A federal judge has approved a $425 million settlement with Capital One, resolving a lawsuit that accused the bank of deceptive marketing practices.

The case stems from claims that Capital One failed to raise interest rates on its 360 Savings accounts in line with rates offered on its newer 360 Performance Savings accounts, according to the settlement website.

Plaintiffs also alleged that the bank continued to market the original 360 Savings account as a high-yield option while failing to clearly disclose the existence of the higher-rate alternative.

Who Is Eligible For The Capital One Settlement?

Customers who held a Capital One 360 Savings account at any point between September 18, 2019, and June 16, 2025, are eligible for compensation.

How Will Capital One Send Settlement Payments?

As part of the settlement, eligible customers will automatically receive a cash distribution via mailed check, notes the settlement website.

The deadline to choose electronic payment instead of a mailed check was March 30, 2026. Customers whose share is less than $5 and who did not select electronic payment will not receive a payout.

Customers also had the option to exclude themselves from the settlement if they did so by March 30. Opting out was the only way to preserve the right to file a separate lawsuit against Capital One over the same or similar claims. Those who opted out will not receive any payment from the settlement fund.

How Much Will I Receive?

From the $425 million settlement fund, the settlement will first deduct attorney fees of up to 15% and administrative costs, according to the settlement FAQ page. It will distribute the remaining amount among all eligible customers.

Capital One will determine customer payouts based on the difference between what their 360 Savings account paid and what the 360 Performance Savings account was offering at the time.

When Will Capital One Send Payments?

A final approval hearing was scheduled for April 20, 2026, where the court granted final approval for the settlement. Payments are expected to be distributed on or around July 27, barring any appeals, per the settlement website.