Capital One has reached a $425 million settlement in 2025 in a class action lawsuit involving the way it manages customer savings accounts, including 360 Savings accounts. The settlement concerns the claims that Capital One did not pay competitive interest rates to its customers and operated unfairly. Customers who are eligible will be paid back by way of compensation, however the period to claim their compensation is now becoming very short.
Who Is Eligible to Claim?
The settlement will give a payment to customers who had a Capital One 360 Savings account at some point between September 18, 2019, and June 16, 2025. It is open to current account holders together with those who closed their accounts or converted their accounts between this time. It is only 360 Savings accounts, which are eligible; other accounts like 360 Performance Savings are not eligible.
As Much as Claimants Will Get?
The settlement fund will take two parts:
- $300 million in forms of cash payment to eligible account holders depending on the nature and the time that the funds were held in their accounts within the period covered.
- A set aside of $125 million to make additional interest payment to accounts left open after October 2, 2025.
The cash payout amounts are different based on the history of account balance and account being active after the deadline. Account holders who do not switch their accounts to closed by October 2 could get reduced lump sum payments but at higher continuing interest rates.
Steps to Claim Your Payment
- There is no single claim form needed by the ones found in the settlement; the qualified customers are automatically covered.
- Every qualified customer should pick the option of payment they would prefer, either to get a lump sum or leave an open account just to gain more interest in the future by October 2, 2025.
- Claimants are able to go to the official settlement site, log in using their unique Claim ID and PIN (mailed or emailed to them), and choose the method of payment.
- The payment can be done through electronic payment or check depending on the preference of the claimant.
The Deadline: What Next?
Eligible participants that fail to take a payout option by the October 2 deadline can get a default payment option after that which might not be as favorable. On November 6, 2025, the court will grant the settlement final approval, and disbursements will start then.
| Settlement Amount | Total of $425 million. |
|---|---|
| Covered Account Period | Sep 18, 2019 – Jun 16, 2025 |
| Eligible Accounts | Capital One 360 Savings alone. |
| Payout Deadline | October 2, 2025 |
| Court Approval Date | Nov. 6, 2025 |
| Types of Payment | Lump sum cash or higher interest. |
FAQs
Am I required to apply in order to receive a payment?
No, those who are entitled to receive an account are automatically enrolled but have to choose how to get payment before the deadline.
How do I claim my share?
Select your payout method on the official settlement site with your Claim ID and PIN.
What happens when I fail to meet the deadline of October 2?
There is a risk you might miss an opportunity to be given a better payout and your payment might be predetermined by default.
Claimants are advised to respond promptly in order to get their fair in the Capital One settlement. It will be useful to keep track of official communications and pay via the settlement portal to ensure the payment is secured immediately.
