Marcin Frąckiewicz

Capital One’s $425 million settlement stems from a years-long fight over alleged bait-and-switch tactics. The crux of the case is that Capital One promoted its “360 Savings” account as a top high-yield product, yet kept its rate locked at about 0.30% even as national rates climbed. At the same time, the bank quietly introduced a nearly identical “360 Performance Savings” account, which did pay much higher interest reuters.com consumerfinance.gov. Existing 360 Savings customers were largely kept in the dark – for example, Capital One reportedly removed most references to the old account on its website and even barred employees from telling customers about the new higher-rate account consumerfinance.gov. In January 2025, the Consumer Financial Protection Bureau sued Capital One for this very scheme, estimating it cost consumers over $2 billion in lost interest consumerfinance.gov. CFPB Director Rohit Chopra blasted the bank for “cheating families out of billions” by baiting them with impossible promises consumerfinance.gov.