Are you one of the affected customers who were not informed of the updated high-yielding savings account of Capital One Bank? Here is some good news for you, Capital One Bank has agreed to a settlement of $425 million against the lack of information.
All the customers who have been affected by the legacy 360 bank account will finally see some justice. The bank failed to inform all its customers about their 360 performance savings account, which made many miss important earnings.
Capital One $425 Million Settlement 2025
Capital One Bank is one of the biggest banks in America that has more than a million customers. And as banks hope for loyalty from their customers, they should maintain the same relationship with their customers. The bank deliberately failed to inform its old and loyal customers that they had launched a new savings account that had better interest rates, and due to this missed information, those customers lost an opportunity to make some extra earnings.
One would think can a little more interest can affect people, but there are many people out there who are working hard and keeping their money in the bank so that they can earn a little extra and fulfil their dreams. For them, this is a huge loss.
This settlement was filed in Virginia (Eastern District) in May 2025, and this case is a stepping stone to a year-long legal dispute. As usual, the bank has not admitted any fault but has still agreed to pay the settlement amount to those customers who have older accounts with a low interest rate.
Capital One $425M settlement 2025: Overview
| Article on | Capital One $425M settlement 2025 |
| Country | USA |
| Settlement name | Capital One $425M Class Action Settlement 2025 |
| Criteria for eligibility | Existing customers who were not informed about the 360 Performance Savings Account |
| Total Settlement Amount | $425 million |
| Category | Class Action |
| Final approval date | Expected to be announced in late 2025 |
| Claim website | Not yet disclosed |
Details on the $425M Settlement of Capital One
Capital One has agreed to compensate those customers who were not informed about the new savings account and kept using the legacy 360 savings account. While the old customers were not informed, the new ones were enjoying the benefits of the increased interest rate by using the new and upgraded account.
The primary mistake of Capital One was that the bank had a lack of communication about the improved account. It costs people a lot of earnings as the new account offers an APY of 1.90%, which is almost 2x the previous one. The older account was offering 1.00% APY.
If we go back to 2012, the base of this case can be found. In 2012, Capital One acquired ING Direct USA. At that period, ING Direct was one of the profound savings accounts. The bank then rebranded these accounts as the 360 savings and used the same structure as it already was. But in the year 201, the bank launched a new account named 360 performance savings, which had higher interest rates.
Although these accounts are available for all the customers, somehow they fail to mention the new account to the customers using the legacy 360 savings account. There were many customers who were unaware of the new product and were stuck with the old one, with less interest.
The bank should provide all the details of any new product launch. Be it a savings account or a mobile app, every new update should be delivered to all the customers of a particular bank. This lack of communication and transparency was the basis of the filed case against the bank.
When was the lawsuit filed?
The case was filed on behalf of all the customers who were affected by the missed information on the new product, which resulted in a failure to earn more. 18 states of the USA were taken into consideration for filing the lawsuit.
Customers of the Capital One Bank have the notion that they were not at all informed about the new account, which is the 360 Performance Savings Account, and even the marketing of the new product did not include the existing customers. The gap of APY is huge, and as existing customers were not aware, they have incurred substantial financial loss.
Breakdown of Compensation and the structure of the settlement
The settlement amount of the lawsuit filed against Capital One is divided into two parts. It is split so that the compensation is divided fairly among the affected individuals.
- $300 million will be for the compensation of the gap in interest. This is kept to reimburse all the affected users for the interest they could have earned if they had been upgraded to the new account
- $125 million will be compensated to those who are still having and maintaining the 360 savings account as a recognition of their loyalty and also as a reimbursement for all their losses.
The payment will differ from person to person, and it will be based on some criteria such as
- Duration of the account (when was the account created)
- The average balance of each individual
- The status of the account
As per Capital One Bank, affected customers will be provided with official notices now so they can easily check the eligibility and the procedure for claiming the compensation. Make sure to keep up with the bank so that any important information does not get missed.
Eligibility criteria
There are some qualifications laid out to get the compensation of the settlement; each person should meet these certain conditions.
- An individual should have held a 360 savings account after the launch of the new savings account in 2019.
- One should not have opened or switched to the new product, which is a 360 performance savings account.
- Has only earned 1.00% APY on their savings account in the affected period.
- If anyone is contacted by the claims administrator, they should be able to verify that the account is theirs through proper means.
Final thoughts
This case has shed light on the major issue the banking sector is facing, that is, the lack of transparency. All banking institutions should be able to communicate actively with all their customers and should be accountable for all updates. If you are one of the affected customers, make sure to check with the bank for further details.
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I didn’t receive any information on this
I don’t received any information i have a 12 account thanks