April 24, 2026, 16:04 EDT — Alexandria, Virginia.
Capital One Financial’s updated $425 million class-action settlement got the green light from a federal judge in Alexandria, wrapping up claims for a specific set of customers caught up in the dispute over the bank’s 360 Savings accounts. The order from U.S. District Judge David J. Novak also compels Capital One to match the interest rate on 360 Savings accounts with that of its 360 Performance Savings account going forward.
The timing just became crucial, with the case shifting from a potential deal to an actual schedule for payouts. According to the official settlement site, payments should go out on or around July 21—unless someone files an appeal. If that happens, the money stays put until the appeal is settled.
There’s something here for existing savers, too. Under the settlement, Capital One has to keep both 360 Savings and 360 Performance Savings accounts open for a minimum of two years, and match the interest payments, within 14 days once the deal kicks in. Alternatively, the bank can just convert all 360 Savings accounts into 360 Performance Savings accounts. APY—annual percentage yield—is simply the return after compounding for the year.
The class includes anyone—individuals or organizations—who held a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025. Joint and co-holders fall under this umbrella, but payments will go straight to the primary accountholder. No claim form needed.
How much each person gets hasn’t been set. According to the agreement, payouts hinge on how much extra interest a 360 Savings account would’ve earned if it had been credited with the 360 Performance Savings rate during the class period—then that figure comes out of the net settlement fund. If the calculated payment is less than $5, an electronic-payment choice is needed to receive it; for larger sums, a check can be mailed out if there’s no electronic option picked by the cutoff.
The suit accused Capital One of keeping rates on 360 Savings accounts lower than those offered on 360 Performance Savings, while continuing to promote the older account in a way the plaintiffs called misleading. Customers weren’t told the 360 Savings was no longer the bank’s main high-yield online option, according to the complaint. Capital One, for its part, denies any wrongdoing, and under the court order, the settlement can’t serve as proof of the allegations, liability, or fault.
At the heart of the dispute: the difference in interest rates. According to Virginia Lawyers Weekly, the settlement addresses accusations that 360 Savings was limited to just 0.3%, whereas 360 Performance Savings climbed to 4.35% in 2024. So the real fight wasn’t over a branding detail; it was about customers missing out on higher deposit interest.
This deal only came together after a misfire last year. In November, Novak tossed out the previous settlement, according to Reuters, saying a lot of depositors stood to get back less than 10% of what they’d lost—and their money would have been stuck in accounts paying meager interest. That version had drawn opposition from 18 states, New York among them.
Philip Black, counsel for the depositors, called the revised deal “a great result for the class” after it cleared preliminary approval in January, he told Reuters. Wolf Popper, representing the class, later put the total projected relief at over $1.2 billion, factoring in both immediate cash and future rate matching. Reuters
This case drops into an already packed online-savings space, where showing the rate is a key feature. Ally Bank notes its savings rate floats—it can shift even after you’ve signed up. Marcus by Goldman Sachs, meanwhile, posts a 3.50% APY on its online savings as of April 24, with a warning: that APY could change at any time, whether you’ve opened an account or not.
The payout timeline could change, though. If anyone files an appeal, that stalls the money—and Judge Novak’s order requires objectors to put up a $25,000 bond to do so. On top of that, the administrator still needs account information and has to finalize calculations based on the settlement’s official effective date before any cash gets sent out to class members.
The order signed off on $32 million for attorneys’ fees, along with roughly $1.81 million in expenses from the settlement fund. Each of the 26 class representatives is set to collect a $10,000 service award. Any money left over after distributions is earmarked for Richmond nonprofit Feed More.
Customers don’t need to file anything new—just keep an eye out for settlement updates. The settlement administrator is reminding people they won’t be asked for a Social Security or employer identification number, a heads-up that comes as the payout date approaches.
