Alexandria, Virginia, April 30, 2026, 14:01 EDT
Capital One 360 Savings customers who qualify for the $425 million settlement are now set to get automatic payments, after a federal judge signed off on the deal. The settlement administrator expects checks and electronic transfers to start going out on or around July 27—assuming there’s no appeal. The case addresses issues tied to Capital One’s old savings accounts, not its credit card business.
Timing is key, since most customers might never have to file a claim at all. According to the settlement FAQ, the class covers anyone—individuals and businesses—who held a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025. That includes joint holders and co-owners.
The class action accused Capital One of keeping its 360 Savings customers in an account with lower rates after introducing the 360 Performance Savings in 2019. Capital One has pushed back, denying both the claims and any misconduct, and the court hasn’t determined the bank did anything wrong.
APY—annual percentage yield—has become the flashpoint here, reflecting the full-year return with compounding. According to the settlement FAQ, Capital One’s 360 Performance Savings offered a 4.35% APY between April and September 2024, while the regular 360 Savings paid just 0.30%. In June 2025, those numbers shifted to 3.60% and 0.50%, respectively.
How much customers get depends on their own accounts. According to the settlement administrator, payments reflect the estimated extra interest a 360 Savings account would have brought in if it had been earning the 360 Performance Savings rate. Deductions come off the top for approved expenses, fees, and costs before the money’s handed out.
U.S. District Judge David Novak signed off on $32 million for attorneys’ fees and $1.81 million to cover expenses, with each settlement class representative getting a $10,000 service award, according to the final approval order. Epiq Class Action & Claims Solutions remains in place as the settlement administrator.
There’s a catch here: if someone files an appeal, payments might not go out right away. Paper checks are only coming for amounts of $5 or more, and only to customers who skipped electronic payment. Also, the administrator is making it clear—no requests for Social Security numbers or employer IDs—calling out a key warning sign as settlement scams circulate.
The case drops into a market keeping a sharp eye on rates, with savers quick to weigh online-bank yields. Capital One, for example, posted a 3.10% APY on its 360 Performance Savings as of Thursday. Marcus by Goldman Sachs showed a 3.50% APY on its online savings account. Both banks note these rates are variable, subject to change.
State officials played a key role in shaping the agreement. Back in January, New York Attorney General Letitia James accused Capital One of having “misled” and “cheated” its customers out of interest. According to James’s office, the updated settlement will compel Capital One to pay $425 million in restitution, and also to align its 360 Savings and 360 Performance Savings rates going forward. New York State Attorney General
Back in January, Reuters said the updated settlement got the initial green light after the court shot down the original proposal. Under the new terms, Capital One must bring 360 Savings rates in line with 360 Performance Savings and keep both products available for no less than two years. “A great result for the class,” was how Philip Black, counsel for depositors, described the outcome. Reuters
Back in January 2025, the Consumer Financial Protection Bureau sued Capital One, accusing the company of breaking federal laws tied to consumer protection and savings disclosures. The suit didn’t stick—the bureau dropped the case with prejudice, shutting the door on bringing those claims again.
Wolf Popper, serving as class counsel for the plaintiffs, put the total settlement value at over $1.2 billion when both cash payouts and future rate-matching relief are included. The firm emphasized this is their own estimate, not a court-mandated cash distribution per customer.
