Alexandria, Virginia, April 28, 2026, 16:05 EDT
- If there’s no appeal, payments should land around July 27.
- Capital One 360 Savings account holders who kept their accounts open from Sept. 18, 2019, to June 16, 2025, are considered eligible customers.
- Payouts will differ, though eligible account holders aren’t required to file a claim.
A federal judge has signed off on Capital One’s updated $425 million settlement for 360 Savings customers, allowing payouts to proceed for current and former account holders who alleged the bank kept them in a lower-yield savings product, despite offering a nearly identical account at better rates.
Timing is key here: according to the settlement administrator, payments are set to go out on or around July 27, 2026—assuming no appeal comes in. If someone does appeal, the funds stay put until the dispute wraps up.
The case holds weight for another reason: it’s not just about sending out checks. Per the settlement terms, Capital One will now align interest rates for 360 Savings account holders with those of the 360 Performance Savings account, so legacy accounts see a rate bump in addition to any compensation for prior alleged shortfalls.
Per the settlement documents and court order, anyone who had a Capital One 360 Savings account at any point between Sept. 18, 2019, and June 16, 2025—joint holders and co-holders included—falls into the eligible group. Exclusions apply to Capital One, its company insiders, court staff, and anyone who decided to opt out.
According to the lawsuit, Capital One didn’t increase rates on 360 Savings to match its 360 Performance Savings product, promoted 360 Savings in a misleading way, and hid the fact that 360 Savings had stopped being its high-yield online account. Capital One rejects every claim and allegation, saying there’s been no wrongdoing. The court made no finding against the bank.
Back in November, U.S. District Judge David J. Novak in Alexandria tossed out the initial proposal, calling it “neither reasonable nor adequate on substance,” according to Virginia Lawyers Weekly. The greenlighted deal now puts the entire $425 million into the cash settlement fund and locks in a commitment to align the 360 Savings rate with the 360 Performance Savings rate from here on out. VA Lawyers Weekly
No need for customers to file claims here. According to the settlement website, anyone in the class is automatically set to get a check or electronic payment. The payout? It’s pegged to the extra interest the account would’ve earned if the 360 Savings paid out at the 360 Performance Savings rate during the class period.
No set check amount has been determined. According to the administrator, payouts hinge on legal fees, expenses, administrative costs, service awards, opt-outs, total account balances, and any unclaimed funds. At this point, neither the parties nor the administrator are able to give a dependable estimate for individual payments.
Plaintiffs’ attorneys will get $32 million in fees and $1.81 million to cover expenses from the settlement fund—below the top-end fee cited in prior settlement documents. Judge Novak also signed off on $10,000 service payments for each of the 26 class representatives.
Regulatory scrutiny was already building before the private deal landed. Back in January 2025, the Consumer Financial Protection Bureau filed suit against Capital One, alleging the savings-account problem cost customers upwards of $2 billion in interest. Just a month later, though, the bureau dropped the case with prejudice.
Back in September, Reuters noted that New York and several other states argued the original deal didn’t do enough for depositors. The updated settlement FAQ reflects a shift: New York’s attorney general is no longer objecting, and will drop the state’s claims once the settlement is finalized.
The case drops into an already packed field of online savings accounts, where customers routinely size up rates from banks like Capital One, Synchrony, and a host of other high-yield providers. Chris Sidler, partner at FS Vector, explained to Forbes Advisor that if a bank settlement means certain practices get halted or improved, “all else equals this should result in a better experience for the customer.” Forbes
Customers might be looking at delays. If there’s an appeal, payouts get put on hold. The court order adds that, should the order be overturned, the parties could either tweak the agreement or the case might go back to where it stood before the settlement.
