Capital One Set to Pay $425 Million to Eligible Savings Customers

A judge approved a $425 million settlement in a Capital One case over interest-rate practices between two savings accounts. Eligible customers who held a 360 Savings account at any time from Sept. 18, 2019, to June 16, 2025, will receive cash without filing a claim; payments depend on how much extra interest they would have earned if their account had paid the higher 360 Performance Savings rate. The total fund is first reduced to cover legal and administrative costs, with the remainder distributed among eligible account holders. Payments are expected around July 21; electronic payments were optional (chosen before March 30). If the payout exceeds $5 and the customer did not elect electronic payment, they’ll receive a check; amounts under $5 go only to electronic-payees. Capital One denies wrongdoing.