Capital One, which is a financial services company in the United States, has agreed to a settlement of $425 million. The fund is going to be distributed among the individuals with a 360 savings account. Here, we have discussed all about the eligibility, payout, and more.
This settlement resulted from a lawsuit that was filed against Capital One with allegations that it was involved in deceptive practices. If you have ever held a 360 savings account between September 18, 2019, and June 16, 2025, you can get a portion from the fund.
The settlement fund of $425M will be distributed among the class members, after deducting the attorney fee and administration charges. Each class member, i.e., those who meet eligibility requirements, is expected to get hundreds of dollars as payout.
Why is there a Capital One $425 Million Settlement?
On September 18, 2019, Capital One introduced a new type of savings account with the name of ‘360 Performance Savings Account,’ with higher interest compared to the existing one, ‘360 Savings Account.’ And the company never increased the rates for the old one and did not even notify the customer about the higher-yield option.
Between 2022 and 2023, the Federal Reserve increased the interest rates. Capital One did so, but only for the ‘360 Performance Saving Account,’ whose interest rate rises up to 4.35%, and the rate for the ‘360 Saving Account’ remains at 0.3%. And then, in early 2024, a class action lawsuit was filed against the company with the following allegations:
- Capital One failed to increase interest for the ‘360 Saving Account,’ while it offered the higher rate on ‘360 Performance Saving Accounts.’
- Capital One misrepresented ‘360 Saving Account’ as a high-yield option without informing the customer about the more lucrative option, which is the ‘360 Performance Saving Account.’
After months of legal proceedings, both parties (plaintiff and defendant) agreed to a settlement of $425, but Capital One didn’t admit any wrongdoing. The settlement got the preliminary approval on May 16, 2025, and the settlement portal was launched.
Settlement Overview
| Settlement Amount | $425 million |
| Reason for Settlement | Alleged deceptive interest practices on 360 Savings Accounts |
| Account Types Affected | 360 Savings Account (not 360 Performance Savings) |
| Class Period | September 18, 2019 – June 16, 2025 |
| Preliminary Approval | May 16, 2025 |
| Fund Distribution | $300M Class Cash Payments + $125M Additional Interest Payments |
| Eligibility | U.S. residents with 360 Savings Account during class period |
| Claim Form | Not required |
| Payment Method | Paper check or electronic payment (PayPal/Venmo if chosen before Oct 2, 2025) |
| Expected Payout Start | Likely by mid-January 2026 after final court approval |
How much can one get?
The settlement fund of $425 million is distributed in two parts, which are Class Cash Payments of $300 million and Additional Interest Payments of $125 million.
Note the class cash payment will be received by the customers for the interest they would have earned on their 360 Savings accounts if the increased interest rates were paid. The amount of $300 will be distributed among the class members based on the pro rata.
Individuals who keep their 360 Saving Account active after October 2, 2025, are going to get the payout from $125 million. Note the payment will be distributed by Capital One to maintain an interest rate, which is at least twice the national average rate for savings deposit accounts, as calculated by the FDIC.
How can one get the payout?
To get the payout from the Capital One $425 million settlement, there is no provision for the submission of the claim form. But the claim members have the option to choose the electronic payment method, such as PayPal, Venmo, etc., to receive the payout, the deadline for which has already passed.
Note that the due date to submit a claim form, object to the settlement, and opt out from receiving payout was October 2, 2025. As the deadline has passed, you can’t choose the payment method. But it doesn’t mean you won’t get the payment. If your payout amount is at least $5 or above, you will get it through the paper check.
The settlement administrator will send the paper check to those class members who haven’t opted for the e-payment method. Note the check is going to be received at your residence, as per their records. If you have never changed your home in the last 5 years, then feel free; you will certainly receive your payment once the payout begins.
Who is eligible for payout?
As there is no provision of the settlement claim form, and I already explained the terms of choosing the electronic payment method, by now you are sure that you needn’t do anything to receive the payout. If you are looking for the answer to the question ‘Who will get the payout?’ all the class members.
You may be wondering who is included in the class members, so please refer to the listed points to understand if you are eligible.
- You must be a permanent resident, i.e., a citizen of the United States, and
- You have a 360 Saving Account with ‘Capital One’ between September 18, 2019, and June 16, 2025.
Note that whether your account was active or not, you are eligible for the payout. But one thing you must understand is that one who maintained the account, i.e., whose account was in inactive status for all time during the class period, will get a big settlement payout.
When will the payout begin?
The Capital One $425 million settlement is yet to receive the final approval from the court. Note that it will take place on November 6, 2025, at 11:00 a.m. EDT, before Honorable David J. Novak, located at the US District Court, Eastern District of Virginia, Albert V. Bryan US Courthouse, 401 Courthouse Square, Alexandria, VA 22314, Courtroom 601.
Note that if the final approval is received on this date without any appeal, it is most expected that the payment will be received within 60 days, likely by mid-January 2026. If there will be any appeal, the payout won’t be sent out until the appeals are resolved. Once the payout begins firstly those will get the payment, who have chosen an e-payment method.
If you have not chosen the electronic payment method, you may have to wait for a week to 10 days to get your paper check in the mailbox. You will only receive it if the payout amount is equal to or above $5. If there are any changes in residential address, you may get it at the address you were previously living at.
Disclaimer: The $425M Capital One settlement details are for informational purposes only. Eligibility and payouts are determined by official settlement administrators.
