Alexandria, Virginia, April 22, 2026, 18:08 EDT
Capital One’s $425 million deal with customers left in lower-yielding 360 Savings accounts now has a green light from a federal judge in Virginia, clearing the way for payouts. Anyone who held an account between Sept. 18, 2019 and June 16, 2025, is in line for compensation. The settlement’s website says checks may start landing as soon as July 21, barring any appeals.
The ruling shifts the case from litigation to the payout stage, securing upcoming benefits for customers who hold legacy accounts. According to the settlement terms, all 360 Savings account holders will receive the 360 Performance Savings rate once the agreement takes effect. Capital One must also maintain both account types for a minimum of two years.
Plaintiffs say that once Capital One shut the door on new 360 Savings accounts in 2019 and introduced the 360 Performance Savings, the interest rates started to split. By 2024, court documents show, the legacy 360 Savings account was paying just 0.30% APY, while the Performance version delivered 4.35%. Capital One denies any liability, and the court hasn’t found the bank at fault.
Judge David Novak’s decision to scrap the original settlement last year marked a key shift, noting the class could walk away with less than 10% of what they might have lost historically—and lingering issues for savers left in the old account. Eric Chaffee, a business law professor at Case Western Reserve, described the move as part of a “growing trend” of judges pushing harder on class settlements. Ira M. Steinberg at Greenberg Glusker pointed out that objections from “serious government lawyers” usually draw sharper scrutiny. Capital One 360 Litigation
Things are clearer now for accountholders, following mixed messages earlier. No action required: eligible customers are automatically in. Those who didn’t select an electronic option by March 30 should expect a check—assuming their payout tops $5. The cash goes to the primary accountholder only.
Novak cut back the attorneys’ fees, approving $32 million for plaintiffs’ lawyers and about $1.81 million in expenses. The total comes in below the 15% cap that class counsel had pointed out in the settlement notice as their target request.
Court-appointed special master Craig P. Seebald described the revised agreement as a “robust recovery” in his January report, putting historical damages in the $742 million to $1.098 billion range. According to Seebald, future rate-matching has the potential to lift total relief beyond $1 billion, topping the amount laid out in the initial proposal. Class Action
The standoff comes with banks still locked in a tug-of-war over rates. Capital One’s 360 Performance Savings was offering a 3.20% APY as of Wednesday. Marcus by Goldman Sachs, on that same day, listed a 3.50% APY for its online savings account—yet another sign of the pressure banks face chasing online deposits.
The timeline could still shift. Payments should go out on or about July 21, provided nobody files an appeal, according to the settlement website. Novak wants any objector who plans to appeal to post a $25,000 bond. Actual payout figures aren’t set yet—they’ll depend on fees, expenses, opt-outs, and any unclaimed funds. The court dismissed the case with prejudice, so it’s closed unless someone appeals and the process starts up again.
