Marina
A major class action settlement involving Capital One’s 360 Savings accounts has set off a race among customers and former account holders to secure their share.
The $425 million settlement addresses claims that Capital One froze interest rates on 360 Savings accounts while offering higher yields on newer 360 Performance Savings accounts. The deadline to select your payment option or update your information is Thursday, October 2, 2025.
What the Settlement Is About
Capital One is not admitting wrongdoing, but agreed to resolve claims that it misled holders of 360 Savings accounts by maintaining ultra-low rates (as low as 0.30%) despite broader market increases.
Meanwhile, newer 360 Performance Savings accounts enjoyed rates as high as 4-4.3%. The lawsuit centered on the allegation that long-standing customers were deprived of interest they should have earned.
To settle these claims, the agreement splits the $425 million into two main components:
- $300 million for retroactive payments to eligible accountholders
- $125 million allocated for future additional interest payments to those who keep their 360 Savings accounts open
According to settlement rules, payments will be calculated based on how much interest each person would have earned if their 360 Savings account had instead been paid the Performance Savings rate.
Who Qualifies
You may be eligible if you held a Capital One 360 Savings account (not a Performance Savings account) at any time between September 18, 2019 and June 16, 2025. This includes both current and former accountholders.
Note: You do not need to submit a claim form to receive a payment — membership is automatic, unless you opt out. However, you must select your payment method (check or electronic) by October 2, 2025, and update your address or details on the settlement site if needed.
If you opt for a paper check and your payment is less than $5, it will not be mailed — in that case, you must elect an electronic payment to receive the money.
If your account is closed or converted to Performance Savings by or before October 2, 2025, you will receive a Class Cash Payment estimated to be about 15% larger than if you kept the account open.
Key Dates & Steps
| Action | Deadline | Notes |
|---|---|---|
| Select payment method / update account info | October 2, 2025 | Check vs electronic, address updates |
| Opt out (exclude yourself) | October 2, 2025 | You lose payment but preserve right to sue separately |
| Final court approval hearing | November 6, 2025 | Judge may approve or deny the settlement |
| Payments begin after approval | TBA | Distribution once court greenlights the settlement |
Be sure to take action by October 2, because missing that date can disqualify you or prevent you from using favorable payment options.
How to Make Your Payment Selection
- Visit the official settlement website (capitalone360savingsaccountlitigation.com)
- Use the ID and four-digit PIN provided in your settlement notice
- Choose your preferred payment method (electronic or check)
- If your payment would be under $5, select electronic payment to ensure you receive it
Even if you do nothing, you remain eligible — but without updating your data or method, your default check might not reach you.
What to Expect & What This Means
Those who keep open 360 Savings accounts will also receive “additional interest payments” on top of the retroactive payout, funded from the $125 million pool. Capital One must boost the rate on those accounts to at least twice the national average until those funds are exhausted.
However, if you close or convert your account too soon, you’ll miss out on the extra interest payments — though your initial cash payout will be somewhat larger.
The final approval hearing is scheduled for November 6, 2025, and once approved, payments may be sent out within 60 days or more.
If you were a Capital One 360 Savings accountholder between September 2019 and June 2025, this settlement could entitle you to compensation for interest you lost.
The clock is ticking — October 2, 2025 is the critical deadline to choose how you want to be paid, opt out, or update your information. Don’t let this opportunity slip away.