A federal judge has approved a $425 million settlement involving Capital One, clearing the way for millions of customers to receive payouts tied to their savings accounts.
The lawsuit alleged the bank misled customers by offering two similarly named accounts, 360 Savings and 360 Performance Savings, paid significantly different interest rates, leaving some account holders earning less without realizing higher-yield options were available.
Under the agreement, customers who held a 360 Savings account between September 2019 and June 2025 may be eligible for compensation. Payment amounts will vary based on factors such as account balances and how long the accounts were held, and exact payouts have not been finalized.
Most eligible customers are expected to receive payments automatically, though the distribution timeline could extend into mid-2026, depending on any potential appeals.
In addition to financial compensation, the settlement requires Capital One to make changes to how it manages and communicates interest rates on its savings products going forward.
The approval follows an earlier version of the settlement that was rejected by a judge for not providing sufficient relief to customers.