A federal judge has definitively approved a $425 million settlement between Capital One and customers who had 360 Savings accounts. The decision took place on Monday on Tribunal Distrital of Leste of Virgínia. The case involved the way the bank handled the migration of a savings account launched in 2013 to another version with a higher interest rate, presented in 2019.
Milhões current and former account holders can receive payments in the coming months. The individual amount depends on the time the account has been active, the balance maintained and the total number of participants in the class. The agreement also provides that Capital One will apply the same interest rate as the 360 Performance Savings account to 360 Savings holders from now on.
Juiz rejects initial proposal and demands review
Judge David Novak had rejected a previous agreement in November 2025. At the time, he considered that the proposed amount did not adequately compensate account holders and that the bank still maintained deceptive practices. The first version provided for less than US$300 million in direct restitution.
Após negotiations, the parties reached a new term that increases the payment fund to US$425 million. The magistrate granted final approval after a hearing held on April 20. If there is no appeal, payments should begin around July 21st.
- Clientes who maintained 360 Savings account between September 18, 2019 and June 16, 2025 are eligible
- Payment only goes to the primary account holder
- Não you must fill out the claim form to receive the amount
- Opção electronic deposit was available until March 30
Detalhes from dispute over savings accounts
The class action alleged that Capital One marketed the accounts in a way that did not make clear the differentiated treatment of interest. Account 360 Savings, from 2013, had its rate kept at a low level for many customers. Já to 360 Performance Savings, from 2019, offered superior performance since launch.
Existing Correntistas were not automatically migrated to the most advantageous option. The bank maintained the two accounts with similar names, which led to confusion, according to the plaintiffs. The revised agreement also includes a commitment to equalize interest rates on the two accounts without a time limit.
Essa equalization should generate additional benefits estimated at around US$530 million for consumers over time, according to calculations by the parties involved. The bank also agreed to maintain both account types for at least two years after the effective date of the agreement.
Como payments will be made to account holders
The amounts will be distributed automatically. Quem is eligible for $5 or more will receive a check in the mail at the last known address if they did not opt for electronic transfer before the deadline.
The agreement administrator recommends that interested parties check the official website to update contact details or confirm receipt preferences. Apenas the main holder of the Savings 360 account will be entitled to payment in cash.
The legal process was processed under the consolidated number In re: Capital One 360 Savings Account Interest Rate Litigation, in Tribunal Distrital of Leste of Virgínia. Advogados of the account holders represented the class throughout the almost two years of dispute.
Impacto for current and future customers
Além of the single payment, the change in interest rates should benefit those who still maintain a balance in account 360 Savings. Upon completion, the income will be identical to that of the 360 Performance Savings account.
The settlement puts an end to the main class action and related claims brought by attorneys general from several states. Capital One did not admit wrongdoing in accepting the term.
Clientes who want more information can access the portal dedicated to the agreement. Lá contains details about eligibility, deadlines and the current status of the process.
