your account. Watch for a check around late July 2026. If you elected electronic payment before the March 30, 2026 deadline, expect the deposit through the method you chose. And if you’re unsure whether an account you once held qualifies, the settlement website at capitalone360savingsaccountlitigation.com is the authoritative source for eligibility questions and status updates on any appeals that could push the payment date back.

1
Capital One 360 Savings Account Litigation. Settlement Home Page
2
NBC New York. Are You Eligible for Capital One’s $425 Million Settlement
3
CBS News. Capital One Settlement: How Much Will You Get
4
Wolf Popper LLP. Capital One N.A. and Capital One Financial Corp
5
New York Attorney General. Attorney General James Sues Capital One for Bait-and-Switch Tactics
6
ClassAction.org. Final Approval Not Granted Order
7
Virginia Business. Judge Approves $425M Capital One Settlement
8
U.S. News & World Report. Judge Approves Capital One Settlement Deal
9
Capital One 360 Savings Account Litigation. Settlement FAQ
10
New York Attorney General. Capital One 360 Savings Account Interest Rate Litigation Amicus Brief
11
ClassAction.org. Renegotiated Settlement